Without Adelson, Las Vegas Sands Posts $299 Million Loss
LAS VEGAS (AP) — Las Vegas Sands Corp. posted a fourth-quarter loss of $299 million, after reporting a profit in the same period a year earlier, as the casino and resort operator saw its business dry up due to the coronavirus pandemic.
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The Las Vegas-based company said it had a loss of 39 cents per share. Losses, adjusted for non-recurring costs, came to 37 cents per share, short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 31 cents per share.
This is the first quarter Las Vegas Sands is reporting after the death of its CEO and chairman, Sheldon Adelson, earlier this month. The company announced that Robert G. Goldstein, a long-time company executive, would take over as the company’s CEO and chairman. Goldstein has been with Sands since 1995.
“I am deeply committed to continuing the execution of the strategy (Adelson) created, and confident that we will deliver growth in the years ahead while honoring his legacy and realizing his vision,” Goldstein said in a statement.
The casino operator posted revenue of $1.15 billion in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $1.23 billion.
Las Vegas Sands shares have fallen 18% since the beginning of the year. They closed regular-session trading Wednesday at $49.04, a drop of 22% in the last 12 months.
The stock fell another 1% in extended trading following the earnings report.
