Las Vegas Sands Full Results & Online Gambling Talk
Las Vegas Sands announced its full yearly results on Wednesday 27th January for the first time ever without its founder and Chairman in charge. Sheldon Adelson passed away earlier this month and new CEO Robert Goldstein announced the companies results.
In the final quarter of 2020 Sands showed a loss of $376 million on revenues of $1.15 billion across its entire business in the US, Macau and Singapore, that is a fall of 67% compared to the same period in 2019.
For the full year Sands reported a net loss £2.14 billion on revenues of $3.6 billion, this is compared to a new profit in 2019 of $3.3 billion. No region of the business avoided major falls in trade and results for the whole year with Macau and Singapore suffering equally as bad as the US market.
In remarks and questions during the conference call on the results Goldstein lightly mentioned online gambling which the company was rumoured to be interested in just prior to their founder’s death.
“The DNA of the company that Sheldon founded will remain ever-present. The company, with the full and wholehearted support of the board and the family, will continue to honour Sheldon’s vision and protect and build upon his legacy.” Goldstein said.
However going further he was quoted as saying: “I have very strong thoughts about this, “we just want to keep working toward our goals. It’s a very interesting business. The question is can we bring something to the table that can make a lot of money.”
Adelson was always opposed to online gambling with the concern that it would not be able to protect under-age gambling as the main worry.
