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Las Vegas Sands Reports First Quarter 2020 Results

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Las Vegas Sands Reports First Quarter 2020 Results
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For the quarter ended March 31, 2020 (Compared to the quarter ended March 31, 2019)

– Greatest Priorities Remain the Safety and Security of Team Members and Guests and Support for Local Communities in Macao, Singapore and Las Vegas

– The Company will Continue Previously Announced Capital Expenditure Programs in both Macao and Singapore

– Strong Balance Sheet Positions the Company Well to Invest in Future Growth Opportunities

 

Las Vegas Sands Corp. (NYSE: LVS), the world’s leading developer and operator of convention-based Integrated Resorts, reported financial results for the quarter ended March 31, 2020.

“The impact of the Covid-19 pandemic on our business has been unprecedented, and I have never seen anything like it in my over seventy years in business,” said Sheldon G. Adelson, chairman and chief executive officer. “Our greatest priority during this difficult time remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore and Las Vegas.

Despite these circumstances, our balance sheet strength will enable us to emerge from this pandemic with all our promising future growth opportunities fully intact. We remain extremely optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength will allow us to continue to execute our previously announced capital expenditure programs in both Macao and Singapore, while continuing to pursue growth opportunities in new markets.”

Net revenue was $1.78 billion, a decrease of 51.1% from the prior year quarter. Operating income decreased 94.3% to $55 million. Net loss in the first quarter of 2020 was $51 million compared to net income of $744 million in the first quarter of 2019. Consolidated adjusted property EBITDA was $437 million, a decrease of 69.9% from the prior year quarter.

The company paid a quarterly dividend of $0.79 per common share on March 26, 2020. The company has suspended its quarterly dividend program due to the impact of the novel coronavirus (“COVID-19”) pandemic.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL decreased 65.1%, compared to the first quarter of 2019, to $814 million. Net loss for SCL was $166 million, compared to net income of $557 million in the first quarter of 2019.

 

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $131 million for the first quarter of 2020, compared to $141 million in the prior-year quarter. The decrease resulted from our weighted average borrowing cost in the first quarter of 2020 decreasing to 4.2%, compared to 4.6% during the first quarter of 2019.

Our income tax expense for the first quarter of 2020 was $25 million, compared to $85 million in the prior year quarter. The tax rate for the first quarter of 2020 was primarily driven by a 17% statutory tax rate on our Singapore operations.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2020 were $2.60 billion.

 

The company has access to $3.93 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of March 31, 2020, total debt outstanding, excluding finance leases, was $12.30 billion.

Capital Expenditures

Capital expenditures during the first quarter totaled $320 million, including construction, development and maintenance activities of $241 million in Macao, $33 million in Las Vegas and $46 million at Marina Bay Sands.

Conference Call Information

The company will host a conference call to discuss the company’s results on Wednesday, April 22, 2020 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.

About Las Vegas Sands Corp. (NYSE: LVS)

Las Vegas Sands is the world’s pre-eminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.

Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.

 

Our properties include The Venetian Resort and Sands Expo in Las Vegas and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, Sands Cotai Central and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for our team members worldwide, drive social impact through the Sands Cares charitable giving and community engagement program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.

 

SOURCE Las Vegas Sands Corp.

Gambling in the USA

Gaming Americas Weekly Roundup – October 11-17

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

Penn National Gaming has received approval from the Minister of Canadian Heritage under the Investment Canada Act for its acquisition of Score Media and Gaming. The acquisition is expected to be closed on 19 October 2021.

Sharp Alpha Advisors announced last week the final closing of Sharp Alpha Fund I, an oversubscribed $10 million venture capital fund investing in early stage sports betting technology companies.

Online gambling has reached Connecticut, on a limited basis. A soft launch of online sports betting and gaming has begun in Connecticut on October 12. This soft launch allows several hundred people to open accounts to wager for a seven-day period.

Terry Glebocki has resigned as CEO of Atlantic City’s Ocean Casino Resort. Glebocki’s exit reduces the number of female casino bosses after an unprecedented wave of female leadership. Just over a year ago, four of the city’s nine casinos were led by women, but two have since left.

Rush Street Interactive has soft launched a new PlaySugarHouse online sportsbook in partnership with Connecticut Lottery Corporation. From October 12 up to the full launch, 750 customers across the state can register and place bets at www.PlaySugarHouse.com and experience RSI’s award-winning sports betting platform, on a first-come-first-serve basis. Once the 750-player limit is reached, customers who pre-register at www.PlaySugarHouse.com will be added to a waiting list and notified as soon as the full launch is authorised.

NOVOMATIC Americas has showcased an extensive portfolio of products at the G2E 2021. At the centre of the product presentation stood the extended Progressives offer, premiering the new ULTRA BOOST Link. This multi-level Linked Progressive comprises three roaring 50-line titles: the magnificent Great American Buffalo, the iconic Great American Eagle and the Asian title Tiger Storm.

New Partnerships

Leading sports gamification company Low6 has announced a partnership with the NFL franchise Cincinnati Bengals. The deal between the UK-based gamification company and the NFL team from Ohio will see the release of free-to-play games “Bengals Picks” and “Ultimate Bengals”.

DraftKings has announced that it has agreed to a deal with the National Hockey League to become an Official Sports Betting, Daily Fantasy Sports and iGaming Partner of the league in the US. To complement the deal, DraftKings has also reached an agreement with Turner Sports, including Bleacher Report, to be the exclusive sportsbook and daily fantasy sports provider for their coverage of the NHL.

New Appointments

Nevada Governor Steve Sisolak has appointed retired Clark County Judge Jennifer Togliatti and former State Senator Ben Kieckhefer to the Nevada Gaming Commission. Togliatti will serve as chair – and will be the first female to serve as the chair. Togliatti has served the State of Nevada in the state judiciary for more than 25 years and has significant legal, administrative and legislative experience. Kieckhefer has spent the last decade serving in the Nevada State Senate, where he has spent time working on legislation on complex and contentious issues.

New Acquisition

Real estate firm EKN Development Group has acquired the Tahoe Biltmore Lodge & Casino located in Crystal Bay, Nevada.

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Gambling in the USA

Gaming Americas Weekly Roundup – October 4-10

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

SW Nordic Limited, a subsidiary of Betsson, has completed the acquisition of Inkabet’s B2C online gambling business, a rapidly growing sportsbook and casino business targeting the western region of South America.

The mobile cash payments platform PayNearMe has launched a new platform named “MoneyLine” to manage the complexities of iGaming money movement.

Scientific Games Corporation has signed a definitive agreement to acquire ACS’s cashless table game solution titled PlayOn. The PlayOn cashless product line conveniently provides players with a seamless debit solution at live table games.

DraftKings, a leader in the digital sports entertainment and gaming industries, announced its latest, state-of-the-art office location to be based out of Las Vegas, where the company expects to eventually have an expanded team of more than 1000 employees.

Betfred Sports has launched a new OpenBet-powered retail sportsbook in Louisiana through a partnership with Paragon Casino Resort. The Betfred Sportsbook inside The Draft Room at Paragon Casino Resort, Marksville, is the first retail venue in the state to allow customers to place legal wagers on a variety of sports.

Comanche Nation Entertainment of Lawton Oklahoma has chosen Table Trac’s CasinoTrac casino management system for its new Comanche Cache Casino currently under construction in Cache, Oklahoma.

Following the signing of an exclusive agreement to distribute the game in the US, TCSJOHNHUXLEY has debuted Richer Spin Roulette at this year’s G2E.

Partnerships

Sightline Payments and Konami Gaming have partnered to bring cashless gaming solutions to Resorts World Las Vegas via Sightline’s Play+ digital payments technology and Konami’s SYNKROS casino management system.

Genius Sports has entered into a new partnership with Hard Rock Digital. As the premier mobile and desktop sports betting brand, Hard Rock Digital will have access to Genius Sports’ leading suite of sportsbook solutions, including official sports data from tens of thousands of events per year, customer acquisition and retention tools, and immersive fan engagement solutions.

The PGA TOUR and PointsBet announced a three-year extension of their multi-year content and marketing relationship designating PointsBet an Official Betting Operator of the PGA TOUR.

Genius Sports Limited has announced a new supplier agreement with PointsBet, a top-tier global online gaming operator, to provide its full range of official sportsbook data, content, and fan engagement solutions including for NFL, NASCAR and EPL.

The Esports Awards has announced Expedia, one of the world’s leading full-service travel brands, as the Official Travel Companion of the 2021 Esports Awards.

Appointments

International Game Technology has appointed Joe Asher as President of Sports Betting. Reporting to Enrico Drago, IGT CEO Digital & Betting, Asher will lead the ongoing expansion of the IGT PlaySports sports betting business in North American markets.

Flutter Entertainment has appointed Amy Howe as CEO of FanDuel. Amy joined FanDuel in February 2021 as President with responsibility for leading the company’s core commercial functions across its Sportsbook, Casino, Racing and Daily Fantasy businesses. She was appointed as Interim CEO in July.

Wynn Resorts’ online sports betting and iGaming brand WynnBET has appointed gaming industry veteran Ian Williams as its new Chief Operating Officer.

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Gambling in the USA

Gaming Americas Weekly Roundup – September 27-October 3

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

GeoComply Solutions has announced that Gold Strike Casino Resort in Tunica, Mississippi has become the state’s first commercial operator to offer on-premise mobile sports betting via BetMGM across their entire casino floor and restaurants. The BetMGM mobile app utilises GeoComply’s on-premise mobile solution PinPoint which enables fast and reliable wagering while on the Gold Strike casino property.

Endeavor Group Holdings has entered into an agreement to acquire OpenBet, a leading content, platform and service provider to the sports betting industry, from Scientific Games Corporation for $1.2 billion paid through a combination of cash ($1 billion) and Endeavor’s Class A common stock ($200 million).

International Game Technology has announced that its U.S. market-leading PlaySports platform will power sports betting at Angel Of The Winds Casino Resort in Washington State.

The Mashantucket Pequot Tribal Nation and DraftKings Inc. announced that retail sports betting in Connecticut begun on September 30 at Foxwoods Resort Casino.

The Texas Lottery has reported $8.107b in sales for the 2021 fiscal year, an increase of 20.9% or $1.403bn from 2020. The Lottery, in its 30 anniversary year, said it made a $1.998bn in contribution to public schools and veterans in the state.

Partnerships

EvenBet Gaming has entered into a partnership with Caleta Gaming. As per the deal, Caleta’s full portfolio including video bingos, kenos, slots, scratchcards and lotto games have been integrated at EvenBet platform.

Leander Games has entered into a partnership with ODDSworks. The collaboration will see ODDSworks utilise Leander’s LeGa remote gaming server platform in the US.

International hosting supplier Internet Vikings has announced a long-term partnership with PlayStar Casino in the United States. They will support the Swedish online casino operator’s advances into the U.S. market by providing them with bespoke iGaming-specific hosting services in New Jersey.

FanDuel Group and Port Madison Enterprises announced plans to bring America’s #1 Sportsbook to the state of Washington. FanDuel Group will form an exclusive partnership with the Suquamish Clearwater Casino Resort to bring retail sports betting to the state of Washington.

Gaming Realms has signed a commercial deal with 4ThePlayer.com. The deal will see 4ThePlayer games integrated onto Gaming Realms’ platform for distribution in the US.

Strendus, the Mexican-facing online betting and gaming brand of Logrand Entertainment Group, has become the Official Sponsor of LaLiga in Mexico.

Elys Game Technology Corp and New York State Restaurant Association (NYSRA) announced the entry into a Memorandum of Understanding (MoU) that expresses a joint interest in promoting and facilitating opportunities for food and beverage establishments to participate in the State’s sports betting industry.

Playtech has secured a multi-state agreement in the US with Kindred Group’s Unibet Interactive. Under the agreement, Playtech will provide its award-winning RNG Casino software to Unibet in New Jersey, with further states to follow in the coming months.

Appointments

FanDuel Group has appointed sports radio and television personality and problem gambling advocate Craig Carton as its first national responsible gaming ambassador.

Gaming Arts has Promoted Jean Venneman, the Company’s current Chief Commercial Officer, to the role of Chief Operating Officer.

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