Las Vegas Sands is Falling Amid Concern Over Covid

Las Vegas Sands is Falling Amid Concern Over Covid

Las Vegas Sands continued its pandemic-related string of losses in the second quarter as the company prepares to exit from Las Vegas and focus even more on overseas markets. But sales improved markedly.

Las Vegas Sands reported an adjusted quarterly loss from continuing operations of 29 cents a share, an improvement from minus 86 cents in the corresponding quarter of 2020.

The stock was at $47.72 Thursday morning, down more than 3%. One concern: The company’s operations in Asia, notably Macau, face pandemic-related travel restrictions.

In early March, Las Vegas Sands announced that it was selling its Las Vegas real estate and operations for $6.25 billion. That transaction, which is expected to close in the fourth quarter, was a major shift for a company whose late CEO, Sheldon Adelson, was a towering figure on the Las Vegas Strip.

Looking ahead, an upside of the Vegas real estate sale is that it will give the company a lot more capital to invest in other opportunities in Asia and elsewhere.

The stock, however, has lagged behind the market this year, down about 20%.

The company has made Macau a priority. In 2019 before the pandemic struck, Macau accounted for well over half of the company’s sales.

The company, however, continues to look at launching other gambling operations in the U.S. “Texas, we remain very committed to pursing,” Goldstein told analysts.

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