A near three-month shutdown sent Marina Bay Sands (MBS) deep into the red in the second quarter, with a loss of US$113 million (S$156.3 million).
This was a marked reverse from the US$346 million profit it made in the same period last year, noted parent company Las Vegas Sands (LVS) on Wednesday.
The figures refer to Ebitda, or earnings before interest, tax, depreciation and amortisation.
The eye-watering hit MBS has taken from the shutdown can be seen in its revenue performance.
Turnover for the three months to June 30 plunged from US$688 million a year before to US$23 million, with casino revenue diving from US$468 million to US$7 million.
Sales from other operations like rooms, food and beverage, mall and convention came in at US$16 million, down from US$220 million.
United States-based LVS has not announced any layoffs, and told analysts in an earnings call that it would continue with its previously announced capital expenditure programmes in Macau and Singapore.
MBS declined to comment yesterday, but The Straits Times understands the company, which had about 10,000 full-time employees last year, is still hiring and has not retrenched any staff.
The $9 billion expansion plans announced last year by Singapore's two integrated resorts (IRs) were called into question after Resorts World Sentosa (RWS) said last week it would be laying off staff.
But RWS has confirmed that it will continue with its development plans, which are slated for completion by 2025.
LVS chief executive Sheldon Adelson told the earnings call that progress is being made on the MBS expansion, but delays to its scheduled 2023 completion are likely. He said: "These are principally related to the impact of the pandemic."
The commitment to expand primarily non-gaming offerings sealed the deal for RWS and MBS to extend their exclusive rights to run casinos here until the end of 2030. The $4.5 billion MBS plans include a fourth hotel tower, an entertainment arena and additional events space.
LVS itself swung to a net loss of US$985 million for the three months to June 30, compared with a net profit of US$1.11 billion in the same quarter last year. Revenue dived 97.1 per cent to US$98 million from US$3.33 billion previously, on the back of global closures of its casinos due to the pandemic.
Singapore's IRs remained shut beyond the two-month circuit breaker, which began on April 7.
A gradual resumption of operations began earlier this month, with casino access limited to members and annual levy holders for now.
Attractions, deemed higher-risk for virus transmission, reopen from this month, subject to capacity limits and approval. Some hotels, including those at the IRs, have also been given the green light to offer staycations.
MBS said some venues in its complex, such as the Sands Expo and Convention Centre, theatre and Marquee nightclub, would resume operations later, in line with official guidelines.
LVS chief operating officer Rob Goldstein told analysts he was confident that MBS could break even in the near term, despite Singapore's restrictions on visitors and social distancing measures.
While the resort may be "handicapped", owing to air travel restrictions, it benefits from a strong clientele of affluent permanent residents, he said, noting that the casino is seeing a return of visitors, and some demand for staycations is also expected.
"We feel positive about what's happening in Singapore... It's our best prospect as we speak today, a much better position than we are (at) in Las Vegas."
Mr Adelson said in a statement that the company is seeing early stages of recovery in each of its markets, and remains optimistic about an eventual recovery of travel and tourism spending as well as future growth prospects.
