Saturday, August 13, 2022

Sands China board recommends no 2019 dividend

The board of directors of Sands China has decided against the payment of a final dividend for the year ended December 31, 2019, in view of the impact of Covid-19.

A company statement to the Hong Kong Stock Exchange explained, “Visitation to Macao has decreased substantially since January 2020 as a result of the Covid-19 coronavirus pandemic’s strong deterrent effect on travel and social activities, the Chinese government’s suspension of its visa and group tour schemes that allow mainland Chinese residents to travel to Macao, quarantine measures, travel and entry restrictions and conditions in Macao, Hong Kong, and certain cities and regions in mainland China, the suspension of ferry services and other modes of transportation within Macao and regionally, and, most recently, the ban on entry or enhanced quarantine requirements, depending on the person’s residency and their recent travel history.”

They added, “The Board recognizes the current and potential material impact of the Covid-19 coronavirus pandemic on the global economy and the important role that the company plays in helping Macao and our team members manage through the crisis. The company has a strong capital, funding and liquidity position and remains committed to executing its ongoing capital expenditure programs in Macao.”

Last week, Bernstein Research issued a note predicting that Macau’s GGR for the month of April would be down 93 to 95 percent on a year-on-year basis.

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