With the casino industry shut down by the coronavirus, Sheldon Adelson is suspendingLas Vegas Sands Corp.’s dividend. He’s also looking to purchase existing resorts from others for the first time, according to people with knowledge of the matter.
Sands’ majority shareholder, Adelson said Thursday the savings will help shore up the company’s finances as it weathers the shutdown of casinos in the U.S. and Singapore, and a sharp cutback in Macau. He personally collected $1.22 billion in dividends last year out of a total of $2.37 billion.
“I am known for the phrase, ‘Yay dividends!,’ and I assure you that it is still my mantra,” Adelson, company’s founder and chief executive officer said in a statement. “As I look forward to the day — soon let us hope — when this terrible virus is no longer of concern — I see many strategic opportunities for our company precisely because of our financial strength.”
Sands will continue some $5.5 billion ininvestments in projects under construction, including a new hotel tower in Singapore and the remodeling of a Macau property that is being rebranded the Londoner. The company is also still pursuing expansion opportunities, such as a new casino in Japan and one in New York City, if legislators allow them.
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