Chairman and CEO Sheldon Adelson said in a statement, "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."
The Sands Resorts operate the Venetian and the Palazzo Resorts with over 7,000 rooms, making the Sands Resort the largest Las Vegas Strip Resort. Mr. Adelson, the eternal optimist, also said.
"It is because of this optimism that we are suspending the dividend so that we have maximum optionality in pursuing our strategic vision and in producing future returns," Adelson said. "I commit to my fellow shareholders that we will revisit the suspension of the dividend at the earliest reasonable opportunity."
"Let's hope other Las Vegas Casino Owners follow this example."