"I am pleased to say the recovery process from the Covid-19 pandemic continues to progress in each of our markets," said Sheldon G. Adelson, chairman and chief executive officer. "Our greatest priority as the recovery continues remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore, and Las Vegas.
We remain optimistic about the eventual complete recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength supports our previously announced capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."
Net revenue was $586 million, a decrease of 82.0% from the prior-year quarter. Operating loss was $610 million, compared to operating income of $899 million in the prior-year quarter. Net loss in the third quarter of 2020 was $731 million, compared to net income of $669 million in the third quarter of 2019. Consolidated adjusted property EBITDA was $(203) million, compared to $1.28 billion in the prior-year quarter.
Sands China Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased by 92.1%, compared to the third quarter of 2019, to $167 million. Net loss for SCL was $562 million, compared to net income of $454 million in the third quarter of 2019.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $137 million for the third quarter of 2020, consistent with the prior-year quarter. Our weighted average borrowing cost in the third quarter of 2020 was 4.0%, compared to 4.5% during the third quarter of 2019, while our weighted average debt balance increased compared to the prior-year quarter due to the issuances of $1.50 billion of senior notes by SCL in June 2020 and $500 million of senior notes by LVS in November 2019.
Our income tax benefit for the third quarter of 2020 was $17 million, compared to an income tax expense of $82 million in the prior-year quarter. The income tax benefit for the third quarter of 2020 was primarily driven by pre-tax losses experienced in the third quarter of 2020 by our U.S. and Singapore operations.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2020, were $2.38 billion.
The company has access to $3.95 billion available for borrowing under our U.S., SCL, and Singapore revolving credit facilities, net of outstanding letters of credit.
As of September 30, 2020, total debt outstanding, excluding finance leases, was $13.89 billion.
The company's Board of Directors extended the expiration of its stock repurchase program for two years, from November 2, 2020, to November 2, 2022.
Capital expenditures during the third quarter totaled $376 million, including construction, development, and maintenance activities of $279 million in Macao, $76 million at Marina Bay Sands, and $21 million in Las Vegas.
See the full report here.