as Vegas Sands Corp., developer and operator of convention-based Integrated Resorts, while continuing to mourn the loss of its visionary founder, Mr. Sheldon G. Adelson, reported on Wednesday financial results for the quarter ended December 31, 2020.
"Mr. Adelson's vision and leadership created Las Vegas Sands and the convention-based Integrated Resort business model that forms the bedrock of the company's success," said Mr. Robert G. Goldstein, Chairman, and Chief Executive Officer. "His impact will live on through the company's 50,000 team members and the iconic properties he developed around the world. These last few weeks since Sheldon's passing have been difficult for all of us, but his commitment to investing aggressively to build iconic resorts that deliver economic benefits to our host communities, the core of the company's operating strategy, remains firmly in place. I am deeply committed to continuing the execution of the strategy he created, and confident that we will deliver growth in the years ahead while honoring his legacy and realizing his vision for the creation of additional Integrated Resorts in new markets."
Mr. Sheldon G. Adelson
"Mr. Adelson established the roadmap for the future of this company, and that roadmap remains unchanged," said Patrick Dumont, President, and Chief Operating Officer. "I am dedicated to working with Rob and our leadership team to make our strategic objectives a reality. Our path forward is clear and remains true to the principles our founder was committed to for so many years – we will continue supporting our people and the local communities in which we operate, reinvesting in our current markets, producing strong returns for our shareholders, and aggressively pursuing new development opportunities."
"Turning to our financial results, I am pleased to share that the recovery process from the Covid-19 pandemic continues to progress in both Macao and Singapore," said Mr. Goldstein. "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 recovery of travel and tourism spending across our markets. 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 $1.15 billion, a decrease of 67.3% from the prior-year quarter. Operating loss was $211 million, compared to operating income of $934 million in the prior-year quarter. Net loss in the fourth quarter of 2020 was $376 million, compared to net income of $783 million in the fourth quarter of 2019. Consolidated adjusted property EBITDA was $141 million, compared to $1.39 billion in the prior-year quarter.
Full-year 2020 operating loss was $1.69 billion, compared to operating income of $3.70 billion in 2019. Net loss attributable to Las Vegas Sands was $1.69 billion, or $(2.21) per diluted share, in 2020, compared to net income of $2.70 billion, or $3.50 per diluted share, in 2019.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 69.9%, compared to the fourth quarter of 2019, to $672 million. Net loss for SCL was $246 million, compared to net income of $513 million in the fourth quarter of 2019.
On a GAAP basis, full-year 2020 total net revenues for SCL decreased 80.8%, compared to the full year 2019, to $1.69 billion. Net loss for SCL was $1.52 billion in 2020, compared to net income of $2.04 billion in 2019.
Interest expense, net of amounts capitalized, was $150 million for the fourth quarter of 2020, compared to $134 million in the prior-year quarter. Our weighted average debt balance increased compared to the prior-year quarter due to the issuance of $1.50 billion of senior notes by SCL in June 2020, while our weighted average borrowing cost in the fourth quarter of 2020 was 4.4%, compared to 4.3% during the fourth quarter of 2019.
Our income tax expense for the fourth quarter of 2020 was $8 million, compared to $65 million in the prior-year quarter. The income tax expense for the fourth quarter of 2020 was primarily driven by a 17% statutory tax rate on our Singapore operations partially offset by an income tax benefit driven by pre-tax losses experienced by our U.S. operations.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2020, were $2.12 billion.
SCL entered into an agreement with lenders to increase commitments under its revolving credit facility by the U.S. dollar equivalent of $494 million based on exchange rates at the time of the transaction, which became effective on January 25, 2021. After taking into account the aforementioned increase, the total available borrowing capacity under the SCL revolving credit facility was $2.51 billion and the company has access to a total of $4.46 billion available for borrowing under our U.S., SCL, and Singapore revolving credit facilities, net of outstanding letters of credit.
As of December 31, 2020, the total debt outstanding, excluding finance leases, was $13.98 billion.
Capital expenditures during the fourth quarter totaled $252 million, including construction, development, and maintenance activities of $201 million in Macao, $27 million at Marina Bay Sands, and $24 million in Las Vegas.
The company will host a conference call to discuss the company's results on Wednesday, January 27, 2021, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website.