Casino operator Las Vegas Sands (NYSE:LVS) is paying out in a much different way during the SARS-CoV-2 coronavirus emergency. On Tuesday, the company pledged that it is donating just over 2 million items of personal protective equipment to healthcare professionals in order to help them cope with the situation.
Specifically, Las Vegas Sands will provide 2 million medical masks and 20,000 protective suits. The former are to be distributed in Nevada and New York, while the latter will go to Nevada hospitals and first-responder medical personnel.
This represents a step up for the company, which previously supplied 100,000 face masks to Las Vegas healthcare workers, an additional 5,000 to the city's Metro Police Department, and 1,900 coronavirus testing kits to to the state of Nevada. Las Vegas Sands also mentioned that it is donating $250,000 to several Nevada food charities.
Like its rival casino operators in Las Vegas, the company has temporarily shuttered its properties in the gambling mecca. These will remain closed until April 1, although given the present situation with the coronavirus -- specifically the need to practice social distancing measures -- it's likely the shutdown will last longer.
Las Vegas Sands is currently continuing to pay its employees in the city. This workforce numbers almost 10,000, according to the company.
"Hopefully our donations will help protect people on the front lines so they can continue their invaluable work, and we can start to see the numbers of people affected begin to diminish," Las Vegas Sands wrote in its announcement.
On Tuesday, Las Vegas Sands shares fell by nearly 2.4% on the day. This was slightly worse than the declines posted by numerous top stocks and equity market indexes.