Macau problems contribute to Sands Q2 decreases
A year-on-year net revenue decrease of 19% to $2.92bn for the second quarter of 2015 has been reported by operator Las Vegas Sands.
Consolidated adjusted property EBITDA went down 23% to $1.02bn.
Net income attributable to Sands fell 30% to $469.2m, while operating income declined 28% to $689.3m, which Sands has attributed “principally due to softer results across the company’s Macau property portfolio”.
Total net revenue for Sands China descended 26% to $1.77bn, as revenue declines were reported for all four casinos that Sands China operates.
Casino revenue was $633.6m for the Venetian Macao, down 32%, while Sands Cotai Central reported casino revenue of $484.4m, also down 32%.
Sands Macao and Four Seasons Hotel Macao and Plaza Casino reported totals in the same category of $236m and $167m respectively, down 23% and 16%.
Macau’s monthly gross gaming revenue of 17.36bn patacas for June was the lowest to have been reported since November 2010 and marked a 13th consecutive year-on-year monthly decrease.
Sands chairman and CEO Sheldon Adelson said: “Despite the current headwinds in the Macau market, we remain sharply focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based integrated resort business model.”
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