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Macau shortcomings dent Las Vegas Sands’ 2015 performance

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LasVegasSands
Vegas Sands Corporation’s casino revenue dropped 24% to $9.08bn for the full year 2015.

Operating income declined 31% to $2.84bn, net income retracted by 34% to $2.39bn and income before income taxes was $2.62bn, down 32%.

The full-year results were partially hampered by the performance of the operator’s four Macau properties, which were hit by a 40% fall in operating income to $1.61bn, in a year where the Macau casino market suffered a second consecutive annual decline in gross revenue, this time descending 34% to approximately $28.91bn.

For the fourth quarter, casino revenue went down from $2.72bn to $2.16bn and operating income dropped from $1.02bn to $702m.

Sands chairman and CEO Sheldon Adelson said: “In Macao, notwithstanding an operating environment that remains challenging, we delivered $575.3m in adjusted property EBITDA across our Macao property portfolio during the quarter, our strongest quarterly performance of the year.”

Elsewhere this week, the Nevada Supreme Court heard the case of Sands versus businessman Richard Suen, as a dispute over the process which saw Sands gain the relevant licensing to move into Macau continues.

The case was first filed in 2004 and the dispute stemmed from Suen’s claim that he was entitled to 2% of Sands’ net income from Macau operations as he was promised if the operator received a Macau licence, which Sands denies.

Suen was awarded $43.8m in 2008 and another jury awarded Suen $70m in 2013, though the first award was overturned on a previous appeal.

The bill grows by $8,400 per day that it is unpaid.

Sands still argues that the case should be overturned and it has been submitted for decision.
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