Macau casino operator Sands China reported a 43 per cent fall in net profit in 2015, according to a preliminary announcement.
The operator reported that profit for the year fell to US$1.46bn in 2015 compared to $2.55bn in 2014, while net revenue dropped 28.2 per cent to $6.82bn. Adjusted EBITDA for the year was $2.2bn, a decrease of 31.8 per cent, compared to $3.3bn in the preceding year.
Sands China said the overall market slowdown in Macau was the main factor in the drop in revenue, but said it delivered solid financial results despite headwinds.
“Our property portfolio in Macau continues to generate market-leading visitation and financial results. We welcomed over 68 million visitors to our properties during 2015,” said Las Vegas Sands chairman Sheldon Adelson.
“Despite all the headwinds and challenges in 2015 and the arrival of new competition, The Venetian Macao generated $1.1bn of adjusted EBITDA for the year and was the only property in Macao to exceed $1bn in EBITDA. Sands Cotai Central, The Plaza Macao and Sands Macao also delivered solid operating results for the year.”
Source: Asia Gaming Brief
