Las Vegas Sands profit falls 30 percent

Las Vegas Sands Corp. revealed earnings for the second quarter that showed a decline compared to the same period last year.

Macau.- Casino operator Las Vegas Sands Corp. (LVS) said second-quarter earnings fell 30 percent as Macau’s situation continued to drag on its results. A corruption crackdown and slowing economy in China have hurt business for LVS.

Figures released showed revenue falling 9.3 percent to US$2.65 billion, operating income off 25 percent to US$518.7 million and net income slumping 32.2 percent to US$394.4 million in the three months ending June 30. Revenues for Sands China decreased 16.4 percent to US$1.48 billion from US$1.77 billion a year ago, whilst profit plunged 39 percent to US$237 million.

Overall, Las Vegas Sands reported a profit of US$328 million, or 41 cents a share, down from US$469.2 million, or 59 cents a share, a year earlier. Earnings excluding items fell to 52 cents a share from 60 cents.

Sheldon Adelson, CEO of Sands, said: “The operating environment in Macao remained challenging during the quarter; but we do see signs of stabilization, particularly in the mass market.”

Sands president Rob Goldstein couldn’t say whether June’s mass revenue gain was the result of increased visitation or increased spend per player. Whatever the cause, Goldstein hopes to see this phenomenon persist “for the rest of the summer.”