Gambling giant Las Vegas Sands Corp. reported its financial results for the fourth quarter and the full year ended December 31, 2015. Net revenue for the fourth quarter amounted to $2.9 billion, down 16.2% as compared to the $3.4 billion posted for the same period of the previous year. Full-year net revenue dropped 19.9% year-on-year to $11.7 billion.
Consolidated adjusted property EBITDA for the three months ended December 31, 2015 amounted to $1.1 billion, down 21.9% year-on-year. Consolidated adjusted property EBITDA was down 23.1% for the full year and the amount of $4.2 billion was reported. In comparison, the company generated a total of $5.4 billion in 2014.
Commenting on the operator’s financial results, Chairman and CEO Sheldon Adelson said that despite the challenging operating environment in Macau, they once again managed to deliver in excess of $1 billion of adjusted property EBITDA during the fourth quarter of 2015. The executive further noted that they will remain focused on the execution of their strategy for global growth, leveraging the power of their “convention-based Integrated Resort business model.”
Sands China Ltd., which is responsible for Las Vegas Sands’ operations in Macau, generated quarterly net revenue of $1.7 billion, down 21.7% year-on-year. Adjusted property EBITDA totaled $581.2 million during the period, down 18.5% as compared to the figure posted for the fourth quarter of 2014. Full-year revenue decreased 28.3% to $6.9 billion. Adjusted property EBITDA was down 31.9% to $2.22 billion.
Marina Bay Sands, known to be one of two integrated resorts in Singapore, generated net revenue of $703.9 million in the three months ended December 31, 2015, down 16.1% as compared to the $838.6 million posted for the same period of the previous year. Adjusted property EBITDA amounted to $338.2 million, down 34.8% year-on-year. Las Vegas Sands said that the decreases could be attributed to the stronger US dollar and the low win percentage on table games.
The gambling operator reported quarterly net revenue of $400.1 million from its Las Vegas operations. In comparison, the amount of $362.6 million was generated for the same period a year ago. Adjusted property EBITDA increased 24.9% to reach $97.4 million.
Sands Bethlehem generated net revenue of $139.9 million in the fourth quarter ended December 31, 2015, up 4.7% year-on-year. Adjusted property EBITDA dropped 5.2% to $34.3 million.
