Las Vegas Sands Q3 Net Revenue Down 18.1%

Major gambling operator Las Vegas Sands Corp. reported on Wednesday its financial results for the third quarter of 2015. Net revenue for the period in review amounted to $2.89 billion, down 18.1% from the $3.53 billion posted for the three months ended September 30, 2015. Consolidated adjusted property EBITDA dropped 18% year-on-year to $1.05 billion.

Net revenue from Sands China Ltd., the operator’s subsidiary that is in charge of its Macau operations, amounted to $1.66 billion, down 28.8% year-on-year. In comparison, the amount of $2.33 billion was posted for the same three-month period a year ago. Adjusted property EBITDA dropped 32.7% during the third quarter of the year to $545 million. The amount of $811.6 million was reported for the third quarter of 2014.

Currently, Sands China operates The Venetian Macao, Sands Cotai Central, Four Seasons Hotel Macao and Plaza Casino, and Sands Macao. The company is expected to launch the St. Regis tower at Sands Cotai Central in December 2015. In addition, The Parisian Macao is likely to open doors late in 2016.

Net revenue at Marina Bay Sands, one of Singapore’s two luxury integrated resorts, increased 2.1% year-on-year to reach $750.8 million in the three-months ended September 30, 2015. Net revenue from casino operations at the venue totaled $584.9 million, up 2% year-on-year compared to the $573.5 million posted for the same period a year ago. Adjusted property EBITDA at the integrated resort increased 10.8% to $389.7 million.

Net revenue generated by the operator’s Las Vegas-based properties amounted to $385.5 million, up 1.3% year-on-year. Adjusted property EBITDA dropped 11.5% to $79.8 million. In comparison, the amount of $90.2 million was posted for the same period a year ago.

Net revenue at Sands Casino Resort Bethlehem in Bethlehem, Pennsylvania totaled $144 million, up 13.1%. Adjusted property EBITDA increased the record 25.8% to reach $37.5 million.

Sheldon Adelson, Chairman and Chief Executive Officer of Las Vegas Sands, said that they will remain focused on the execution of their global growth strategy, taking best advantage of the “convention-based integrated resort” model which has been introduced by the company and later on adopted by many others.

The executive also pointed out that despite the challenging environment in Macau’s VIP and premium mass market gaming segments, the company remains confident that its properties across the administrative region will continue attracting both leisure and business customers and providing “an outstanding and diversified” growth platform for the years to come.

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