Sands China saw all of it’s properties post lower revenues in the first quarter of 2015 for a total profit drop of 54.2%. The company’s biggest revenue pump, The Venetian Macao posted earnings of just $784,585 compared $1,179,671 in the first quarter of 2014. VIP handle fell 44.45% while mass market drop went down 22.5%.
The company’s biggest loser was the Plaza Macao with a full 50% drop in net revenue.
Sands is not alone in seeing their numbers plummet. SJM Holdings Ltd today reported a 46.5% decline in profits compared to the same three month period last year. Gaming revenue was down 37.3% and is the driving force behind the slide according to a press release issued by the company.
SJM seems to be in line with the industry mean for the gambling mecca which overall took a 36.6% hit year-over-year for the first quarter. SJM CEO, Ambrose So Shu Fai offered hope to shareholders, saying in a statement that, “With an optimistic view of the future of Macau, however, SJM is committed to maintaining our leadership position that we have established on Macau Peninsula whilst proceeding ahead with construction of the Lisboa Palace on Cotai for completion in 2017.”
SJM VIP revenue fell 44.4% with mass market revenue falling 27%.
The sum total of all gaming concessionaire’s revenue has now fallen for the 11th month in a row. Wynn Resorts earlier reported a 37.7% net revenue decrease from their Macau Operations for Q1-2015. Galaxy Entertainment Group Ltd reported a 32% first quarter drop Year-on-Year.
MGM China Holdings Ltd was expected to release their numbers today but they had not appeared as of press time. Melco Crown Entertainment Ltd is expected to file their report on Thursday.
Update: MGM China reports a shortfall of 33% during the 1st Quarter of 2015