Well established Macau casino operator Sands China Limited revealed a 43% drop in net profit for 2015. The report wasn’t received with much surprise taken into account the overall market slowdown that struck the gambling industry in the hub.
Compared to 2014, when the net profit reached $2.55 billion, in 2015 the company generated almost half that amount ($1.46 billion). The net revenue has fallen as well; last year the operator earned $6.82 billion, which is for 28.2% lower than the numbers reported two years ago.
A decline of 31.8% was seen in the adjusted EBITDA too. In 2015 this segment was $2.2 billion, whereas the year before it was much higher at $3.3 billion.
According to Sands China these results, even though lower than previous years, were solid. The company pointed out that the main factor for the decrease in profit was the negative atmosphere in Macau that has been going on for quite some time now.
Sheldon Adelson, Las Vegas Sands chairman, commented on the report saying that the company’s Macau establishments were generating “market-leading visitation and financial results.” He revealed that the group’s properties welcomed more than 68 million visitors during the year in question.
He continued explaining that despite the many challenges 2015 has brought as well as the introduction of new competition, their facility The Venetian Macau managed to generate $1.1 billion of adjusted EBITDA. According to Adelson, this was the only Macau property whose EBITDA exceeded $1.0 billion. The other establishments Sands Macau, The Plaza Macao and Sands Cotai Central noted “solid operating results for the year,” the chairman concluded.