Casino operator Las Vegas Sands couldn’t escape the doldrums plaguing Macau, as both revenue and earnings tumbled in Q1.
Revenue in the three months ending March 31 fell 24.9% to $3.01b, while earnings fell 29% to $1.05b. Operating income fell 37.8% to $711.1m and profit fell 34% to $511.9m.
As expected, Sands China provided most of the revenue and the decline. Sands China revenue was down 34.9% to $1.77b, while adjusted earnings fell 43.4% to $531m and profit fell a hefty 54.2% to $344.7m.
As one might expect from the broader Macau market profile, the VIP share of Sands’ profit fell from 18% in Q1 2014 to just 13% this year. Mass market tables slipped one point to 52% while slots held steady at 8%. Hotel and mall revenue each gained two points to 14% and 12% respectively.