Casino operator Las Vegas Sands fell prey to Macau’s doldrums, reporting across the board declines in the second quarter of 2015.
Revenue in the three months ending June 30 fell 19.4% to $2.92b, while adjusted earnings fell 22.6% to $1.02b and net income fell 30.1% to $469.2m. Sands China remained the primary moneymaker, although its revenue fell 25.6% to $1.77b, adjusted earnings fell 29.5% to $564.5m and profit fell 37.3% to $388.7m.
VIP gambling turnover was down across the board in Macau, with Sands Cotai Central taking the biggest hit, falling a whopping 61.1% year-on-year. VIP turnover was also down double-digits at Venetian Macao (-38.1%), Four Seasons (-26%) and Sands Macao (-49.9%).
Mass market gaming was similarly sucky, with Sands Macao falling 28.9%, while Venetian Macao (-25%), Sands Cotai (-22.3%) and Four Seasons (-24.5%) were also sharply down.