Adelson says Macau visitor cap as likely as him waking up with a full head of hair

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.