Las Vegas Sands Q2 profit falls 32%, but posts first mass gain in two years

Casino operator Las Vegas Sands had a mixed Q2, as its profit fell nearly one-third while posting its first Macau mass market gains in nearly two years.

Figures released Monday showed revenue falling 9.3% to $2.65b, operating income off 25% to $518.7m and net income slumping 32.2% to $394.4m in the three months ending June 30.

Sands China revenue was down 16.4% to $1.48b while profit plunged 39% to $237m. But Sands president Rob Goldstein chose to focus on the bright side, reporting that June’s mass market revenue was up year-on-year for the first time since Macau’s revenue slide began two years ago.

Goldstein couldn’t say whether June’s mass revenue gain was the result of increased visitation or increased spend per player. Whatever the cause, Goldstein hopes to see this phenomenon persist “for the rest of the summer.”