Sheldon Adelson polishes Macau’s apple, says casino license a privilege, not a right

Casino operator Las Vegas Sands reported double-digit declines in revenue, earnings and profits in Q3, but the company weathered the Macau downturn better than its competitors.

For the three months ending Sept. 30, Sands reported revenue down 18.1% to $2.89b, earnings down 18% to $1.05b and net income down 22.7% to $519.4m. Most of the decline came from Sands’ Macau operations, with smaller declines stateside and a year-on-year improvement at Marina Bay Sands in Singapore.

To put things in perspective, Sands’ 22.7% Q3 profit decline was a far sight better than the 61% and 36% declines reported last week by Wynn Resorts and Galaxy Entertainment Group, respectively.

Sands China’s revenue fell 28.9% to $1.66b, while earnings fell 32.8% to $545m and net income fell 46.8% to $343.2m. Sands credited the decline to the continued “challenging environment in the VIP and premium mass gaming segments.”