Las Vegas Sands Corporation records mixed fourth-quarter results

Home ยป Las Vegas Sands Corporation records mixed fourth-quarter results

American casino operator Las Vegas Sands Corporation has reportedly announced that it saw company-wide net revenues for the final three months of 2019 increase by 1% year-on-year to $3.51 billion despite chalking up a 0.8% decline in aggregated takings from its properties in Asia.

According to a report from Inside Asian Gaming, the Las Vegas-headquartered firm saw its overall operating income for the fourth quarter rise by 6.9% year-on-year to $934 million while it managed to erase last year’s ending deficit of $40 million by racking up net income for the three-month period of about $783 million.

Asian array:

In Asia and Las Vegas Sands Corporation is responsible for the giant Sands Cotai Central, The Parisian Macao, The Venetian Macao, The Plaza Macao and Sands Macao properties as well as Singapore’s three-legged Marina Bay Sands wonder. The firm reportedly recorded drops in overall fourth-quarter revenues from the three former venues although its continent-wide income rose by 10.3% year-on-year to hit $513 million as associated adjusted property earnings before interest, tax, depreciation and amortization went up by 3.2% to around $811 million.

More about:  Georgia legislator floats online sportsbetting legalization measure

Stagnant situation:

Inside Asian Gaming reported that fourth-quarter casino revenues from The Venetian Macao were relatively static year-on-year at $748 million thanks in part to the strong performance of the property’s slot and VIP businesses. But the Macau venue still purportedly saw its rolling chip volume for the final three months of 2019 fall by a comparative 37.4% to $5.88 billion while its mass drop declined by 3.3% to $2.32 billion.

Double degeneration:

At the similarly grand The Parisian Macao and Inside Asian Gaming reported that fourth-quarter casino revenues slipped by 3.2% year-on-year to $334 million as rolling chip volume dwindled by 13.2% to $4.18 billion and mass drop fell off by a comparatively slight 1% to $1.12 billion.

This analogous drop-off was reportedly even more pronounced at the nearby Sands Cotai Central, which is currently undergoing work that is transforming it into The Londoner Macao, as fourth-quarter casino revenues tumbled by 9.3% year-on-year to $379 million largely due to a 63.8% comparable diminution in rolling chip volume to $1.04 billion.

More about:  Macau Casinos to be Shut-Down for Two Weeks due to Coronavirus

Significant sink:

However, Las Vegas Sands Corporation reportedly detailed that its Sands Macao venue had been the hardest hit as fourth-quarter casino revenues plummeted by 35.8% year-on-year to $137 million on the back of a 35.8% decline in rolling chip volume and a 2.9% decrease in mass drop to $1.05 billion and $612 million respectively.

Singapore success:

But the news coming out of Asia was not all bad for Las Vegas Sands as its 2,560-room Marina Bay Sands reportedly experienced a 20.4% swell year-on-year in fourth-quarter casino revenues to $602 million courtesy of a 16% escalation in its rolling chip volume to $7.92 billion.

Operator optimism:

The financial results prompted the Chairman and Chief Executive Officer for Las Vegas Sands Corporation, Sheldon Adelson (pictured), to concentrate on the future and declare that his firm ‘remains enthusiastic about our future growth opportunities in Asia’. The 86-year-old executive purportedly highlighted the coming transformation of the Sands Cotai Central and the $3.3 billion expansion of its Marina Bay Sands as projects that ‘should contribute to future growth.’

More about:  Dead or Alive 2 is The Top iGaming Slot of 2019

Leave a Reply

Your email address will not be published. Required fields are marked *

Gambling News from NewsCasinoNew.com is made for the most passionate fans of online casinos and internet gambling. We cover everything: from popular gambling world events and trends to new casino slot game releases and reviews, you will find the latest news stories.