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Sands China profit drops 54.2 percent in 15Q1

Sands China reported its latest quarterly figures, with profit decreasing 54.2 percent to $344.6 million in 15Q1 after all its properties saw big declines in revenue.

The company’s total net revenue decreased 35 percent to $1,759.6, while adjusted EBITDA fell 43.3 percent to $531.5 million compared to $937.4 million in the first quarter of 2014. 

The company’s biggest revenue generator, The Venetian Macao, saw its net revenue slide to $784,585 from $1,179,671 the year before. 

Non-Rolling Chip drop decreased 22.5 percent to $1.87 billion for the quarter. Rolling Chip volume during the quarter decreased 44.4 percent to $8.52 billion.

“Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance,” the company said in its filing to the stock exchange.

The Plaza Macao experienced the biggest fall in net revenue, declining more than 50 percent to $160.7 million from $368.9 million the year before.

“The Plaza Macao generated adjusted EBITDA of US$44.5 million in the first quarter of 2015, a decrease of 60.6% compared to the year-ago quarter." The Plaza’s non-rolling chip drop decreased 34.9 percent in the first quarter of 2015 to $229.0 million, while Non-Rolling Chip win percentage was 23.1 percent. 

“On March 13, 2015, the board proposed the payment of a final dividend of HK$1.00 (equivalent to US$0.129) per share, which is subject to approval by shareholders.”

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