US-based gambling and hospitality giant Las Vegas Sands has had a tough Q3. The gambling operator’s revenue and profits have taken a hit.
The gambling operator posted $3.25 billion in revenue for the third quarter to September 30. The figure represents a 3.6% decline when compared with the revenue generated for the same period the previous year.
The company’s operating income dropped 2.5% to $899m as its net income slipped 6.6% to $533m.
The drop in revenue and profits has been largely attributed to the sale of the Sands Bethlehem property which contributed $138m in revenue and earnings of $33m in Q3 2018 but almost nothing in the third quarter of 2019.
While revenue from Sands’ Las Vegas property was up 7.1% to $406m, its adjusted earnings grew by about 20 percent to $93m.
However, revenue from its subsidiary Sands China dropped 2% to $2.08b. The most significant decline was at Sands Cotai Central which posted a 9.3% drop.
Last week, a VIP high-roller sued Las Vegas Sands which operates Marina Bay Sands casino in Singapore He claims that the casino operator wrongly transferred his funds to another gambler’s account without his consent.
A Bloomberg report says that the money was moved in 22 separate transfers between October and December 2015 to individuals Wang says he doesn’t know. The high-roller also says that he got to know about the casino moving his money only in July this year.