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Gambling Operator Las Vegas Sands’ Profits Down In Q3
Gambling Operator Las Vegas Sands’ Profits Down In Q3
America

Gambling Operator Las Vegas Sands’ Profits Down In Q3

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.

About the author

Harry Matthew

Harry Matthew

Harry serves as a resident reporter for Casino Buzz. He has been responsible for building the content base and forms the core reporting strategies for the website. Along with reporting, Harry is an amazing baseball player with good record at university level. He can be reached at [email protected]

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