- Las Vegas Sands profits rose 18.6% to $3.14 billion in last quarter
- Sheldon Adelson credits Macau, Vegas incomes
Mega casino firm Las Vegas Sands has reported a $3.14 billion profit for the second quarter of 2017, beating expectations on Wall Street and boosting share prices by almost half a point.
Macau revenue gains and a $2.46 billion win total across casino outlets have helped the group weather the impact of falling slot and table game drops in Las Vegas. Over half of the quarterly income reported by casino mogul Sheldon Adelson’s Las Vegas Sands came directly from the Macau market, where the group currently owns six gaming and hospitality premises.
Macau’s gaming market contributes to Sands profits
There is no denying how profitable Macau is for operators right now. The gaming market is in big demand and profits are up for local and international providers. The Wynn Palace has already reported figures for 2017’s second quarter that are far better than expected, and now Las Vegas Sands Corp. has revealed its own successful Q2 performance.
“More than US$13 billion of additional invested capital, has successfully been absorbed by the market.”
Vegas, Pennsylvania casinos contribute to profits
While Macau is the market to watch right now, the company has also reported average-or-better figures for its US gambling operations. The Pennsylvania-based Sands Bethlehem lost around 1% of its revenue last quarter but profits remain steady based on average, while the group’s Vegas interests made a modest 8% gain compared with 2016’s figures.
Vegas properties The Venetian Las Vegas, The Palazzo and The Sands Expo saw game drop rates fall but retained a hold improvement of 20% – lucky wins against the player held the group’s luck and ensured they recorded a second quarter gaming profit of $100 million.
Wins for the casino also extended profits at the Marina Bay Sands by 17.7%, representing a 24% year-on-year rise and an impressive $836 million income.
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