Macau casino operator Sands China Ltd. reported a 43 percent fall in net profit in the year ended Dec. 31, 2015, according to a preliminary announcement.
The operator reported profit for the year fell to US$1.46 billion in 2015 compared to $2.55 billion in 2014, while net revenue dropped 28.2 percent to $6.82 billion.
Adjusted EBITDA for the year was $2.2 billion, a decrease of 31.8 percent, compared to$3.3 billion in the preceding year.
Sands China said the overall market slowdown in Macau was the main factor in the drop in revenue, but said it delivered solid financial results despite headwinds.
“Our property portfolio in Macao continues to generate market-leading visitation and financial results. We welcomed over 68 million visitors to our properties during 2015,” said Las Vegas Sands chairman Sheldon Adelson. “Despite all the headwinds and challenges in 2015, and the arrival of new competition, The Venetian Macao generated US$1.1 billion of adjusted EBITDA for the year, and was the only property in Macao to exceed US$1.0 billion in EBITDA. Sands Cotai Central, The Plaza Macao and Sands Macao also delivered solid operating results for the year,” Adelson continued.