Sands China net profit plummets 46 pct in third quarter

Local gaming operator Sands China Ltd. saw its profit attributable to shareholders plunge by 46.4 per cent year-on-year to US$344.8 million (HK$2.67 billion) for the third quarter of this year, it told Hong Kong Stock Exchange last Friday. According to the company’s filing, its adjusted EBITDA for the period registered a year-on-year decrease of 32.7 per cent to US$545.4 million from US$811 million one year ago. In addition, its total net revenues posted a year-on-year drop of 28.9 per cent to US$1.65 billion, compared to US$2.32 billion during the third quarter of 2014. The company generated most of its net income from The Venetian Macao during the period, of which adjusted EBITDA totalled US$257 million, followed by that earned by Sands Cotai Central, amounting to US$170.3 million of the total. According to its filing, rolling chip volume of The Venetian Macao decreased 32.1 per cent year-on-year to US$6.88 billion for the period, while the rolling chip win percentage was 3.08 per cent for the period, down 0.05 percentage points compared to the same period of last year. The property also registered US$1.05 billion for slot handles.