$11.4 billion, while net profit fell 15.5% to $2.02 billion.
The Las Vegas-based company says it operates casinos in Nevada, Pennsylvania, Singapore and Macau, and its annual results have been adversely affected by lower net profits, non-recurring legal costs and higher pre-opening costs related to the $2.7 billion new construction of the Macau casino resort in Paris.
“Our focus is on the consistent implementation of our proven global growth strategy leveraging the power of our unique convention-based integrated resort business model,” Sheldon Adelson, chairman and CEO of Las Vegas Sands, said in a statement. “We are particularly encouraged by the recent passage of the Integrated Resort Promotion Bill in Japan, which will create more detailed legislation that will create opportunities to bring the economic benefits of the industry-leading convention-based integrated resort business model to this dynamic and promising market.”
The news was better news for the fourth quarter as Las Vegas Sands Inc.’s net profit rose 5.6% year-over-year to $607 million, while overall revenue rose 7.4% to $3.08 billion. Consolidated adjusted real estate earnings before interest, tax, depreciation and amortization for the three-month period came in at $1.12 billion, up 6.1% from a 36.3% margin, along with a $95 million return for the Paris Macau casino resort since opening Sept.
“In Macau, our industry-leading Cotay strip real estate portfolio, which has expanded meaningfully with the opening of the Macau Casino Resort in Paris, has achieved 16% growth in the bulk gaming segment. The results were the strongest growth in Macau’s most important and profitable sector since the second quarter of 2014. The Macau market continued its overall recovery in the fourth quarter, with the Macau portfolio recording 23% growth in visits and higher hotel occupancy rates. We are confident that the expanded scale benefits achieved in market-leading hotel, retail and entertainment offerings can deliver growth and strong financial performance in Macau.”파워볼사이트
But the U.S. company’s Macau-facing Sands China Limited subsidiary noted adjusted real estate earnings of $610 million before interest, tax, depreciation and amortization at its Macau casino resort in Paris were slightly below market analysts’ expectations.