Adelson's Profits Fall Drastically In Q1Anti-Online Poker Lobbyist Sees Revenue Tumble 24.9 Percent |
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Revenue for Sheldon Adelson’s Las Vegas Sands Corp. fell 24.9 percent to $3.01 billion compared to $4.01 billion in the first quarter of 2014, the company said this week.
Its net profits on the $3.01 billion were $512 million, down from $776 million year-over-year.
According to Bloomberg, Sands’ revenue has fallen every quarter over the past year.
“The operating environment in Macau, particularly in the high-end gaming segments, remained challenging during the quarter,” Adelson said on a conference call, the Las Vegas Review-Journal reported. “I know you’re all waiting for me to predict if we’ve reached the bottom in Macau. It’s very difficult to make predictions, particularly about the future.”
The bulk of Sands’ gaming revenue comes from Macau, which has seen overall gaming revenue plummet this year compared to previous periods.
Sands is in the midst of building another Macau casino.
Adelson is pushing a federal online gaming ban in the United States because he thinks casino games on the Internet will hurt brick-and-mortar casinos. He has pledged to spend “whatever it takes” to stop online gaming in America.
Despite the recent slump, Sands is still the largest casino operator in the world. Adelson added in the conference call: “The company is financially stronger that it has ever been.”
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