China’s Slowdown Hurts the Casino Industry; Sands China’s Quarterly Revenue Misses Analysts’ Estimates
China's slowdown is also affecting its casino businesses and Macau-based Sands China Ltd's less than expected first quarterly earnings report is an example of that.
The casino is a unit of Las Vegas Sands Corp. The economic slowdown in the world's second largest economy has also affected visitor spending. Sheldon Adelson, the chairman and chief executive officer of Las Vegas Sands Corp expects future improvement from growing number of mass market gamblers and tourists.
On Thursday, shares of the multi-use integrated resorts and casino company dropped in Hong Kong trading following the quarterly earnings report.
Compared to the previous year, Sands China's adjusted property earnings prior to taxes, interest, depreciation and amortization dropped 2.5 percent to $517.9 million. Last year it was $531 million said its parent based in Las Vegas.
The average analysts forecast was $547 million.
CEO Adelson said, "The mass market has increased. It's performed better, and I think we can look forward to more of that and as far as the non-gaming is concerned, people have to eat, they have to sleep. They want to be entertained. There are non-gaming elements that I think will pick up again and do better in the future."
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