Sands China posted a 16.1 percent decline in profit for the full-year 2016 to $1.2 billion, down from $1.5 billion in 2015, according to a preliminary announcement of its annual results.
Net revenue was $6.65 billion, down 2.4 percent compared to $6.8 for the year ended Dec. 31, 2016, while adjusted EBITDA for the year increased 0.9 percent to $2.24 billion compared to $2.22 billion in 2015.
The operator said the decrease in net revenues was due to the “overall market slowdown through the third quarter of 2016.”
Net casino revenues for the year was $5.6 billion, a decrease of 2.8 percent compared to US$5.7 billion in 2015. Sands said this was primarily driven by a decrease in volume in VIP business.
“Market conditions in Macao improved meaningfully during the year, and we again delivered a strong set of financial results,” said Sands chairman and chief executive officer Sheldon Adelson.
“We were encouraged that our mass gaming revenue saw positive year-on-year growth during the year, and that this growth accelerated through the year to reach 16 percent growth in the fourth quarter,” he said.
Adelson said its mass gaming revenue strength was supported by increased patronage of its hotel accommodation, retail shopping experiences and entertainment events. Occupancy across its properties increased 12 percent, while its MICE business held nearly 700 events in 2016.
The company also reported an increase of visits to its portfolio of properties in 2016, up 8 percent year-on-year.