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Sheldon Adelson Loses 43 Percent in Macau

Monday February 22,2016 :  MACAU LOSSES FOR U.S. GAMBLING MOGUL
 
Adelson interests take a 43 percent hit in net profits.
 
Multi billionaire land casino mogul Sheldon Adelson's pocket took a hit last year when his Macau casino interests in the Sands China group posted a 43 percent fall in net profit for the year ended Dec. 31, 2015, according to a preliminary announcement.
 
The operator reported that profit for the year fell to US$1.46 billion in 2015 compared to $2.55 billion in 2014, while net revenue dropped 28.2 percent to $6.82 billion.
 
Adjusted EBITDA for the year plunged 31.8 percent to $2.2 billion, compared to $3.3 billion in the preceding year.
 
Macau operators have been staggering under the weight of a Chinese government crackdown and a slowing regional economy over the past eighteen months.
 
Adelson remained upbeat, commenting:  “Our property portfolio in Macao continues to generate market-leading visitation and financial results. We welcomed over 68 million visitors to our properties during 2015.
 
“Despite all the headwinds and challenges in 2015, and the arrival of new competition, The Venetian Macao generated US$1.1 billion of adjusted EBITDA for the year, and was the only property in Macao to exceed US$1.0 billion in EBITDA. Sands Cotai Central, The Plaza Macao and Sands Macao also delivered solid operating results for the year,” he claimed.
 
In related news, Adelson's vicious legal tussle with former China Sands executive Steven Jacobs  continued to make the headlines as Adelson lawyers failed in their attempt to remove feisty US Nevada federal judge Elizabeth Gonzalez as presiding officer.
 
Gonzalez put Adelson in his place in previous proceedings on the case in her court, and the Adelson camp claims that she is biased against them.
 
Chief Clark County District Judge David Barker ruled last week that Judge Gonzales would remain on the case, saying:
 
“This court thoroughly evaluated defendant’s arguments and exhibits and found no evidence Judge Gonzalez has actual bias or implied bias in favor of or against any party to this action.”
 
The Jacobs case involves a claim that he was wrongfully terminated by Las Vegas Sands in 2010 as head of operations of the Macau-based casino, and the case has seen some alarming allegations regarding company associations and decisions of which Adelson was aware, it has been claimed.
 
Earlier legal manoeuvring on the case saw Adelson lawyers trying, and failing, to have the case heard in Macau rather than Nevada.

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Gambling News :

South Africa Going After Illegal Gambling - In South Africa a combined national police and federal enforcement initiative has shuttered 19 illegal gambling venues across the provinces of Northern Cape and North West.

The Winning Express arbitrage sports betting scheme - A UK-based GBP 27 million arbitrage sports betting scheme, The Winning Express, has collapsed, leaving a thousand investors with concerns that their money is lost, according to a BBC report over the weekend.

Global Poker League Championship Results - #gpl The inaugural season of the Global Poker League Championship played out this week with the Montreal Nationals besting the Berlin Bears across 11 games to claim the $100,000 main prize.

Yahoo DFS Gets Uk License - #yahoo Industry observers point out that Yahoo has thus far carried out little in the way of major marketing on DFS in its US endeavors, unlike rivals DraftKings and FanDuel, and they expect it to follow a similar path in the Britain.

SPANISH GAMBLING MARKET CONTINUES TO GROW - Spain's gambling industry continued to advance in 2015 with growth in most sectors, according to the latest research report from the Codere - University of Madrid Institute for Policy and Governance collaboration released this week.

Novomatic Acquires Albanian National Lottery - #Novomatic The Austrian gaming technology group Novomatic has issued a statement confirming that it has completed the final required steps for the successful acquisition of the Albanian National Lottery.

2016 Massachusetts Gaming Commission Report - Industry journalist Steve Ruddock picked up on some interesting statistics from the latest annual report of the Massachusetts Gaming Commission released this week, flagging the current results from its on-going monitoring research of the state gambling market.

Jack Lam denies bribe allegations - Allegations by Philippines Justice Secretary Vitaliano Aguirre that casino tycoon Jack Lam used 'facilitator' Wally Sombero in an attempt to bribe him into protecting Lam interests have been hotly denied by Lam.

Fonbet Gets Russian Betting License - #Fonbet Russian-licensed operators are required to use officially sanctioned payment hubs called TSUPIS to facilitate government oversight, and this may be a concern for Fonbet at present.

New Attempts to Restore the Wire act - In the first of these initiatives, which Online Poker Report notes is supported by only eight state AGs (half those who signed a similar letter last year), the signatories seek support for RAWA at a Congressional hearing scheduled for December 9.

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