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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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