Sands China Q3 profit falls 30 per cent, cites weak high-end demand
Sands China reported a 29.8 per cent year-on-year drop in third-quarter profit to US$191 million, blaming weak high-end segments in Singapore and Macau. Net revenue rose 1.4 per cent to US$1.9 billion. The company said it will continue investing in Macau and is repositioning its Venetian Macau prope
Sands China reported a 29.8 per cent year-on-year decline in third-quarter profit to US$191 million, according to a company announcement. Net revenue for the quarter rose 1.4 per cent to US$1.9 billion.
For the first nine months of this year, profit fell 14 per cent to US$592 million, while net revenue increased 7.8 per cent to US$5.81 billion.
The company attributed the quarterly profit drop to weak performance in the high-end segments of the Singapore and Macau markets, which had a negative impact on its financial results. However, Sands China noted that its gaming revenue and betting turnover grew faster than the overall Macau market.
Sands China said it remains committed to investing in Macau and is currently repositioning its Macau property portfolio. The renovation of The Venetian Macau began in March and is scheduled for completion before the Lunar New Year in 2028. The revamped property will feature new high-end customer-focused gaming halls and supporting facilities.