Sands’ casino revenues have declined from $2.66 billion in Q1 to $2.32 billion in Q3.
Las Vegas Sands Casino Revenues
Sands’ operates integrated casino resorts across three destinations: Macau, Singapore, and Las Vegas.
Macau contributes nearly 70% of Sands’ casino revenues.
Macau’s gaming operations can be categorized into rolling chip (VIP gaming
) and non-rolling chip (mass gaming
The declines in LVS’ casino revenues are primarily due to down-trending VIP gaming volumes, which represents money spent on VIP games by tourists.
LVS Macau: Total Rolling Chip Volume
LVS Macau: Total Non-Rolling Chip Volume
VIP gaming has been observing sharp declines due to stricter regulations by the Gaming Inspection and Coordination Bureau of the city’s junket operators.
The shrinking VIP gaming volumes have been offset by mass market gaming segment, leading to a single-digit drop in casino revenues.Note:
Casino earns about 3% of rolling chip volumes
and 23% of non-rolling chip volumes,
known as casino win.