Sands China Ltd. (01928.HK) said its mass-market gaming business in Macau has stabilized, the Hong Kong Economic Journal reported Friday.
The report quoted Sheldon Adelson, chairman and chief executive of its US parent company, Las Vegas Sands Corp., as saying, however, that uncertainties remain in the high-end market.
The short-term outlook for the gaming industry in Macau is questionable, although it has a promising future in the long run, Sands China’s acting president and executive director, Robert Goldstein, said.
The Hong Kong-listed firm posted a 46.8 percent year-on-year decline in third-quarter net profit to US$343 million.
Goldstein said the company has cut US$170 million in expenses so far this year.
Half of the savings was from its gaming and non-gaming operations, with the rest from staff costs and marketing.
The company aims at cutting between US$230 million and US$240 million in expenses for the whole year.
Adelson said he will pay to take a ride on the observation wheel at Studio City Macau, which is a leisure resort owned by rival Melco Crown Entertainment Ltd.
He said the resort, which will have its grand opening on Oct. 27, will inevitably intensify competition in the city’s gaming and leisure sector.
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