Macau’s Sands casino accounts for over half of Las Vegas Sands’ profit

7 February 2007

Macau, China, 7 Feb – The Sands casino in Macau was responsible for 58.75 percent of the operating profit of Las Vegas Sands, the US casino company said in its report issued Monday in the US.

According to the same figures, the operating profit at the Sands casino, the largest gambling venue in the world, totaled US$413 million, as compared with the US$289.9 million of the Venetian casino in Las Vegas.

The report from the US company, which has been operating in Macau since 2004, also said that in the last quarter of 2006, the net profit of the Macau casino rose 27.1 percent to a total of US$343.3 million, which is some 54 percent of the company’s total net profit.

In 2006 revenues from the gaming and gambling sector in Macau totaled 55.884 billion patacas, a figure which is expected to rise to around 65 to 70 billion in 2007.

The Macau government applies a direct tax of 35 percent on gaming and gambling plus 4 percent in indirect taxes and charges for each table and slot machine in a casino.

Macau currently has 24 casinos – as of February 11 it will have 25, with the opening of Grande Lisboa, owned by Stanley Ho – with 2,762 gaming tables and 6,546 slot machines, a figure expected to increase significantly with the opening of Grande Lisboa, Venetian, Crown Macau and MGM casinos.

The Macau gaming sector has six operators – three concession holders and three sub-concession holders – and gaming magnate Stanley Ho dominates most of the gaming and gambling venues and has direct interests in one concession holder and indirect interests in two sub-concessions. (macauhub)