Las Vegas SandsCorp.'s Macau operations continued to drag on the company's performancein the second quarter.
"The operating environment in Macao remained challengingduring the quarter; but we do see signs of stabilization, particularly in the massmarket," Chairman, Treasurer and CEO Sheldon Adelson said in an earnings release.
For the period, the company logged $328.0 million in net incomeattributable to the company, down 30.1% from $469.2 million in the 2015 quarter.Nonrecurring legal costs also contributed to the year-over-year earnings drop.
EPS was 41 cents, compared to 59 cents for the prior-year period.Adjusted net income dropped to $411.3 million, or 52 cents per share, compared to$481.5 million, or 60 cents per share, in the 2015 second quarter. Net revenue cameto $2.65 billion, compared to $2.92 billion a year ago.
The S&P Capital IQ GAAP EPS consensus estimate for the secondquarter was 55 cents.
Macau property operations posted $480.8 million in adjusted propertyEBITDA in the second quarter, down from $559.8 million a year earlier. The ParisianMacao is expected to open on the Cotai Strip in September, which Adelson said willprovide economic diversification in the market.
Adjusted property EBITDA for the company's Las Vegas operatingproperties came to $72.5 million, up from $54.2 million a year ago.