High rollers mixed blessing for Marina Bay Sands

Marina Bay Sands reported a 21.6 percent drop in operating income for the first quarter from a year earlier as its VIP hold rate dropped steeply. Total revenue for the Las Vegas Sands Corp. property fell 6.3 percent to $794.9 million, as casino revenues dropped 8.7 percent to $640.2 million and operating income hit $292.7 million. The hold rate on VIP gambling fell to 2.51 percent from 3.58 percent though VIP volumes rose 42.2 percent to a record $18.2 billion. Mass market volumes rose a subdued 2.4 percent and slots 1.6 percent.