Las Vegas Sands focuses on Asia but opens up for retail gambling in US states
Las Vegas Sands have shifted their business interests. They are focusing towards expanding in the USA. New York state and Texas in particular. The group has positioned itself extremely well in Asia particularly in Macau and in Singapore. The Sands Macau resort opened in 2004. They are now yearning to make their mark here in the US.
The groups CEO is Robert Goldstein. He is also the Chairman. Sheldon Adelson founded the company. He saw the opportunity when Portugal gave back Macau to China. Adelson identified that China’s large population was large enough to tap into. With Macau and Singapore allowing gambling as opposed to China that was an opportunity. One to build integrated resorts that could offer a variety of entertainment options. The London-themed resort in Macau is in construction with the help of the legendary, David Beckham.
Goldstein, speaking on the idea to bring Las Vegas Sands to New York believes that this market has potential and will be a great opportunity for them. LVS also owns the Marina Bay Sands resort in Singapore. Goldstein believes New York is a very huge market for his company. He has made this his agenda in the past. Even if the process has quite a long way to go. He remains positive and adamant that it will work out in the end.
Las Vegas Sands has since sold off it’s Strip assets including the Venetian Expo Center as well as the Palazzo and the Venetian. The Venetian was first opened in 1999. It was one of the first integrated resorts. Total sales is said to have brought in around $5 billion. The $5 billion was received in cash. They managed to attain and secure a further loan worth $1.2 billion. It set aside for further expansion.
The sale of Las Vegas was to reinvest funds, This will bring in high growth opportunities. The aim is to always bring unique opportunities to its company. LVS is confident in their development capabilities. Their ability to execute big developments in fresh markets is unmatched. There are is a lot of potential in many countries.
The Venetian in Las Vegas offers suites, gaming and retail space as well as plenty more meeting space. Other properties owned by LVS include Sands Macau, The Plaza Macao, The Londoner and The Parisian Macao. The company’s headquarters are in Paradise, Nevada, USA
The group have planned to reinvest proceeds from the sale into growth possibilities. Although the company did not do well with their attempt in Florida they are not giving up. They stand strong and plan to return to Florida state at some point to give it another go.
LVS donated to both the Democratic and Republican campaigns. The group made a contribution of $560,000, this was done just before the Texas state’s primary elections. Las Vegas Sands Joined forces with other companies in promoting that a constitutional amendment be made. In the first quarter of 2021 Las Vegas Sands reported that their operating costs has increased by $302 million in comparison to $96 million in the previous year. They also reported losses from $1.2 billion down to $934 million. There are some evident complexities a U.S.-listed stock which have Asia-based operations. These are evident, however, the group remains to determined to tap into the Asian market.
Changes In Travel Plans
As travel restrictions change and become more flexible. Las Vegas Sands expects that people will feel inspired to travel again especially from Macau and Singapore. This will bring old and new customers to their casinos.
Las Vegas Sands have no plans forego their Asian resorts and platforms. They have seen exponential growth in this region and are confident that this market can only grow bigger. As they continue to grow their Asian markets they also want to be at the forefront when it comes to expanding casino gambling to North Florida, New York as well as Texas.
Other industry players such as Penn National Gaming and Boyd Gaming, are known to focus on regional markets. Las Vegas Sands aims high and focuses on domestic and international markets. Goldstein has reiterated that it takes time from first identifying an opportunity to finally bringing it to life. However, the company remains optimistic. Boyd Gaming has recently reported a growth in their online gambling sector and hospitality.
The group’s resorts in Asia operate by the majority owned subsidiary company, Sands China. The Adelson family own 56.7%, this is a huge stake. The other venues owned by LVS also offer accommodation and gaming and retail space. Shares of Las Vegas Sands are currently trading at around $35.56. Goldstein says they have been looking at expanding their business to New York for a long time. He sees great potential in the New York market.
The group has a science and art museum in Singapore. Their facilities also contain nightclubs and restaurants. Las Vegas Sands provide exhibition facilities and services at their facilities. Patrick Dumont is the president and COO. Their counterparts Dr. Wilfred Wong, president of Sands China and Grant Chum Sands China COO.
They have considered their collections of resorts in Asia to be a great platform full of opportunity and growth. The years ahead are guarantee great success. They will continue to look into other opportunities, in order to develop large-scale resorts in both the United States and Asia. LVS is definitely not resting on its Laurels.
The London inspired hotel has impeccable suites designed by David Beckham. Later in the year, there will be a Gordon Ramsey restaurant.
The immaculate resort will also feature a 96-metre replica of Big Ben. There will also be Crystal Palace inspired atrium. A replica of the Eros fountain will also be featured once the building finishes this year. Macau hopes that the new technology will help their gambling industry. It is the hub, and it suffered an economic slump during Covid-19. They hope to recover very soon.
Reviewed by our expert
Robert is our US market analyst and with his long expertise and experience in the gambling industry, he is at the forefront when it comes to online gambling in the various states.