Robert Goldstein, the chief executive officer of Las Vegas Sands, stated during the company’s second-quarter earnings conference call that Singapore represents a “fantastic market for additional investment,” while discussing the retention of high-value clients and development in other areas.
Goldstein mentioned that Sands is seeking to expand further in Singapore, while also addressing the premium mass market in Macau.
Sands announced earlier today that its second-quarter revenue reached $1.04 billion, a decrease of 10.9% compared to the same period last year, as restrictions in Macau hindered its progress. Revenue from its properties in the special administrative region experienced a decline across all sectors. These locations are currently closed due to another wave of COVID-19 in the region and are anticipated to resume operations on July 23.
In contrast, Las Vegas Sands’ Singapore property, Marina Bay Sands, witnessed revenue exceeding double to $679 million. The revenue increase at Marina Bay Sands was primarily driven by gaming revenue, which surged by 124.2% year-over-year. Food and beverage revenue, along with convention, retail, and other revenue, also doubled.
Goldstein attributed the robust growth to Singapore’s relaxation of COVID-19 restrictions and expressed optimism about further expansion if the country legalizes online gambling.
Marina Bay Sands is thriving now that COVID-19 restrictions are loosening in Singapore and elsewhere. They’re witnessing a significant increase in visitors to their resort, and they anticipate further growth as more destinations reopen.
They’re also pouring a billion dollars into enhancing the resort, with new luxury accommodations and amenities for affluent guests. They’re adding more attractions throughout this year and next, aiming to draw in the most discerning travelers.
The company is enthusiastic about Singapore and views it as a prime location for investment. They also believe Marina Bay Sands is among the world’s top resorts and intend to continue investing in it.
They’re also implementing innovative strategies in Las Vegas, such as modifying their offerings in Macau to appeal to a broader range of high-spending clientele, rather than solely targeting the ultra-wealthy.
Macau, as a whole, might ponder how each operator restructures their assets,” Chum continued. “However, for us, particularly given the novel products we’ve crafted over the past two years, we’re quite optimistic about restructuring numerous gaming zones to cater to a high-end mass market.”
Concerning marketing and acquisitions outside of Singapore, the Group Chief Operating Officer, Patrick Dumont, stated that the company is concentrating on building from the ground up.
“You might have heard us mention previously that our most advantageous use of capital is fresh development from scratch,” Dumont explained. “If you examine the company’s history and its achievements, the manner in which it has attained success in terms of shareholder returns is by utilizing the strategy of constructing expansive integrated resorts in new legal frameworks.
“That’s where our attention is focused.”
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