Slowing Asian pandemic leads Las Vegas Sands to remain patient

0

The executives of Las Vegas Sands Corp. will remain patient with their large investments in Macau and Singapore as the company prepares for its next phase of operation: one without the Las Vegas resorts.

Company executives told investors on their fourth-quarter earnings call on Wednesday that they would stay the course in Macau, where it is the market leader, and move forward with a $1 billion investment. in Singapore’s Marina Bay Sands resort, even as COVID-19 and restrictions on omicron variants continue to hit these tourist markets.

Sands is set to sell The Venetian, Palazzo and The Venetian Expo to two New York-based entities, Apollo Global Management Inc. and its partner Vici Properties Inc., for $6.25 billion. Nevada regulators are expected to approve the deal but have not yet scheduled a hearing.

“We remain confident in the eventual recovery of travel and tourism spending in our markets and excited to welcome more guests back to our properties in 2022 and beyond,” said Rob Goldstein, CEO. “While pandemic-related travel restrictions continue to impact our current financial performance, we again generated positive cash flow in each of our markets. We remain deeply committed to supporting our team members and helping those in need in each of our local communities as they recover from the impact of the pandemic.

The Review-Journal is owned by the family of Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., which operates The Venetian, Palazzo and The Venetian Expo.

This is a developing story. Check back for updates.

Contact Richard N. Velotta at [email protected] or 702-477-3893. To follow @RickVelotta on Twitter.

Share.

Comments are closed.