{"id":14088,"date":"2024-07-25T14:28:18","date_gmt":"2024-07-25T14:28:18","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=14088"},"modified":"2024-07-25T14:28:18","modified_gmt":"2024-07-25T14:28:18","slug":"las-vegas-sands-corp-optimistic-about-staying-competitive-in-asia","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/las-vegas-sands-corp-optimistic-about-staying-competitive-in-asia\/","title":{"rendered":"Las Vegas Sands Corp., Optimistic About Staying Competitive in Asia"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2022\/05\/las-vegas-sands.jpg\" alt=\"Las Vegas Sands\" width=\"300\" class=\"alignleft size-full wp-image-12417\" title=\"Las Vegas Sands Corp., Optimistic About Staying Competitive in Asia \" \/><strong>Summary:<\/strong><\/p>\n<ul>\n<li>LVS expressed confidence in Macau\u2019s market growth and optimism in its ability to continue to be the market leader in the region.<\/li>\n<li>The optimistic approach came amid the completion of renovations in Macau and Singapore. <\/li>\n<li>The company\u2019s Q2 net revenue fell $60 million short of expectations, as per market consensus, but went up 9% from Q2 2023. <\/li>\n<\/ul>\n<p>Despite <strong>trading at $39.25 post-market on Wednesday<\/strong>, a marker that was below its 54-week low of $40.17 and down more than $20 from its highest value on August 1. <\/p>\n<p>After <strong>falling $60 million short of market expectations<\/strong> in terms of net revenue in Q2 2024 according to the freshest second-quarter results, <a href=\"https:\/\/www.legitgambling.com\/news\/sands-corp-releases-first-quarter-results-and-commits-to-asian-gaming-market\/\">Las Vegas Sands Corp. remain optimistic about its future in the Asian market<\/a>. <\/p>\n<h2>\u201cConfident in the Future Growth in the Macau Market\u201d<\/h2>\n<p>The company still <strong>recorded a 9% net revenue gain from Q2 2023 at $2.54 billion to $2.76 billion in Q2 2024<\/strong> with gaming revenue for Macau going up 24% YoY and mass gaming revenue growing 29%.<\/p>\n<p>This made chairman and chief executive officer <strong>Rob Goldstein<\/strong> convey an optimistic message to Wall Street analysts on the <a href=\"https:\/\/s28.q4cdn.com\/640198178\/files\/doc_financials\/2024\/q2\/LVS-2Q-2024-Earnings-Release.pdf\">Q2 earnings<\/a> call. <\/p>\n<p>&#8220;<em>We remain confident in the future growth in the Macau market<\/em>\u201d, Goldstein said, adding he believed the <a href=\"https:\/\/www.legitgambling.com\/news\/macau-gaming-sector-set-to-have-big-recovery-in-q2-due-to-non-gaming-offerings\/\">Macau market will grow gaming revenue<\/a> that will go over the $30 billion mark in 2025 and keep growing year after year. <\/p>\n<p>While calling Macau a &#8220;<em>deeply competitive<\/em>\u201d market, the CEO explained they will be making use of their strategy featuring high quality, scale, and product offering diversity to effectively compete against other operators and preserve their position as a leader in the future.<\/p>\n<p>Goldstein added they will also \u201c<em>capture high-value high-margin tourism over the long term<\/em>\u201d, mentioning the completion of the second phase of The Londoner and Cotai arena which is expected to make their product more advantageous than ever. <\/p>\n<p>According to president and chief operations officer <strong>Patrick Dumont<\/strong>, Macau EBITDA fell $4 million short of previous projections at $561 million. <\/p>\n<p>The Londoner\u2019s margins were affected by the renovation that saw 1,500 rooms be taken out of inventory.<\/p>\n<p>At the same time, the Venetian\u2019s margin was 38.2%. The company expects the margin to improve at the Venetian Cotai arena later this year once visitation to the market and growth in unrated play boosts.<\/p>\n<p>Dumond also stated that margins at Four Seasons and The Plaza reached 40% while explaining renovations for the Londoner were still underway, with the first tower expected to be completed by the end of the year. <\/p>\n<p>The second tower will be finished by May 2025. The Londoner Grand Casino, which has been shut down since May, will reopen in December. <\/p>\n<p>With their products going online by the end of the current year and the first half of next year, the company\u2019s competitive position is expected to be \u201c<em>stronger than ever<\/em>\u201d, with \u201c<em>meaningful EBITDA growth and margin expansion in the future<\/em>\u201d foreseen. <\/p>\n<h2>Strong Q2 for Singapore<\/h2>\n<p>Singapore also recorded a strong second quarter despite the ongoing disruption from construction work at Marina Bay Sands. <\/p>\n<p>Marina Bay Sands\u2019s EBITDA was $512 million, showcasing the importance of high-quality investments in products that are leading the market and high-value tourism. <\/p>\n<p>The $1 billion refurbishment project at Marina Bay Sands has been largely completed. However, the company said it was still in the initial stages of \u201c<em>realizing the benefits of these new products<\/em>\u201d with the future phase of Marina Bay Sands\u2018s capital program expected to be completed in Q2 2025.<\/p>\n<p>Goldstein explained a great variety of Asian tourists are coming to Singapore and Las Vegas Sands has not noticed any slowdown from mainland China either. <\/p>\n<blockquote><p>It\u2019s the largest-earning EBITDA building in the history of gaming and it\u2019s going to get stronger. Our goal is $2.5 billion out of Singapore and you\u2019re going to see it in the coming years.<\/p><\/blockquote>\n<p>Dumont didn\u2019t deny their potential plans for obtaining a gaming license in <a href=\"https:\/\/www.legitgambling.com\/us\/states\/new-york\">New York<\/a> and other markets like Thailand. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: LVS expressed confidence in Macau\u2019s market growth and optimism in its ability to continue to be the market leader in the region. The optimistic approach came amid the completion of renovations in Macau and Singapore. The company\u2019s Q2 net revenue fell $60 million short of expectations, as per market consensus, but went up 9% [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-14088","post","type-post","status-publish","format-standard","hentry","category-casino","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Las Vegas Sands Corp., Optimistic About Staying Competitive in Asia<\/title>\n<meta name=\"description\" content=\"Las Vegas Sands Corp. executives have expressed optimism following the completion of Macau and Singapore renovations, despite revenue gains not reaching market expectations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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