Sheldon Adelson remaining upbeat on Macau and Las Vegas futures

Home » Sheldon Adelson remaining upbeat on Macau and Las Vegas futures

The billionaire boss of American casino operator Las Vegas Sands Corporation has reportedly expressed optimism regarding the post-coronavirus futures of the gaming markets in Las Vegas and Macau.

According to a report from CDC Gaming Reports, 87-year-old Sheldon Adelson (pictured) serves as the casino firm’s Chairman and Chief Executive Officer and made his views known during a conference call to discuss its third-quarter financial results. The source moreover detailed that company behind the 3,000-room The Palazzo hotel in Las Vegas has now become the first of the industry’s major players to have released its numbers for the three-month period marred by a raft of temporary coronavirus-related closures.

Extensive portfolio:

Las Vegas Sands Corporation is responsible for The Venetian Resort Hotel Casino in southern Nevada while its Sands China Limited subsidiary operates Macau’s The Venetian Macao, The Plaza Macao, Sands Macao and The Parisian Macao properties. This latter entity also runs the Marina Bay Sands facility in Singapore and has nearly finished a $2.2 billion project that is transforming its giant Sands Cotai Central development into the new-look The Londoner Macao.

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Adelson reportedly declared…

“I remain steadfast in my belief that Macau has the potential to become one of the greatest business and leisure tourism destinations in the world. We are as confident as ever in the strength of our business model and the eventual recovery in travel and tourism spending in our markets.”

Disappointing financials:

Regarding the third-quarter results and Las Vegas Sands Corporation reportedly explained that its overall net loss had grown to $565 million as aggregated cashflow plummeted by 120.7% year-on-year to a deficit of $250 million. The Las Vegas-headquartered firm furthermore purportedly revealed that combined revenues for the three months to the end of September had dropped by 82% to $586 million with its businesses in Macau and Las Vegas suffering through 92% and 62.6% reductions to $167 million and $152 million respectively.

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Positive perseverance:

However, Adelson reportedly told investors that his firm’s balance sheet still contains $2.38 billion in cash, $3.95 billion in available credit and approximately $13.89 billion in debt facilities. He later purportedly added that the operator fully intends to continue with some $5.5 billion in planned development projects for its venues in Singapore and Macau.

Adelson reportedly proclaimed…

The Macau results are not representative of our current business trajectory, as the resumption of visa issuance across all provinces in China only commenced towards the end of September. The initial stages of recovery since then have been very encouraging.”

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