{"id":1897,"date":"2021-06-03T10:04:15","date_gmt":"2021-06-03T17:04:15","guid":{"rendered":"https:\/\/wagers.com\/staging\/4285\/?p=1897"},"modified":"2021-11-08T10:08:30","modified_gmt":"2021-11-08T18:08:30","slug":"lvs-on-a-build-back-better-tip","status":"publish","type":"post","link":"https:\/\/wagers.com\/staging\/4285\/news\/lvs-on-a-build-back-better-tip\/","title":{"rendered":"LVS on a build back better tip"},"content":{"rendered":"

Maybe it\u2019s because I\u2019m a Londoner:<\/strong> Speaking with Bernstein\u2019s Vitaly Umanski as part of the bank\u2019s Strategic Decisions conference, LVS CEO Robert Goldsten and president Patrick Dumont expressed disappointment at the slow pace of the Covid recovery in Macau. But they were both optimistic about the medium and longer-term picture. While revenues in May are still some way below 2019 levels (see below the May GGR numbers), a sign of continued issues around travel to Macau by Chinese visitors, Goldstein said when they return things business will bounce back very quickly, \u201cjust like Las Vegas\u201d with help from the new Londoner, the first phase of which opened in February. \u201cThis Londoner product could be awfully good,\u201d said Goldstein. \u201cI don\u2019t think people are giving us credit for what we have invested in our portfolio over there when the gates open to tourists.\u201d Goldstein added that Macau remained \u201cabsolutely capacity constrained\u201d. \u201cJust having expansions from Galaxy and us, it is not enough for what we think will come once the pandemic is over.\u201d<\/p>\n

Wish you were here:<\/strong> \u201cMacau is still the best land-based market in the world,\u201d Goldstein said and when asked about the concession process he repeated LVS\u2019s faith that its relationship with the Chinese government would hold it in good stead.<\/p>\n

\u201cI rely on our $15bn investment, our leadership in rooms, in restaurants, in conventions. We did everything when it wasn’t popular. And I don’t think the government will forget that.\u201d<\/em><\/p><\/blockquote>\n

Brass in pocket:<\/strong> Goldstein and Dumont repeated the message from the Q1s that it has yet to make any decision in the deployment of the Las Vegas sale proceeds. More investment in Macau and, particularly, Singapore seems on the cards but also in the US where LVS retains an interest in prospective new land-based gaming opportunities in New York and Texas. \u201cWe like building up from the ground,\u201d said Dumont. Goldstein also repeated the Q1 message that exiting Las Vegas also didn\u2019t preclude the company from looking at sports-betting and online and suggested that the aforementioned land-based entries could be part of its entry into that arena.<\/p>\n

\u201cNew York and Texas are both hugely viable,\u201d said Goldstein. \u201cI know it\u2019s not fashionable being involved in the land-based business (but) these markets will eventually be digital markets. The game is just beginning digitally and land-based will pave the way for digital.\u201d<\/em><\/p><\/blockquote>\n

Check out these new stories on Earnings + More:<\/h3>\n