Sands CEO talks about further SG development and premium mass in Macau.
During the company's Q2 2022 earnings call, Robert Goldstein, CEO of Las Vegas Sands, called Singapore "an outstanding market for additional investment." This was in the context of talks about keeping premium customers and advancements in other parts of the world.
Sands Adelson Miriam
Sands said today that it made $1.04 billion in the second quarter of 2022, which is 10.9% less than the same time last year. This is because growth was slowed in Macau. All of its properties in the Special Administrative Region saw a drop in revenue. These places are closed for now since the area is going through another wave of Covid-19. They will reopen on July 23.
On the other hand, Marina Bay Sands, Las Vegas Sands' property in Singapore, saw its income more than double to $679 million. The main reason for the rise in revenue at Marina Bay Sands was the casino, which saw a 124.2% year-on-year increase. Revenue from food and drinks, as well as from conventions, stores, and other sources, also doubled.
Goldstein said that this rapid growth was due to Singapore relaxing its Covid-19 rules. He also said that he expects more development if online gambling becomes permitted in the nation.
Goldstein added, "The easing of pandemic-related restrictions in Singapore and many of its source markets has led to this positive change in the financial performance at Marina Bay Sands."
"We expect a stronger recovery over time as Singapore comes online and the region's restrictions are eased even more."
He also said that the company's $1 billion investment at Marina Bay Sands will let it serve "premium customers." This has led to the creation of new suite goods and amenities aimed at high-end customers.
Goldstein said, "More offerings will be added throughout the rest of 2022 and 2023." "And this one has the features that high-end customers look for when they want the best trip experiences.
"Singapore is still a great place to invest more."
Grant Chum, the chief operating officer of Sands China's affiliate, said that the company is dedicated to "long-term investment" in Singapore because Marina Bay Sands gives them a unique chance.
Chum stated, "One thing I think is important to note is that we see Marina Bay Sands as the best building in the world." "And in our minds, it's just an amazing chance to keep investing in the building, running it, and growing it over time."
Chum also claimed that Las Vegas Sands is happy about the possibility of moving its products to the increasing "premium mass" market in Macau, which is happening as people move away from junkets.
Chum went on to say, "I think Macau as a whole may be looking at how each operator redeploys their assets." "But as far as we're concerned, especially with the new products we've made over the last two years, we're pretty happy about moving a lot of those gaming spaces to the premium mass segment."
Patrick Dumont, the group's COO, said that the company is focussing on "building from the ground up" when it comes to marketing and getting new customers outside of Singapore.
Dumont remarked, "You may have heard us say before that the best and most profitable use of our money is to build new things from the ground up." “If you look at the company's history and how well it has done, you can see that it has used the strategy of building large-scale integrated resorts in new places to make money for shareholders.
"That's what we're working on."