Las Vegas Sands Boss Expects Singapore Casino Market Recovery From 2022
According to the Las Vegas Sands Corp chairman, Robert Goldstein, Singapore's casino market is highly likely to recover from 2022. It is highly due to the gradual opening up of the economy fueled by the high vaccination rate in the state.
Singapore, like many parts of the world, had largely restricted travel due to the Covid19 pandemic. In so doing, the casino market was dependent on the local market, unlike before.
The US-based group, which runs the Marina Bay Sands resort, made the predictions during their third-quarter earnings call early in the week. They stated that they expected higher EBITDA (earnings before interest, taxation, depreciation, and amortization) and over USD 1.7 billion level from the next quarter.
Mr. Goldstein also commended the Singaporean government for its initiatives, highlighting that the industry was not dependent much on the Chinese market.
The Las Vegas Sands chairman also faced questions from analysts regarding the group's expiring license in Macau. To that, he expressed confidence that the group would continue to operate in Macau after the license expiry in June 2022.
According to him, all indicators look promising for the group, considering their track record, continuous developments, and investments. The group believes the process will be fair and equal post-June 2022.
Earlier, the Macau government proposed to vet casino operators on their plans to issue dividends to investors. This move by the government raised concern among the investors, causing a big fall in casino operator stock prices the day after the announcement.
Yet, Mr. Goldstein still expressed confidence in the government's thoughtfulness, considering their 2-decade experience in the state.
He added that the group had “no concerns” about these changes considering that the government wants to see growth in Macau. “They want us to invest as well,” Mr. Goldstein said.