Las Vegas Sands Corp. announced a nearly 15% increase in revenue for its second quarter, driven by substantial investments in Macao and Singapore in recent months.
Executives expressed optimism that revenue growth is just beginning in these key Asian markets where the company holds a dominant position.
The remarks followed Sands President and Chief Operating Officer Patrick Dumont’s recent call for Thai authorities to establish ‘regulatory clarity’ and a ‘long-term vision’ regarding the potential legalization of gambling.
Dumont highlighted the need for a comprehensive regulatory framework to attract significant investment in the development of a large-scale entertainment complex in Thailand.
Sands is one of several gaming companies eyeing the opportunity to develop casinos in Thailand, but the lack of clarity and delays in regulatory processes have raised concerns.
Dumont noted that Thailand possesses the necessary ingredients to attract investors, citing its culture, hospitality, and strategic location.
In his interview with The Nation, he criticized some Thai lawmakers’ proposals to exclude casinos from entertainment complexes, emphasizing, ‘Trying to build an integrated resort without a casino is like building a hotel without Wi-Fi.’
He pointed to the success of the Marina Bay Sands development in Singapore as evidence of how casino-driven resorts can draw global tourists and support high-end amenities such as luxury hotels and conference facilities.
Dumont asserted that Thailand could be successful in replicating such a model but stressed the need for decisive action from local authorities.
In its earnings call, Sands executives did not mention Thailand but elaborated on the company’s gains in revenue, earnings, and cash flow from its established markets.
For the quarter ending June 30, Sands reported a net income of $519 million, translating to 66 cents per share on revenue of $3.175 billion.
These figures show a significant improvement compared to last year’s net income of $424 million, or 48 cents a share, on $2.761 billion in revenue.
Dumont described Singapore as a prime example of how strategic investments have yielded positive financial results, allowing for stock repurchases and a 25-cent-per-share dividend for investors.
He emphasized that as Sands enhances its high-quality assets, it leads to better service levels, increased pricing power, and a differentiated product that attracts high-value tourism.
‘It’s the full power of our suite products, the full power of our food and beverage offerings, our MICE services, and everything coming together with a high level of service,’ Dumont stated to investors.
Sands is concentrating its efforts in Asia and has previously withdrawn from bidding for a gaming license in downstate New York due to uncertainty regarding the potential legalization of online casino gambling.
The company has also made unsuccessful attempts to lobby for casino legalization in Texas.
Notably, the Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, who is the majority shareholder of Las Vegas Sands Corp., alongside Sands President and COO Patrick Dumont.
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