Las Vegas Sands President and Chief Operating Officer Rob Goldstein says Macau needs more hotel rooms to fully benefit from the potential of the mass market. In a “fireside chat” with Bernstein analysts at their Strategic Decisions Conference, Goldstein said even with the opening of MGM China Holdings’ and SJM Holdings’ two new Cotai resorts […]
Singapore has allowed the first major expansion of its integrated resort industry since its two IRs began operating, involving S$9 billion ($6.65 billion) new investment in non-gaming amenities, but casino entry fees and taxes will also rise. In a statement on Wednesday, the Ministry of Trade and Industry and the Ministry of Finance said the […]
Las Vegas Sands president and COO Rob Goldstein said he believes Osaka to be the only city in Japan suitable for a large-scale IR with “millions” of square feet of convention space, and “thousands” of hotel rooms. Mr. Goldstein was speaking with analysts from Bernstein during a fireside chat at Bernstein’s 2019 Strategic Decision Conference. […]
Las Vegas Sands COO Rob Goldstein said on Wednesday that he was concerned the casino closure in Macau could last longer than fifteen days. “It’s a scary time for all of us,” said Goldstein to members of the state Gaming Control Board last week. The meeting was unrelated to the coronavirus. “It could be two […]
In an earnings conference call in April 2019, Las Vegas Sands President and Chief Operating Officer Robert Goldstein declared, “Our commitment to Japan is immense. It will be lots and lots of rooms—many, many rooms. There will be lots of retail. There will be lots of MICE, far beyond what people understand we're thinking about for Japan… We are deep into it. We're committed to it. We have a team on the ground there.
Las Vegas Sands Chairman and Chief Executive Officer Sheldon Adelson chose his words carefully back in May when he announced that his firm, considered by many observers to be the frontrunner among major IR operators, had pulled out of the Japan race. But in an earnings conference call held last week, he let it rip.
In the words of Las Vegas Sands Chief Operating Officer Rob Goldstein, “Singapore is a wonderful success story, but at this point it's just a very large producer of EBITDA without growth prospects in the near future.” Although management did a sterling job in controlling costs and squeezing the maximum profit out of the iconic resort, it showed little, to no, top line growth.
Brazil and Japan are two of the most hotly anticipated casino markets, but how do they stack up against one another and which country is the most appealing for international casino operators and investors? The two nations have entwined cultural links, mainly due to mass migration throughout the 20th Century. In fact, Brazil is home to the world’s largest Japanese-descendant population outside Japan. One other thing Brazil and Japan have in common is that they both appear to be on the cusp of introducing legalized casino resorts after years of false starts and delays.
The first of Macau’s six casino concessions expire in less than 18 months, though the operators who have invested billions in the territory still have no clarity as to how, or even if, those licenses to operate will be renewed.
Looking at the Chinese New Year visitation figures for Macau, it’s difficult not to be pessimistic about the near-term outlook for gaming in Asia, though analysts say underlying demand remains strong and there is likely to be a snap back once the situation improves.