Company: Las Vegas Sands Corp.
Mr. Sheldon G. Adelson is an internationally renowned businessman, entrepreneur, and philanthropist. His business career spans nearly seven decades and has included creating and developing to maturity more than 50 different companies, including the COMDEX tradeshow for the computer industry. At his direction, COMDEX became the world’s largest TRADE show with a presence in many different countries.Mr. Adelson is also the founder of Las Vegas Sands Corp. – a company which has become the leading global developer of integrated resorts, which feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.As the company’s chairman and chief executive officer, Mr. Adelson’s penchant for challenging and changing the status quo has led the company to overwhelming success in every location in which it operates.In Las Vegas he is widely credited for helping transform the city from a gaming-centric regional location into the leading convention and exhibition city in the United States. In Macao, Mr. Adelson’s vision to recreate the Las Vegas Strip was originally panned by most observers, but since opening The Venetian Macao on the Cotai Strip in 2007, his development plans have become the envy of international leisure and hospitality operators everywhere.In 2010, Mr. Adelson set the bar even higher with the opening of the $6 billion Marina Bay Sands integrated resort in Singapore. In addition to all the amenities that have become the hallmarks of Las Vegas Sands-developed properties, this iconic facility features a three-acre SkyPark which sits more than 50-stories off the ground and on top of the property’s three hotel towers.Having been featured on the cover of more than 50 different publications, Mr. Adelson has been profiled by many of the world’s leading print and broadcast news organizations.He has earned multiple honorary degrees and has been a guest lecturer at various colleges and universities, including the University of New Haven, Harvard Business School, Columbia Business School, Tel Aviv University and Babson College.Among his numerous awards for his business and philanthropic work are the Armed Forces Foundation’s Patriot Award, Hotel Investment Conference’s Innovation Award, the Woodrow Wilson Award for Corporate Citizenship and induction into the American Gaming Association’s Hall of Fame.Mr. Adelson and his wife, Dr. Miriam Adelson, are noted philanthropists who donate to a variety of civic and charitable causes.
Sands China’s Q4 results beat analysts’ expectations, driven by strong premium mass revenue in Macau. Total net revenues for Sands China increased 12.9 percent to US$2.10 billion compared to US$1.86 billion in the fourth quarter of 2016 and above The Street estimate for $1.94 billion. Net income increased 49.1 percent to US$519 million, while hold-normalized […]
The Adelson Family Foundation on Tuesday presented a cheque for more than $1.9 million to the University of Saint Joseph to assist its recovery efforts after Typhoon Hato and subsequent storms caused major damage to its new campus in August and September last year. Executives from Las Vegas Sands Corp. and Sands China Ltd. presented […]
Sands China delivered its 17Q3 results on Wednesday, reporting revenue and EBITDA growth in line with consensus estimates. According to a filing from Sands China, total net revenues for Sands China rose 12.2 percent to $1.93 billion in 17Q3, while net income was posted at $403 million, an increase of 24.4 percent year on year. […]
Las Vegas Sands CEO Sheldon Adelson has criticized Japan’s planned IR legislation and warned the bill in its current form will mean a lower level of investment from his company should it win a license. On Friday afternoon, Adelson visited the Osaka Prefectural Office and held a private meeting with Osaka Governor Ichiro Matsui and […]
Sands China Ltd., along with the Adelson Family Foundation have pledged to donate a total of MOP 65 million (US$8.1 million) to assist with longer term relief, recovery and rebuilding efforts in Macau. “The thoughts and concerns of the Adelson family and our team members around the world have been with the entire Macao community, […]
Total net revenues for Sands China increased 23 percent year-on-year to US$1.8 billion in the second quarter of 2017, driven by strong mass gaming revenue growth. Net income for Sands China increased 37.6 percent year-on-year to US$326 million in 17Q2, compared to US$237 million in 16Q2. “During the quarter both our Macao and Singapore operations […]
Casino operator Las Vegas Sands reported strong results in 17Q1, matching consensus expectations of $3.1 billion in revenue for the quarter. The casino operator, which owns integrated resort and casino developments in Macau, Singapore and Las Vegas, reported $578 million in net income for the quarter, an increase of 41.3 percent. Operating income increased 30.2 […]
An integrated resort in Japan could cost up to US$10 billion to develop, says Las Vegas Sands chief Sheldon Adelson. Adelson, who has plans for his company to win operating rights in the country, made the comments during an investor conference in Tokyo, according to a report from Reuters. “It would be at least what […]
Sands China posted a 16.1 percent decline in profit for the full-year 2016 to $1.2 billion, down from $1.5 billion in 2015, according to a preliminary announcement of its annual results. Net revenue was $6.65 billion, down 2.4 percent compared to $6.8 for the year ended Dec. 31, 2016, while adjusted EBITDA for the year […]
Las Vegas Sands subsidiary Marina Bay Sands is looking to sell 49 percent of its stake in luxury mall, the Shoppes for US$3 billion to US$3.5 billion, local media reports. The sale would mark one of the most expensive malls ever sold in the world, said LVS chairman and chief executive Sheldon Adelson in an […]
Las Vegas Sands posted a 5.6 percent year-on-year increase in net income for the fourth quarter of 2016 to $607 million. The casino operator, which owns and operates casinos in Las Vegas, Pennsylvania, Singapore and Macau, saw a combined total of $3.1 billion in revenue in the quarter, a rise of 7.4 percent year-on-year. Revenue […]
Sands China Ltd has been awarded ‘Best Hotel Development’ for The Parisian Macao at the China Property Awards 2016 held in Hong Kong on December 7, 2016. The Parisian Macao is the integrated resorts’ newest property which opened on September 13 and features a half-size replica of the Eiffel Tower. The China Property Awards are […]
Hard Rock International Inc. says it is prepared to make a “major investment” in Japan, Bloomberg reports. With renewed discussions around the legalization of casinos in the country, the U.S. chain is looking for partners to jointly bid for a license should gaming resorts be approved, said its chief executive officer Hamish Dodds in an […]
Las Vegas Sands posted Q3 results that topped analysts’ forecasts as the Macau market returned to growth. Earnings for the quarter were at $0.72 per share, well above the estimated $0.60 per share and earnings from the same period last year of $0.66 per share. Revenue beat analysts’ expectations as well at $2.97 billion versus […]
The Nevada Supreme Court has ruled that meetings with Chinese government officials helped Las Vegas Sands secure a casino concession in Macau, TDM reports. However, the court overturned a $70 million judgement against Sands, which was brought by businessman Richard Suen, who claimed his efforts led to the operator ultimately obtaining its concession. While the […]
Galaxy has called Sands China boss Sheldon Adelson “impolite” and “unprofessional” following his comments suggesting that Galaxy Phase 2 and Studio City were not as good as the Parisian, Macau Business Daily reports. Sheldon Adelson made the comments during Bernstein’s 2016 Strategic Decisions Conference last week, saying that the failure of the two properties to […]
Las Vegas Sands says it is looking to add another 1,000-1,200 rooms in a new tower at its Marina Bay Sands resort in Singapore, along with an entertainment arena. “The government wants more quality entertainment,” said Adelson during the Bernstein Thirty Second Annual Strategic Decisions Conference 2016. According to the Sands chairman, the Singapore government […]
Macau operator Sands China and parent company Las Vegas Sands Corp have settled a lawsuit filed by a former chief executive. Steve Jacobs, who headed Sands’ Macau operations from 2009 to 2010 filed a lawsuit after he was wrongfully terminated by Las Vegas Sands in 2010. Jacobs contended he was wrongfully terminated by Las Vegas […]
Macau casino operator Sands China Ltd reported 16Q1 profit fell 9.6 percent year on year, the result of a challenging operating environment in Macau. The results, which were below analyst expectations, saw total net revenue for Sands China down 7.9 percent to $1.6 billion in the first quarter of 2016, compared to $1.8 billion the […]
Macau’s Court of First Appeal has ruled that a former business partner of Las Vegas Sands Corp. can proceed with its lawsuit seeking billions in compensation for breaking the terms of their former partnership agreement, Reuters reports. According to a filing on March 16, the Court of First Appeal (TJB) denied Las Vegas Sands’ motion […]
Casino operator Las Vegas Sands has announced the appointment of Patrick Dumont as its chief financial officer, according to an announcement from the company. Las Vegas Sands chairman and chief executive officer Sheldon Adelson, who is also Dumont’s father-in-law, said the appointment was the formalization of a role Dumont had already been performing. “Patrick has […]
Casino operator Las Vegas Sands Corp. has once again persuaded the Nevada Supreme Court to throw out a jury award won by Richard Suen, in relation to claims that he helped Sands secure its license in Macau, local media reports. On Friday, the state court said there was not enough evidence to justify the […]
Macau casino operator Sands China Ltd’s request for more time to complete its Parisian Macau development has been granted by the Macau Government, according to Jornal Tribuna de Macau. The development was originally required to be complete by April, 2016 , but has been given a seven month extension from the Directorate of the Land, […]
Macau casino operator Sands China Ltd. reported a 43 percent fall in net profit in the year ended Dec. 31, 2015, according to a preliminary announcement. The operator reported profit for the year fell to US$1.46 billion in 2015 compared to $2.55 billion in 2014, while net revenue dropped 28.2 percent to $6.82 billion. Adjusted […]
Casino operator Las Vegas Sands Corp is proposing a $1 billion stadium on 42 acres of land near the University of Nevada Las Vegas. The 65,000 seat stadium would be designed to house the UNLV football team, and potentially an NFL team, according to local media. Andy Abboud, LV Sands’ senior VP of government relations […]
Las Vegas Sands posted weaker-than-expected Q4 results as the downturn in Macau continued to weigh, though chairman Sheldon Adelson said the situation there was stabilizing and held out hope for an earlier than anticipated opening for the company’s Parisian resort. Net revenue for the fourth quarter of 2015 decreased 16.2 percent to $2.86 billion, compared […]
The Campaign for Accountability has retracted an allegation that accused Las Vegas Sands Chairman Sheldon Adelson of tolerating prostitution in his casinos. The group said it regrets its request and has withdrawn its submission requesting an investigation. “The allegations relied upon in making the requests are false and we apologize sincerely for any inconvenience or […]
Las Vegas Sands 3Q earnings declined due to a 46-percent drop in profit at its Macau unit, though the figure was better than expected and Singapore proved a bright spot. Adjusted net income decreased to $529.8 million, or $0.66 per diluted share, compared to $675.7 million, or $0.84 per diluted share, in the third quarter […]
Famed attorney Alan Dershowitz has been recruited by Sands China Ltd. to argue that Nevada’s Supreme Court should dismiss a wrongful termination lawsuit filed by the company’s former CEO five years ago, the Associated Press reported. Dershowitz and Sands China lawyer Steve Morris argued the company is registered in the Cayman Islands and does business […]
China suspects that Las Vegas Sands’ Macau casinos were being used by U.S. intelligence agents to entrap and blackmail Chinese officials, the U.K.’s Guardian newspaper reported, citing a confidential report for the gambling industry. The report was filed by a private investigator in 2010. “Many of the (Chinese) officials we contacted were of the view […]
A US documentary investigating Macau’s gaming industry has stirred controversy over its reasons for being axed by broadcaster PBS. Journalist Lowell Bergman’s documentary, Bigger Than Vegas, was slated to be aired by the American public broadcaster PBS last year but was killed due to “editorial concerns and concerns about the legal consequences” Bergman told the […]
A Clark County district judge in the U.S. has been petitioned by two organizations to unseal documents that potentially reveal business ties between Chinese triads and Las Vegas Sands, according to media reports. The motions were filed by Guardian News & Media, publisher of the British newspaper The Guardian, and the Campaign for Accountability, a […]
Las Vegas Sands CEO said at a conference in New York that the key to lifting Macau out of a slump is to build more resorts which will in turn stoke demand, according to the Business Insider. Despite 11 straight months of falling gaming revenues in Macau due to China’s push to curb graft and […]
A Nevada judge has ruled that an unfair dismissal case brought against Las Vegas Sands and its chairman Sheldon Adelson should be heard in a U.S. court and not in Macau. Steven Jacobs, former CEO of Adelson’s Sands China unit filed the lawsuit claiming that he was sacked for trying to break links to organized […]
Las Vegas casino mogul Sheldon Adelson has vehemently denied Las Vegas Sands officials had a hand in firing Steven Jacobs as Sands China Ltd. president in July 2010. According to the Washington Times, Adelson, appearing on the witness stand before a Nevada judge, told Jacobs’ lawyer that “LVS had nothing to do with his termination.” […]
Las Vegas Sands reported weaker-than-expected Q1 profit and revenue, pulled down by a slump in its Macau gaming operations. Group net revenue for the first quarter of 2015 decreased 24.9 percent to $3.01 billion, missing forecasts for $3.2 billion, according to analysts polled by Capital IQ. Adjusted net income decreased to $531.1 million, or $0.66 […]
Sheldon Adelson looks set to appear in court for the first time to answer allegations by Steven Jacobs, the former CEO of Las Vegas Sands’ Macau operations, who claims he was wrongfully dismissed. It will be the first time in the four-and-a-half-year case that Adelson will be forced to take the stand, according to a […]
Israeli Prime Minister Benjamin Netanyahu pressed a senior Japanese official last year to allow for gaming tycoon Sheldon Adelson to open a casino in the country where gambling is largely banned. Las Vegas Sands CEO Adelson in February last year announced its intention to invest $10 billion in Japan to kick-start the country’s casino industry, […]
Las Vegas Sands CEO Sheldon Adelson said high-rollers will keep a low profile until the Chinese government’s “witchhunt” is called off. Speaking at the Institute for Tourism Studies in Macau, Adelson said big gamblers are conscious of drawing attention to themselves and will continue to try stay off the government’s radar, the Macau Business Daily […]
Macau casino operator Sands China ended the year with a profit increase of 31 percent, reaching US$1.6 billion, according to a preliminary results filing from the operator on Thursday. Net revenues for the year reached US$7.7 billion, increasing 16 percent, while adjusted property EBITDA increased 16.4 percent to US$2.6 billion. “Market conditions in Macau improved […]
Las Vegas Sands say it agreed to sell its Sands Bethlehem property in Pennsylvania to Wind Creek Hospitality for $1.3 billion. Wind Creek is an affiliate of the Poarch Band of Creek Indians of Alabama. “Sands Bethlehem has become one of the leading regional entertainment and gaming destinations in the United States and we are […]
Sheldon Adelson featured in 21st position in Forbes annual ranking of the world’s billionaires, coming far ahead of other casino moguls. Adelson, founder and CEO of Las Vegas Sands, had a fortune of $38.5 billion as of March 6th. Forbes notes Adelson is the son of immigrants from Lithuania and Wales and grew up sleeping […]
The evening tabloid Nikkan Gendai, a stalwart of train station kiosks with a daily circulation said to be in excess of 1.6 million, spelled out in a recent article the conspiracy theory regarding US President Donald Trump and the establishment of IRs in Japan that seems to have exercised a degree of influence over the national political debate.
Any trade war between the US and China could have implications for Macau casino companies, which, according to Steve Vickers and Associates (SVA), sit on the “geopolitical fault line.” “US patience towards China’s mercantilism – exemplified by the provision of cheap credit and subsidies to exporters, the systematic appropriation of intellectual property, and a failure […]
Sands China reported a 25 percent gain in adjusted property EBITDA to $750 million in 18Q2, helped by strong VIP growth. The results came in line with analyst expectations, with total net revenue increasing 18 percent to $2.1 billion and net income increasing 30 percent to $427 million in the quarter. According to a note […]
Record mass table revenues helped to boost total net revenue for Sands China, increasing 8 percent year-on-year to $2.3 billion in the first quarter of 2019. “We (LVS) are pleased to have delivered strong financial results in the quarter, led by consistent growth in the mass and non-gaming segments in Macao,” commented Sheldon Adelson, chairman, […]
The official announcement by Mayor Fumiko Hayashi that Yokohama would enter the IR race in earnest has set off a scramble among major IR operators, with Las Vegas Sands announcing that it was completely abandoning its efforts to partner with the Osaka government and Melco announcing its intention to open a Yokohama office with a new executive in charge.
Las Vegas Sands has $5 billion in development projects in the pipeline in Asia over the next few years, Chairman and CEO Sheldon Adelson said.
Amidst the current concerns over the impact of the Wuhan Coronavirus, Las Vegas Sands reports that its results in the final quarter of 2019 (and at the beginning of January) had been going strong. Total revenues in the quarter were over US$3.5 billion, which was up 1 percent year-on-year, and Property EBITDA came in at […]
Las Vegas Sands unexpectedly announced today that it would be giving up its bid to build a major urban IR, thus removing a contender that many analysts predicted would become one of the main winners in the contest. “My fondness for the Japanese culture and admiration for the country’s strength as a tourism destination goes […]
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.
For Chicago-based operator Rush Street Gaming (RSG), building an IR in a smaller, regional location like Tomakomai or Nagasaki is not a consolation prize for missing out on one of the major Japanese urban markets, but is itself the main event. In an exclusive interview with Asia Gaming Brief, RSG Chairman Neil Bluhm and CFO Tim Drehkoff—as well as Steve Rittvo, CEO of Innovation Project Development, who the company has retained to help them win their bid in Japan—laid out their priorities and strategies.
The push to legalize casinos in Thailand appears to be gathering momentum, though experts say any reforms are unlikely to have much of an impact on the thriving illegal market, which is estimated at more than $5 billion a year. Academics in the country, who focus on gaming, say there is increasing confidence that the issue of casinos will be raised again after the next general election, expected in late 2018. It would be the most significant step in gaming industry reforms since Thailand became a constitutional monarchy in 1932.
The dramatic slump in Asia’s VIP revenue over the past two years has forced operators to trim costs and diversify income sources to plug the gap. While much of the focus has been on boosting non-gaming and tapping into the mass market, companies have also been looking at ways of unlocking shareholder value through monetizing extensive fixed assets. From real estate spinoffs, to timeshares and outright sales, many options are being considered.
Ask many mainland Chinese what their dream travel destination is and the answer is unlikely to be Macau. According to a survey by CLSA, Macau came bottom out of a list of 21 destinations, with Europe, the U.S. and Australia topping the list. So, could Sheldon Adelson have hit upon a winning formula with his latest resort -- the $2.8 billion Parisian? The property, like its sister next door, aims to bring a little bit of Europe to the Cotai strip, providing a taste of all things French without the lengthy voyage and language complexities.
Singapore’s two operators are seeking to add more non-gaming attractions to boost growth as income from their casinos continues to drag, with results released this week showing an unexpected drop in mass revenue at Marina Bay Sands. Casino revenue for the quarter fell 1.6 percent to $556.7 million, with adjusted property EBITDA dropping 1.7 percent to $357 million. The property reported a drop of 29 percent in its rolling chip volume, but more unexpected was the almost 11 percent drop in mass market volume year-on-year. Slot handle gained 6 percent.
Thailand, whose conservative Buddhist society has long been opposed to gambling, has again renewed the debate over legalizing casinos as the government eyes a potential boost to tax revenue and tourism numbers. The discussion comes amid signs the public view may be changing, with surveys pointing to growing support for legal casinos, which could generate more than $2.7 billion in annual tax revenue and boost foreign tourist arrivals by up to 50 percent, according to recent studies, backed by the Thai Excise Department.
Las Vegas Sands’ Chief Executive Officer, Sheldon Adelson, has offered to spend up to US$6.0 billion on a 450-room entertainment and casino complex in central Bangkok, but local support is far from certain, even though some senior figures have thrown their weight behind legalizing gambling in the Kingdom.
Macau Chief Executive Fernando Chui Sai On sent a clear message to the casino industry in the first policy address of his second term in office this week - the government is no longer just paying lip service to diversifying the economy away from gambling. The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for about 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The government has cut its projected revenue from gambling receipts this year to average 20 billion patacas ($2.5 billion) a month from 27.5 billion patacas, while analysts are forecasting a second year of contraction, possibly by as much as 30 percent, according to Deutsche Bank.In his address, Chui said the government will strengthen its oversight of the casino industry as licenses come up for renewal and may require the companies to regularly submit their investment and development plans for review, in particular with regard to non-gaming activities. A tourism panel, under Chui’s supervision, will draft a five-year plan for stable casino growth that will make the region less reliant on casino revenue. Macau, Chui said, will become a center of tourism and leisure travel.
Singapore’s two integrated resorts will cast a longer reflection on the island state but new shadows cloud the horizon across the southern shoreline.
Besides being titans in the casino world, there’s something else that Sheldon Adelson, Stanley Ho, Lim Kok Thay and Steve Wynn have in common and this factor may lead to important regulatory repercussions for their business empires.
Yokohama Mayor Fumiko Hayashi's announcement that her government would make an IR bid reshaped the licensing race in a way that few other events have done.
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.