Robert Goldstein, the chief executive officer of Las Vegas Sands, labeled Singapore “a very promising investment market” during the company’s second-quarter earnings call in 2022. He also talked about high-end customer retention and development in other areas.
While discussing the premium mass market in Macau, the Sands CEO looked towards future growth in Singapore. Sands reported its second-quarter 2022 earnings earlier today, with revenue of $1.04 billion, down 10.9% year-over-year, hindered by restrictions in Macau. Revenue at its properties in the Special Administrative Region was generally down. These locations are presently closed as the region experiences another wave of COVID-19 and will reopen on July 23.
In contrast, Las Vegas Sands’ Singapore property, Marina Bay Sands, saw revenue more than double to $679 million. The growth in revenue at Marina Bay Sands was mainly driven by gaming revenue, which increased 124.2% year-over-year. Food and beverage revenue as well as convention, retail, and other revenue also doubled.
Goldstein attributed the strong growth to Singapore’s easing of COVID-19 restrictions and stated he anticipates further growth if the country legalizes online gambling.
Marina Bay Sands is thriving, buoyed by the relaxation of COVID-19 limitations in Singapore and elsewhere. The company is pouring a billion dollars into enhancing the resort, introducing luxurious suites and amenities for affluent travelers. They intend to continue adding new features throughout the year. Singapore is an attractive destination for investment, and Marina Bay Sands is among the world’s most prestigious resorts. They are also exploring ways to cater to the burgeoning number of wealthy individuals in Macau.
In general, Macau might contemplate how each operator restructures its resources,” Tak Chun continued. “However, for us, particularly taking into account the new products we’ve created over the past two years, we’re quite hopeful about restructuring numerous gaming zones to the high-end mass market.”
In terms of marketing and acquisitions outside of Singapore, Group Chief Operating Officer Patrick Dumont stated that the company is concentrating on building “from the base.”
“You may have heard us say previously that our most beneficial use of capital is new development from the base,” Dumont said. “If you examine the company’s history and its achievements, the way it has provided value to external investors is by utilizing the strategy of constructing large integrated resorts in new locations.
“That’s where our focus lies.”
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