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Sands CEO talks about premium mass and further SG developments

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Robert Goldstein (CEO of Las Vegas Sands) called Singapore an “outstanding market” for further investment during the company’s Q2 2022 results call. Discussions included premium customer retention, as well as developments in other countries.

Sands announced earlier today that its revenue in the second quarter 2022 was $1,04bn. This is down 10.9% on an annual basis due to restrictions in Macau. The revenue at Sands’ properties located in Macau dropped across the board. The locations will reopen 23 July after the Covid-19 wave has passed.

The revenue of Las Vegas Sands Singapore’s Marina Bay Sands property has more than doubled, reaching $679 million. Casino revenue accounted for the majority of revenue growth at Marina Bay Sands, growing by 124.2 percent year-on-year. The food and beverage, convention, retail, and other revenues also doubled.

Goldstein attributes this growth to Singapore’s relaxation of Covid-19 regulations. He also says that he anticipates further growth should online gambling become legalized in the country.

Goldstein said that the improvement of Marina Bay Sands’ financial performance was due to the relaxation of pandemic-related restrictions.

We expect a more robust recovery as Singapore becomes operational and additional relaxation measures are implemented in the region.

The company will be able to serve “premium clients” with its $1bn investment in Marina Bay Sands, he said. It has developed new suites and other amenities to target these high-end customers.

Goldstein stated that “more offerings will continue to be offered throughout 2022 and into 2023.” Goldstein said that this property appeals to customers who are looking for the best travel experience.

Singapore remains a great market to invest in.

Grant Chum is the chief operating officer of its Sands China division. He stated that Marina Bay Sands offers a “unique opportunity” for the company.

Chum said, “It’s very important that you know that Marina Bay Sands is the most beautiful building on the planet.” In our minds, this is a great opportunity for us to grow the building over time and continue to invest in it.

Chum said Las Vegas Sands is also confident about deploying their products in Macau’s growing segment of “premium masses” despite the general shift away from junkets.

Chum continued, “I believe Macau may look at how operators redeploy their assets.” But as for us, with all the products we have developed in the last two years, it’s a pretty good idea to repurpose a number of gaming areas into the mass premium segment.

Patrick Dumont said the group’s COO is focused on “building from the ground up” in terms of acquisitions and marketing outside Singapore.

Dumont said, “You might have heard us say in the past that the best and highest use of capital was new development. If you take a look at its history and success, it has been able to achieve this by building integrated resorts of large scale in different jurisdictions.

This is what we are focused on.

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