{"id":255836,"date":"2023-01-26T13:50:57","date_gmt":"2023-01-26T19:50:57","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=255836"},"modified":"2023-01-26T16:34:07","modified_gmt":"2023-01-26T22:34:07","slug":"las-vegas-sands-upbeat-on-macau-new-york-plans","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/","title":{"rendered":"Sands Sees Up to $5B Spend in New York, Eyes Thailand"},"content":{"rendered":"

Las Vegas Sands (NYSE: LVS) could spend $4 billion to $5 billion to develop a new integrated resort in New York, and the operator is eyeing Thailand as its next spot in the Asia-Pacific region.<\/p>\n

\"Sands\"
Las Vegas Sands CEO Rob Goldstein in a 2021 CNBC<\/em> interview. He’s bullish on Macau and the company’s New York plans. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

Sands CEO Rob Goldstein commented on that effect late Wednesday during the company\u2019s fourth-quarter earnings conference. The operator missed estimates owing to weakness in Macau. But that was widely priced into the shares, and the firm\u2019s optimistic outlook, coupled with China\u2019s recent reopening,<\/a> prompted a spate of bullish price target revisions on the stock from analysts.<\/p>\n

As for expansion, Sands is a major player in the highly competitive New York casino fray and finally confirmed long-running Thailand rumors<\/a>.<\/p>\n

We\u2019re looking hard at Thailand and would love to have a presence there in future,\u201d Goldstein said on the call. \u201cJapan isn\u2019t there and Korea has nothing viable to speak of today. So we\u2019ll jump to New York, which is an extraordinary and unique opportunity because of the simple dynamic of a huge market with limited capacity. It\u2019s probably the only place in the US where you have millions and millions of people and just a handful of casinos.\u201d<\/p><\/blockquote>\n

Currently, the company\u2019s portfolio has no US exposure, consisting entirely of five casino hotels in Macau and Marina Bay Sands (MBS) in Singapore.<\/p>\n

Sands’ New York State of Mind<\/h2>\n

In New York, the Las Vegas-based gaming company faces a crowded field of entrants vying for what many believe is a single downstate gaming permit.<\/p>\n

\n

Sands is looking to set itself apart by not focusing its efforts on one of the five boroughs comprising New York City. Rather, the company recently acquired<\/a> long-term leases relating to Nassau Veterans Memorial Coliseum in western Long Island. Developing that property into a Las Vegas-style integrated resort could be a $4 billion to $5 billion endeavor. To be sure, Goldstein isn\u2019t looking at the plan through the lens of a regional casino.<\/p>\n<\/div>\n

\u201cWe\u2019re not looking to build a regional casino, but rather a true large hotel with spa, convention space, dozens of restaurants, a new theater, a huge entertainment feature \u2014 a transformational product that will positively impact the community and grow tourism,\u201d \u00a0the CEO said on the call. \u201cWe\u2019re not looking to be in this thing in a limited way. We\u2019re all the way in. We think that if we do it, it\u2019ll be transformational for the county we\u2019re working in and something to be very proud of. It will draw outsized tourism into Nassau.\u201d<\/p>\n

The Sands boss also confirmed what many already know: At the city level, New York<\/a> is the last, great untapped frontier for the domestic gaming industry.<\/strong><\/p>\n

\u201cIt\u2019s an exceptional opportunity and won\u2019t come along again, and I think it\u2019s one-and-done. We\u2019ve been trying to do New York for a number of years, and it\u2019s finally someone\u2019s opportunity. We hope it\u2019s ours,\u201d he added.<\/p>\n

Analyst Enthusiasm for Sands Shares<\/h2>\n

With the help of strong earnings before interest, taxes, depreciation, and amortization (EBITDA) in Singapore and data suggesting tourists are flocking back to Macau for the Chinese Lunar New Year, at least seven analysts boosted price targets on Sands shares, helping extend a run in which the stock gained 57% over the past three months.<\/p>\n

Following the relaxation of travel restrictions, it appears China\u2019s pent-up demand is as strong as expected. In our view, management\u2019s commentary around demand, visitation, and spend was also as good, if not better, than expected. LVS highlighted a higher quality of visitors across all segments and reiterated their view that the recovery will be led by premium, which the company\u2019s portfolio is primely suited to capture,\u201d wrote Macquarie analyst Chad Beynon in a note to clients on Thursday.<\/p><\/blockquote>\n

Beynon added that Sands should be considered a \u201cserious contender\u201d in New York because of the company\u2019s track record with non-gaming investments, including meetings, incentives, conventions, and exhibitions (MICE).<\/p>\n","protected":false},"excerpt":{"rendered":"

Las Vegas Sands (NYSE: LVS) could spend $4 billion to $5 billion to develop a new integrated resort in New York, and the operator is eyeing Thailand as its next spot in the Asia-Pacific region. Sands CEO Rob Goldstein commented on that effect late Wednesday during the company\u2019s fourth-quarter earnings conference. The operator missed estimates […]<\/p>\n","protected":false},"author":46,"featured_media":255837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,33810],"tags":[81913,81897,81898],"acf":[],"yoast_head":"\nLas Vegas Sands Upbeat On Macau, New York Plans<\/title>\n<meta name=\"description\" content=\"Las Vegas Sands positive on Macau recovery, New York plans, eyes Thailand as well.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Sands Upbeat On Macau, New York Plans\" \/>\n<meta property=\"og:description\" content=\"Las Vegas Sands positive on Macau recovery, New York plans, eyes Thailand as well.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-26T19:50:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-26T22:34:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/RG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/\",\"name\":\"Las Vegas Sands Upbeat On Macau, New York Plans\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/RG.jpg\",\"datePublished\":\"2023-01-26T19:50:57+00:00\",\"dateModified\":\"2023-01-26T22:34:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Las Vegas Sands positive on Macau recovery, New York plans, eyes Thailand as well.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-upbeat-on-macau-new-york-plans\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/RG.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/RG.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"Las Vegas Sands CEO Rob Goldstein in a 2021 CNBC interview. He's bullish on Macau and the company's New York plans. 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