The move was confirmed by the group in a filing earlier in the week, continuing a trend which has seen the firm express ambition in the Macau gaming market.

Last December, the group also strengthened its footprint in the region as it picked up $249.56 million) in shares of Sands China. 

On both occasions, the move was backed by the Venetian Venture Development Intermediated II, a wholly-owned subsidiary of Las Vegas Sands. 

Sands China has been a stalwart element of Macau’s thriving gaming scene having celebrated its 20 year anniversary in May this year. 

The investment comes at a critical political time for Macau, with all signs pointing to Sam Hou Fai running unelected in his campaign to be Chief Executive. Hou Fai received a staggering 96% of nominations as he moved forward with his bid to govern the region. 

However, upon announcing his candidacy he had underlined the importance of diversifying Macau’s growth, emphasising that a sole reliance on the gaming space is detrimental to the region. 

At a press conference, he stated: “After the return of sovereignty, Macau held an open tender for the gaming industry, and the tourism and gaming industry developed rapidly afterwards, but for a period of time, it developed in an uncontrolled manner.

“The Central Government’s proposal for Macau to develop its economy in an appropriately diversified manner is a mandatory question for the Macau SAR Government, not a question of choice.:

Formalisation of policy from Hou Fai is set to come soon as the election is set for October. However, pressure on the sole candidate will be minimal as he faces no competition for the role. 

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Despite being a slight dip compared to last month, the result underlines a year of growth for the firm as the whole region strives towards returning to pre-pandemic prosperity in terms of traffic and revenue. 

It was also revealed that the firm repurchased $400mLVS shares as part of its share repurchase program during the quarter.  

Robert Goldstein, Chairman and CEO of Sands China’s parent company Las Vegas Sands, commented on the period: “In Macau, the ongoing recovery continued during the quarter, although visitation to the market remains well below the levels reached prior to the pandemic.

“Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world centre of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.”

Furthermore, the results were slightly hindered by low hold on rolling play in the Macau region, a detail that negatively affected property EBITDA by $4m.

Goldstein also revealed that the growth of the firm is reflective of that in Macau and Singapore – emphasising his confidence and excitement for both markets in the second half of the year. 

Reflecting further, he stated: “In Singapore, Marina Bay Sands again delivered strong financial and operating performance.  Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia continues to advance.

“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macau and Singapore, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders.”

It comes after Macau benefited from a historically strong May as gross gaming revenue (GGR) reached its highest post-pandemic levels. 

As reported by InsideAsianGaming, total GGR was recorded at $2.52bn in the month, a 29 per cent increase on the same period last year. 

Furthermore, underlining the upward trajectory of the region, Macau also saw a nine per cent rise from GGR in April, continuing to build back from a challenging period – fuelled by the lifting of pandemic restrictions. 

Speaking to Bloomberg China, Maria Helena de Senna Fernandes, Director of the Macau Tourism Office, revealed just how significant the growth of tourism has been in the region, predicting that a total of 33 million tourists will embrace the region this year.

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The Dow Jones Indices comprises global sustainability leaders as identified by S&P Global through its Corporate Sustainability Assessment, representing the top 10 per cent of the largest 2,500 S&P firms based on ecological factors. 

Patrick Dumont, President and Chief Operating Officer at Las Vegas Sands, commented: “Our continued recognition on this premier global sustainability benchmark is a testament to our multi-faceted and long-standing commitment to environmental and social leadership.” 

“This focus further extends the value our world-class integrated resorts contribute to local economies and quality of life.”

Las Vegas Sands appeared across numerous categories, achieving seventh place on the North American Index while appearing on the DJSI World Index. 

The company’s Asian subsidiary, Sands China, also appeared on the World Index for the first time as it was listed on the Asia Pacific Index for a second year. 

Dumont continued: “Inclusion on the 2022 Indices was driven by our emphasis on being the employer and partner of choice in the regions we call home, the strategic investments we make to ensure our communities’ strength and resiliency, and our leadership in delivering comprehensive initiatives to minimise environmental impact.”

Las Vegas Sands was one of three companies in the casino and gaming industry to be listed on the DJSI World Index, and the only one included in the North American Index. Sands China was one of only two casino and gaming companies included in the Asia Pacific Index. 

Earlier this year, the casino firm announced its 2025 ambitions focusing on corporate responsibilities of carbon emission reduction, workforce development and team member volunteerism. 

Under its Planet pillar, Sands has pledged to drive initiatives addressing low-carbon transition, water stewardship, waste, plastic and packaging and responsible sourcing.

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Regarding the latter, the operator is to embark on a $1bn renovation project of Singapore’s Marina Bay Sands, while in Macau the Londoner is said to be “near completion”.

Robert Goldstein, Chair and CEO of LVS, emphasised that the group’s “confidence in the long-term opportunity in Singapore remains deep,” after voicing hopes of a continued uptick in the recovery of both aforementioned jurisdictions in the near future.

“Our results continue to reflect the pandemic’s impact. Travel restrictions continue to affect visitation and our financial results in both Macao and Singapore this quarter,” he commented.

“We did generate some positive EBITDA for the quarter in both markets. We remain confident in the eventual recovery in both Macao and Singapore.”

“Adding: “We continue to have great optimism about our ability to perform to pre-pandemic levels once visitation returns. You may know our company is divided primarily into three material areas, the most important being Asia, the portfolio in Macao and Singapore. 

“We remain confident we’ll return to strong positive cash flow in both Macao and Singapore in the future as restrictions are eased and travel and tourism recover.

“The sale of Las Vegas creates liquidity and optionality as we pursue additional large-scale, land-based destination resorts in the US and Asia.”

Regarding retail casino opportunities across the US, Goldstein adds that the firm remains “in the hunt” for a New York casino licence, as well as being focused on opportunities further afield.

“Well, New York has been on our radar for a long time. We continue to be in the hunt there. I don’t want to get into specific boroughs, locations,” it is noted.

“But we remain interested. I think it’s a huge market for us. We’ve been very clear about that in the past. The process is quite a long way to go.”

Furthermore, Goldstein also suggests that “any place there’s very large-scale buildings that can create large EBITDA” would interest LVS, with Texas and Florida also cited as regions that could deliver the return on investment sought by the company.

On the digital front, LVS asserts that it is “exploring multiple opportunities at this time” but is very much focused on building rather than buying.

Future potential investments, said Patrick Dumont, President and Chief Operating Officer of LVS, could be in “small companies where we think they have a competitive advantage” similar to its recent outlay in US Integrity.

The comments came as the company reports its financial performance through the year’s first quarter, with net revenue declining 27.25 per cent to $943m (2021: $1.2bn).

Reflecting Q1 struggles, net loss through the time frame swelled to $478m from 2021’s $280m, with adjusted EBITDA down 121.81 per cent to $110m (2021: $244m). 

Revenue at Sands China dropped 40.94 per cent to $547m from the $771m reported one year earlier, with loss for SCL growing to $336m (2021: $213m).

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The casino operator says that demand from those who have been able to return “remains strong,” but ongoing travel restrictions “continue to limit visitation and hinder our current financial performance”.

Making the comments in the group’s latest financial statement, for the third quarter ending September 30, 2021, LVS also issued an update to investment programs as well as its $6.25bn Las Vegas divestment.

In March 2021, the company agreed the sale of its Las Vegas real property and operations, covering The Venetian Resort Las Vegas and the Sands Expo and Convention Center, to an affiliate of funds managed by affiliates of Apollo Global Management.

The group now anticipates the closing of the transaction to occur during the opening quarter of 2022.

Furthermore, LVS is to also embark upon investment and capital expenditure programs, with a view to expanding and enhancing its Macao and Singapore-based integrated resorts.

Group-wide revenue during the quarter is reported to have increased 92.1 per cent to $857m (2020: $446m), with operating loss at $316m (2020: $523m), and net loss from continuing operations narrowing to $594m (2020: £664m), with LVS’ adjusted property EBITDA swinging to $47m from a £163m loss.

Sands China saw revenue increase significantly year-on-year from $167m to $611m, with net loss lowering to $423m from $526m.

Capital expenditures during the third quarter totalled $192m, primarily including construction, development and maintenance activities of $116m in Macao, $52m at Singapore’s Marina Bay Sands and $24m in corporate and other.

“While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive EBITDA in each of our markets,” explained Robert Goldstein, chairman and chief executive officer. 

“We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore.

“We also remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemic. 

“We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains strong, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance.

“Our industry-leading investments in our team members, our communities, and our market-leading integrated resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition.  

“We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

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2.2

888 confirmed that an agreement had been reached with Caesars Entertainment that will see the group acquire the non-US business of William Hill for £2.2bn.

The transaction, which was mooted earlier in the week, will net Caesars proceeds of approximately £835m or $1.2bn, and is expected to close during the first quarter of 2022, subject to receipt of shareholder and regulatory approvals.

Caesars Entertainment announced the delayed completion of its $4bn (£2.9bn) acquisition of William Hill on April 22, 2021, and maintained that the sale of these assets would follow.

The casino operator cited a primary interest in integrating the company’s American operations to enhance its position in the burgeoning US online sports betting and gaming market.

This disposal now means that Caesars essentially acquired the William Hill US assets for £700m in a market where valuations are high in anticipation of massive sports betting growth.

2.5

“Of course, whilst we continue to take action to raise standards in the gambling industry, it is only right that we look to raise our own standards as well,” said the Gambling Commission’s executive director Tim Miller amid a ‘Social Responsibility for Gambling Operators’ keynote address at Know Now’s 2021 conference.

Ahead of a package of changes being implemented in a bid to make online games safer, Miller examined key areas of focus for the regulator and a planned next consultation, as well as issuing a note of caution to operators regarding data provided through the regulatory returns process.

“We are not just working in this way to make gambling fairer and safer. We also adopt the same approach to keeping crime out of gambling,” Miller continued when addressing the impending changes to online slots.

This will bring a ban on features that speed up play or give the illusion of control over the outcome; spin speeds faster than 2.5 seconds; auto-play; and sounds or imagery which suggest a win when the return is equal to, or below, a stake; from October 31.

500

Flutter Entertainment disclosed a new policy which will see the introduction of a spending backstop of £500 per month for all customers under the age of 25.

The new policy will be implemented for all customers across the Paddy Power, Betfair and Sky Betting & Gaming brands in the UK and in Ireland, as the operator looks to “further enhance protections for younger customers and encourage sensible spending across its platforms”.

The group said that those customers that can demonstrate an income to sustain an increased level of spend will have to undertake “a detailed process” before an alternative limit is set.

The move forms part of Flutter’s risk-based affordability triple step framework, a risk-based offering which uses real-time data to monitor player activity and behaviours in a bid to ensure that gambling remains safe and enjoyable for customers.

5,000

The Betting and Gaming Council plans to invest in apprenticeships and training opportunities for young people as it reveals its plans in the UK’s post-pandemic economic recovery.

Pledging to launch 5,000 apprenticeships, the BGC and its members have vowed to get young people looking to work in the British betting and gaming industry between now and 2025.

The BGC aims to support the UK government’s Plan for Jobs via the initiative, with regulated operators also signing up for the Kick Start scheme to provide job opportunities for 16 to 24-year-olds currently receiving universal credit.

2772

Arizona’s Maricopa County Superior Court refused a Yavapai Prescott Indian tribe sports betting challenge, which sought to block a planned launch later in the week.

The tribe had asked the court to halt implementation of HB 2772, which last month brought the allocation of 18 sports betting licenses to ten of the state’s 22 tribes and eight sports organisations. Sports betting is set to debut on September 9, 2021.

The Yavapai Prescott tribe claimed that the legislation is unconstitutional, and added that they will be unfairly disadvantaged by the expansion and new wagering opportunities authorised by the law and amended compacts.

These compacts permitted tribes to expand the gaming offerings at their casinos to include table games such as roulette, baccarat and craps, in exchange for support for HB 2772 which enables the offering of mobile sports betting off reservations, as well as the debut of sportsbook in stadia and sports venues.

265

Sands China stated that the unpredictable nature of tightened border restrictions in Macau, and subsequent drop in visitation numbers, continues to hinder the group’s financial performance.

Despite asserting that the group’s “offerings from customers who have been able to visit remains robust,” the casino operator says that the adverse impact will continue “until the COVID-19 pandemic is contained”.

The comments came as the group issued an update to outline the pandemic’s ongoing impact upon its operations, primarily citing performance through July and August where “tighter border restrictions were implemented in Macao affecting visitation to our properties”.

Net revenue for the group through July and August came in at US$265m and US$148m compared to US$43m and US$53m a year earlier, an operating loss of US$25m and US$83m contrasted to US$141m and US$148m, and net loss of US$63m and US$125m as opposed to US$165m and US$175m, respectively.

45.2

The American Gaming Association revealed that a record 45.2m Americans (18 per cent) plan to wager on the 2021 National Football League, which would represent a 36 per cent uptick from the past season.

Although wagering on the sport is expected to be up across all methods, betting with online sportsbooks is expected to see the largest increase over 2020, while illegal bookies are expected to see the slowest growth.

The AGA projects that 21.7m American adults will bet on the 2021 NFL season casually with friends, which would be up 31 per cent from 2020, with 19.5m to place a bet online (legal and illegal), up 73 per cent.

Furthermore, 10.5m, up 58 per cent, will place a bet at a physical casino sportsbook, with 6.7m, up 13 per cent, to place a bet with a bookie, and 14.6m will participate in a paid fantasy contest or other type of pool competition, which is up 69 per cent.

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Despite asserting that the group’s “offerings from customers who have been able to visit remains robust,” the casino operator says that the adverse impact will continue “until the COVID-19 pandemic is contained”.

The comments come as the group issued an update to outline the pandemic’s ongoing impact upon its operations, primarily citing performance through July and August where “tighter border restrictions were implemented in Macao affecting visitation to our properties”.

Net revenue for the group through July and August came in at US$265m and US$148m compared to US$43m and US$53m a year earlier, an operating loss of US$25m and US$83m contrasted to US$141m and US$148m, and net loss of US$63m and US$125m as opposed to US$165m and US$175m, respectively.

Additionally, adjusted property EBITDA of US$44m and a loss of US$14m were recorded through July and August 2021, respectively, as compared to losses of US$79m and US$83m during the same period one year earlier.

The group has taken various mitigating measures in a bid to ensure a smooth passage through the current environment, including a cost and capital expenditure reduction program to minimise cash outflow for non-essential items.

Sands China also asserts a belief that it is able to support continuing operations, complete the major construction projects that are underway and respond to the current COVID-19 challenges.

“The company continues to look forward to the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao,” the Sands China update reads. 

“Demand for the group’s offerings from customers who have been able to visit remains robust, but pandemic-related travel restrictions and the evolving COVID-19 situation in Macao and mainland China continue to limit visitation and hinder the company’s current financial performance.”

Sands China also cites Macau government figures in backing up its visitation issues, with monthly gross gaming revenue and total visitation from mainland China said to have decreased by 65.5 per cent and 71.8 per cent in July 2021 as compared to pre-pandemic levels from the same period in 2019.

However, increases of 528.1 per cent and 989.4 per cent across GGR and total visitation were reported on a year-on-year basis.

In August 2021, monthly GGR increased by 234 per cent as compared to the same period in 2020 but decreased 81.7 per cent from pre-pandemic levels.

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Net revenue for the second quarter amounted to $1.17bn compared to $62m during the prior year, with operating loss coming in at $139m as opposed to $757m through the same timeframe in 2020.

Net loss from continuing operations in the second quarter of 2021 was $280m, compared to $841m in the second quarter of 2020, with consolidated adjusted property EBITDA coming in at $24m, compared to a loss of $425m a year earlier.

Total net revenue for Sands China increased to $849m, compared to $40m in the second quarter of 2020, with net loss for SCL dropping to $166m from $549m.

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25bn, and anticipates that the transaction will close in the fourth quarter of 2021

“We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore,” said Robert Goldstein, chairperson and chief executive officer.  

“We also remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemic. 

“We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance. 

“Our industry-leading investments in our team members, our communities, and our market-leading integrated resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition.  

“We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

The post Las Vegas Sands remains confident in post pandemic recovery appeared first on CasinoBeats.

This comes after the firm confirmed its executive leadership team earlier in the week, with Robert Goldstein has been named as chairman and chief executive officer, having occupied the roles since January 7, 2021, on a temporary basis.

As a result, Patrick Dumont is to take up the positions of president and chief operating officer, with Randy Hyzak to serve as chief financial officer.  

Providing a Q4 and FY 2020 report, for the former net revenue came in at $1.15bn, a decrease of 67.3 per cent from the prior year’s $3.5bn, with across the board declines felt as result of continued COVID impacted closures.

The company swung to an operating loss of $211m, compared to income of $934m in 2019, with net loss finishing up at $376m, compared to net income of $783m a year earlier. Consolidated adjusted property EBITDA was $141m, compared to $1.39bn.

Total net revenues for Sands China decreased 69.9 per cent to $672m, with net loss finishing up at $246m, compared to net income of $513m in the fourth quarter of 2019.

“Turning to our financial results, I am pleased to share that the recovery process from the Covid-19 pandemic continues to progress in both Macao and Singapore” said Goldstein.

“Our greatest priority as the recovery continues remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore and Las Vegas.”

For the full-year revenue plummeted from £13.7bn to $3.61bn, operating loss was $1.69bn, compared to operating income of $3.7bn in 2019, and net loss attributable to LVS was $1.69bn, compared to net income of $2.7bn. 

“Mr Adelson established the roadmap for the future of this company, and that roadmap remains unchanged,” added Dumont. “I am dedicated to working with Rob and our leadership team to make our strategic objectives a reality. 

“Our path forward is clear and remains true to the principles our founder was committed to for so many years – we will continue supporting our people and the local communities in which we operate, reinvesting in our current markets, producing strong returns for our shareholders and aggressively pursuing new development opportunities.”

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Representing and investment of $1.9bn (MOP 15.2bn), The Londoner Macao will open progressively throughout 2021 and strives to offer visitors the best of British history and culture alongside a traditional yet contemporary hospitality experience. 

The first phase opening of the integrated resort, a British-themed reimagining of Sands Cotai Central, will unveil the all-suite The Londoner Hotel, a Crystal Palace atrium, new dining options, and interactive London-themed attractions in Q1 2021.

More integrated resort offerings will be introduced in later phases throughout 2021, including Suites by David Beckham, Macao’s first celebrity-designed hotel rooms; Londoner Court, a luxury residential-style all-suite hotel; the rethemed Shoppes at Londoner; and Londoner Arena entertainment venue.

“The entire company is eagerly anticipating the launch of our newest themed destination – The Londoner Macao,” said Dr Wilfred Wong, president of Sands China. 

“The success of any of our integrated resorts is directly tied to the dedication of our hard-working team members, who bring our properties to life each day and provide unforgettable experiences and world-class service to our guests and visitors. 

“These team member rallies are a way for us to energise our opening team and celebrate their hard work and passion. I know they take great pride in the role they play – whether front-of-house or behind the scenes – in making The Londoner Macao an iconic, must-see destination on the Cotai Strip.”

The Londoner Macao’s opening team consists of more than 5,700 team members, with 25 per cent having served the company for at least 10 years, and boast extensive experience opening two or three properties. Approximately 10 per cent have already reached their 15-year milestones.

More than 2,000 Sands China team members this week joined rallies at the Londoner Theatre in preparation of the first phase of launch, where Dr Wong delivered a tribute to chairman and CEO Sheldon Adelson who passed away earlier this month.

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