The past two years have been some of the most unusual in history for Las Vegas Sands. Much of the focus on this company has been on its operations in Macau. Fortunately, most Las Vegas Sands officials remain optimistic about the future of the company’s presence in Macau.
A lot has been changing in this territory in recent years. Many analysts remain skeptical of how the casino industry will fare here heading into 2022. Now is a great time to talk about why Las Vegas Sands believes there is no need for panic.
Let’s get into it!
Las Vegas Sands Officials Discuss Plans for Future in Macau
Prior to 2020, Macau was considered the most successful hub in the world. It would attract millions of people from around the world every single month. A huge number of US-based casino companies invested billions of dollars into this gaming hub. Many have experienced large revenue losses here in recent years.
Soon, many of these companies will see their gaming licenses in Macau expire. Some have expressed concern that Macau’s gaming regulators will be hesitant to renew these licenses. Interestingly, Las Vegas Sands officials remain optimistic that everything will resolve itself without issue.
Las Vegas Sands Corp. CEO Rob Goldstein spoke to the media about this situation recently. He claims the company is bringing Macau valuable revenue and employment. You can check out his comments below.
“I think the government has recognized that we’ve been awfully good licensees, partners and friends with China and Macao. So I really don’t think (losing licenses) is a possibility,” Goldstein said. “We’re very proud of our track record, our developments and our investments.”
It would be a shock to see Macau refusing to renew the licenses for major US casino companies. A 45-day review process is currently underway and companies should soon receive word on their new gaming license applications. Stay tuned for updates on this situation.
Upcoming Grand Prix Could Help to Fuel More Tourism Into Macau
Macau regularly plays host to a major racing event every year. Under normal circumstances, this race helps to bring in a huge number of tourists to the territory. This naturally helps to bring the casinos in Macau a massive surge in revenue every single year.
This year’s Macau Grand Prix has been confirmed to begin on November 6. Analysts are now confident this race will be hugely beneficial to the city’s casino industry. Most expect it to bring millions of tourists into Macau.
The Macau Grand Prix could certainly help to prove that the city is on the road to recovery. Safety concerns remain, yet organizers remain confident that things will run smoothly. Hotels in Macau are already reporting major surges in bookings leading into the race day.
Next month’s Grand Prix will also bring about a valuable revenue boost for the casino operators here. Many have seen record-low revenue figures since 2020. That includes Las Vegas Sands, which has recently sold many of its US-based casinos in order to focus more on its operations in Macau.
A lot is happening in Asia’s largest gaming hub. We’ll offer more information on how the Grand Prix affects the casino industry here once it is complete.
US Casino Companies Continue Posting Impressive Revenue Gains
Macau’s casino industry may soon begin to see an incredible comeback. Meanwhile, the US casino industry continues to thrive. Casino operators here have been posting record-breaking revenue figures throughout the entire year.
Most analysts expect this trend to continue. Tourism rates into major gaming hubs continue to increase. That includes visitation into Las Vegas, where many of the country’s biggest and most successful casino companies in the world are currently based.
Several events have taken place in Las Vegas in 2021 that helped to drive tourism. That includes the opening of Resorts World Las Vegas over the summer. At $4.3 billion, this is the most expensive casino to ever open its doors here.
Atlantic City is also seeing a consistent increase in visitors. As a result, many of the casinos here are preparing to undergo major renovations. It will be interesting to see whether or not 2022 ends up being an even more successful year for the country’s gaming industry.
Do you agree with Las Vegas Sands officials about their upcoming gaming license renewal? Is Macau set for a major comeback? Let us know in the comments section below.