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Las Vegas Sands Looks to Asian Gambling as Future
MACAU, CHINA --
Las Vegas Sands is betting the growth of the Asian gambling market in the near future will propel it to full recovery from its recessionary tumble. Sheldon Adelson, majority owner of Sands, predicted Sunday that the company's Sands China division will reach $5 billion in gambling, hotel, and retail sales in 2010.
The Asian branch of Las Vegas Sands took in just over $3 billion in gambling and resort income in 2008. Adelson did not disclose 2009 figures, although industry experts estimated they might be marginally ahead of the previous year, based on Macau's slight growth rate for 2009.
Sean Monaghan, formerly a gambling industry analyst specializing in Asia for Merrill Lynch, told Bloomberg News that gross income by Sands would be significantly higher than net profits. But Monaghan allowed that the return of growth to Asia and Macau in particular would benefit Sands.
Sands is planning to open the Marina Bay Sands casino in Singapore this spring, and also will complete its stalled casino gambling and retail complex in Macau. Sands officials are counting on rising Asian incomes to feed the retail and gambling markets.
Lawrence Ho, CEO of Melco Crown Entertainment and the son of Macau gambling pioneer Stanley Ho, said casino gaming growth of 8 percent or better is reasonable to expect in Macau for the year. The recent loosening of visa restrictions on Chinese residents also has caused a growth spurt in the gaming zone.
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