The casino resort operator, Las Vegas Sands, will maintain a patient approach when it comes to online gambling investments, rather than hastily jumping into any ventures, according to CEO Robert Goldstein.
The company has been closely observing the online gambling sector, but has yet to make any significant investments. Goldstein stated that they are waiting for the ideal opportunity and are not in a rush.
Goldstein emphasized that the company is focused on its primary business operations and that the recent decrease in valuations of online gambling companies is not a major concern. He indicated that they are “monitoring the digital market and its challenges,” but are not currently seeking to make any substantial investments.
The company established a team last year to concentrate on digital investment possibilities.
He further stated that although a time for an agreement might arrive, the organization will persist in its “patient anticipation.”
Dumont mentioned that the company is investigating diverse digital investment possibilities, encompassing “a broad spectrum of markets” and various digital sectors.
“I believe that one day sports wagering and online gaming will flourish as a highly successful enterprise, and we will continue to observe this prospect,” he remarked. “We will patiently await.”
“During the past six to eight months, a period of observation has not been an unfavorable strategy, allowing us to witness the unfolding of events, and there has been a significant amount of turmoil.”
“The query is when will this situation ameliorate? I anticipate that it will improve, and it presents a favorable entry point for us, and we will be closely monitoring this potential. However, a period of observation is not an undesirable approach, to observe how events progress.”
Concurrently, in Macau, Sands’ primary market, gambling regulations are poised for a substantial transformation through a novel law currently under consideration by the Legislative Assembly, which successfully completed its initial reading earlier this week. The legislation will effectively preserve the existing number of operators within the market at six, despite the government’s initial contemplation of reducing the number of concessions during the bill’s consultation phase.
However, the new rules will also place stringent limits on high-roller areas, permitting only a single gaming enterprise to run a high-roller room and restricting the quantity of gaming tables, linked to the income produced by each table.
Grant Chum, Chief Operating Officer of Sands China, indicated that the legislation is still quite unclear on the latter provision, and companies need to comprehend more about how the regulation operates before they can determine what effect it will have.
Concerning high-roller areas, Goldstein stated that high-roller room operators draw in high-roller customers who “won’t vanish into thin air.” He pointed out that, consequently, demand “will simply resurface in different forms and find new ways to be realized in casinos, as it does in any industry.”
In other areas, executives also talked about new markets for Sands’ land-based operations. This week, rival Wynn Resorts announced plans to develop the first integrated resort in the Middle East in the United Arab Emirates. Dumont said Sands would be closely observing this to see if there were opportunities to enter that market.
“I understand why Wynn would be interested there,” he said. “It’s a massive tourism market with tremendous potential. To be honest, it’s the economic hub of the region.
“So, in terms of opportunity, we all understand why they would be interested there.
“So we’ll continue to watch and see.”
The firm stated that they possess numerous excellent locations for establishing casinos.
In the United States, they are striving to obtain one of the three casino licenses available in New York State. This would grant them permission to construct a casino in New York City, which would represent a substantial market for their operations.
They are also pursuing a casino in Florida, where they are gathering signatures to initiate a vote on expanding gambling. In Texas, they are hopeful about securing a foothold, but this prospect is likely the most distant from realization.
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