• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 9 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Las Vegas Sands confident Coronavirus impact won’t slow Macau redevelopment projects

Ben Blaschke by Ben Blaschke
Fri 31 Jan 2020 at 04:41

Sands Cotai Central

1.3k
VIEWS
Print Friendly, PDF & Email

The widespread impact of the deadly Coronavirus, which has seen visitation to Macau plummet by around 80% during the Chinese New Year holiday period, is not expected to impact Sands China’s ongoing redevelopment projects on the Cotai Strip, the company says.

The Coronavirus was the number one topic of conversation during parent company Las Vegas Sands’ 4Q19 earnings call on Thursday (Macau time), with LVS President and COO Rob Goldstein admitting the massive fall in visitation numbers due to tightening border restrictions was a concern.

However, he said that ongoing development works – which include converting Sands Cotai Central to The Londoner Macao and upgrading the Four Seasons and St Regis – are unlikely to face any significant delays.

“We don’t anticipate any slowdown as a result of the virus,” said Goldstein, adding that the majority of works will be completed in 2020. “Obviously, it depends on what happens in Macau, but as we speak today we see no indication at all of that and we’re full speed ahead on all of our projects in Macau.”

Goldstein wasn’t so positive on the short-term financial hit the company would likely take, with latest figures from the Macao Government Tourism Office showing a 76.5% year-on-year decline in visitor arrivals during the first six days of Golden Week to 243,204, including an 81.7% fall in visitors from mainland China to 139,580.

“Our business is revenue dependent,” Goldstein said. “There is no way to hide from the fact we employ tens of thousands of people in these markets and it’s an expensive business to operate. The same way operating leverage swings towards you when volumes are good, it swings against you in times like this.

“We’re doing our best, we’ll do all the paid time off, all the things we can do to mitigate. But I think it’d be silly to think it won’t have a material impact on operating costs – and that’s the problem with these businesses when this kind of thing hits.

“Having said that, we’ve been through a lot of years of problems in Macau and Singapore and Las Vegas when things like this happen, and this storm will pass. We don’t know when. We do know when it passes, we will be first in line in each of our markets to be the biggest investor, most aggressive in Macau.

“But I think it would be foolhardy to think we can reduce costs enough to offset what’s happening – if this 80% decline continues that’s a real problem for any operator.”

Las Vegas Sands Chairman and CEO Sheldon Adelson was also on the call. This is the second earnings call he has participated in since missing three quarterly earnings call due to treatment for non-Hodgkin’s lymphoma.

Share79Share4
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Melco prices US$750 million Senior Notes offering

Melco smashes revenue and profit estimates in 1Q25, gains market share on powerful performance of Macau resorts

by Ben Blaschke
Fri 9 May 2025 at 05:36

An impressively strong performance in Macau was enough to see Melco Resorts & Entertainment comfortably beat consensus in 1Q23, with the company reporting a 10.8% year-on-year increase in total operating revenues to US$1.23 billion including a 12.2% rise in gaming...

Galaxy Macau to host 2025 Annual Conference of the FIA – world motorsport’s governing body

Favorable VIP hold pushes Galaxy Entertainment Group’s 1Q25 profit to US$412 million

by Ben Blaschke
Thu 8 May 2025 at 14:03

Macau’s Galaxy Entertainment Group (GEG) reported total net revenue of HK$11.2 billion in the first three months of 2025, including gross gaming revenue of HK$10.9 billion (US$1.36 billion) – up 13.6% year-on-year although slightly lower than the HK$11.0 billion (US$1.38...

Solutions Showcase: Angel – Tech Minded

Baccarat side bets now contribute close to 50% of Macau baccarat revenues

by Ben Blaschke
Thu 8 May 2025 at 13:32

Baccarat side bets now contribute between 45% and 50% of Macau’s gaming revenues, representing a generational shift in player preferences thanks to the deployment of smart gaming table technology. Stakeholders told IAG that such side bets previously comprised only a...

House of Dancing Water returns to City of Dreams Macau with spectacular premiere

House of Dancing Water returns to City of Dreams Macau with spectacular premiere

by Pierce Chan
Thu 8 May 2025 at 11:11

After a five-year hiatus, City of Dreams’ epic production House of Dancing Water held its premiere on Wednesday 7 May ahead of an official opening to the public on Friday. The newly reimagined resident show is produced by Giuliano Peparini,...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語