Singapore casino market will recover from 2022: LVS CEO
The Singapore casino market is expected to recover in 2022, driven by a high nationwide Covid-19 vaccination rate and the opening of inbound travel, said Robert Goldstein, president and CEO of Las Vegas Sands Corp, the parent company of the developer of the Marina Bay Sands gaming resort (pictured) in the city-state.
“I think there will be a big turning point in 2022, and the recovery will start in ’22,” the executive said at the group meeting. third quarter results call on Wednesday.
“When we get back to 1.7 USD [billion] and maybe more in EBITDA [earnings before interest, taxation, depreciation and amortisation], I don’t know, âGoldstein added.
The Singapore government had approached the whole opening process with “a lot of leadership and thoughtfulness,” he added.
The Singapore market was not dependent on customers from mainland China, he noted. “You can still earn a lot of money: maybe a billion and a half [U.S.] dollars without Chinese input, âGoldstein said.
In response to an analyst’s question, the boss of Las Vegas Sands said he believed there was “no way … whatsoever” that the company would not operate a casino business in Macao beyond June 2022, when its current license expires.
The executive said it was “beyond confidence that we are going to operate in Macau”. He added: âI don’t think there is any chance that we are not. I am not saying this rhetorically.
Mr Goldstein said: âEvery indication we have is the opposite. I am very proud of our record, proud of our development and our investment.
“I think the government has recognized that we are a very good licensee and partner, and friend of China and Macau,” Goldstein added.
Regarding a proposal by the Macao government that it should vet casino operator plans to distribute dividends to investors, Goldstein said that after operating for two decades in Macau, “we have never found the government to be unthinking.”
Noting the first concerns of investors, with a big fall in the Macau casino operator’s stock prices the day after the September announcement, the CEO said, “We don’t have these concerns.”
âWe assume that the processâ after June 2022 âwill be fair and equalâ.
âThey want us to invest too. The government there wants to see growth in Macau. We are not at all concerned about this issue, âadded Mr. Goldstein.