CASINO

Mixed results for Vegas casino operator

TAGs: Las Vegas Sands Corp, Macau

mixed-resultsWhen it comes to land based gaming, North America hasn’t had the coziest of rides over the past few years. Macau already took over Las Vegas as the biggest gambling city in the world and the online gambling legislation in New Jersey is largely being put in place to help out the fledgling Atlantic City casino industry. Nevada also fancies a piece of the online pie and there is some very mixed news coming out of one of the larger land-based operators.

Las Vegas Sands Corporation turned profit in the last quarter compared to last year, but this was largely down to soaring revenues from their operations in Macau and Singapore. If you also add to this that revenues missed their forecasts, coming in at only $2.2billion, then it wasn’t quite such a good quarter for the company.

CEO Sheldon Adelson said: “There’s no reason to believe any fundamentals of our business are changing, so we have every expectation that this growth trajectory will continue,” he said on a conference call with analysts.

“But make no mistake about it; we will not rest on our laurels. We will continue to aggressively pursue new opportunities, which will fill our development pipeline and help us maintain our position as the pace-setter for growth in our industry.”

It’s sure to be a testing time for the land-based industry in Nevada if online takes hold, and we’re likely to see even more convergence between the two sectors.

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