Published on: January 25, 2024, 03:28h.
Last updated on: January 25, 2024, 03:28h.
Las Vegas Sands (NYSE: LVS) revealed that the construction costs on the Nassau County venue could hit $6 billion if it’s granted a New York casino license, emphasizing its interest in Texas on a recent earnings conference call. Shares rose modestly after the announcement, reflecting investor interest in the company’s potential expansion.
As you know, we’re bidding for a license in New York. We’re receiving strong local support. The cost of the building will be in the $6 billion range, which enables us to develop a true five-star resort,” said CEO Rob Goldstein on the call. This is a massive opportunity. We are very enthused about the prospect. Our bid is compelling. If we receive the license, we’d be in the ground as quickly as possible.
Despite competing for three New York casino licenses, Sands is facing resistance from some local organizations in Nassau County, where the 5-star resort will be based. However, CEO Goldstein remains optimistic about their bid. He noted the strong local support and the colossal opportunity ahead. Goldman also spoke about the uncertainty regarding the state’s decision on the winning bidders this year.
Las Vegas Sands Eyes Texas
Rumors suggest that Las Vegas Sands may expand its reach to Texas after acquiring majority control of the Dallas Mavericks. Reports also indicate the company’s LLC purchased land near Texas Stadium, signaling its interest in the state’s potential for a casino resort in Dallas.
Operators revealed that they are actively pursuing opportunities in Texas, eager to establish unique tourism assets in Dallas through the liberalization of gaming. They couldn’t provide a timeline for these developments, but their focus on Dallas’ potential is clear.
The company’s commitment to potential Texas ventures was exemplified by the acquisition of majority control of the Dallas Mavericks by Dr. Miriam Adelson, Sheldon Adelson’s widow and the family of LVS CFO Patrick Dumont. LVS executives are eyeing the possibilities in Dallas, sharing their optimism about the Texan market and desire to capture opportunities for development.
Analysts Support Sands’ Expansion in Asia
Industry analysts have shown favorable opinions on Sands China, emphasizing Macau’s potential for post-pandemic recovery and market growth. The acquisition of Marina Bay Sands also bolstered Sands’ position in the region, creating a favorable outlook among financial analysts and clients alike.
Experts view Sands as a strong Macau pick, particularly praising its management team and leading position in mass capacity and non-gaming. Their performance in Singapore continues to attract investors’ attention, with a strong outlook for future growth.