Las Vegas Sands CEO Sheldon Adelson is not inclined to walk past an opportunity to tout his company’s record-setting ways, boasting, as he did recently, that LVS is the first company in gaming industry history to post a billion dollars in quarterly EBITDA.
It happened during the first three months of this year.
Las Vegas, Macau and Singapore contributed to the success, but even Adelson seems impressed by the number of wealthy players finding their way to Singapore.
Ten or 15 years ago, he remembers hearing there were maybe 300-350 casino customers in the entire world who qualified for VIP status on the basis of their credit lines of a million dollars or more.
“Now, we sometimes see that many in a couple of weeks, something like that,” Adelson said.
Adelson’s intent with this bit of happy talk was to underscore his belief that the deep pool of high-end business available to first class casino resorts aimed at Asian customers has scarcely been touched. Steve Wynn had previously said as much about the as-yet untapped business on mainland China.
“People we had never previously heard of keep coming out of the wood work,” Adelson said. “There is no word like plateau in our vocabulary,” a remark obviously aimed at financial analysts wondering if the company’s recent record-setting numbers suggest LVS has reached a lofty “plateau” it may have difficulty passing.
Adelson’s thinking is that the company is satisfying the appetites of deep-pocketed gamblers with an ability to travel the globe in search of resort experiences LVS (and other companies) is busy assembling from Macau to Europe and at points in between.
The Sands is designing a massive complex in Spain featuring 3,000-room hotels to be built in several phases over a nine-year period with the earnings from one resort helping to finance the next.
Casino giant MGM Resorts International and entertainment company AEG announced Tuesday they have completed a deal to build a new 20,000-seat arena on the Las Vegas strip.
Scott Pritchard from PritchardsPicks.com and Gaming Today's Mark Mayer cover top pro baseball and pro basketball sporting events.
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