Las Vegas Sands (LVS) continues to worry about its $6 billion casino resort project on Long Island, New York, as online gambling grows.
Las Vegas Sands Weighs Digital Competition Amid Delays in New York Casino License Process
In the company’s latest earnings call, CEO Robert Goldstein stressed the competition from digital platforms. He pointed out how online gambling has grown a lot in states like New Jersey, Pennsylvania, and Michigan. He hinted that this growth might surpass land-based casino earnings in states where online gambling is already legal.
Goldstein said Las Vegas Sands still wants to get a New York casino license. But he emphasized they cannot ignore how online gambling has an impact on traditional, brick-and-mortar casinos. He said the company is keeping an eye on how online platforms change the market. He further added that digital rivals play a key role when planning big building projects.
Goldstein noted that if a place like New York makes online gambling legal, it might make them rethink where they put their money.
New York State plans to ask for casino license applications by spring 2025, and will likely make decisions in early 2026. Goldstein said he just learned about this change in schedule, which pushes the expected end date from late 2025 to the first quarter of 2026.
Even with this delay, Las Vegas Sands keeps working on the application process looking into options to build a resort near the Nassau Coliseum. The plan has run into local pushback from nearby Hofstra University, because of worries about more crime, traffic, and possible gambling addiction.
Las Vegas Sands Sees Strong Growth in Asia, with Macau and Singapore Leading the Way
Outside the US, Las Vegas Sands reported good results from its Asian properties. Sands China in Macau saw a 13% rise in market revenue during Q3 2024 even with ongoing renovation work at The Londoner Grand causing disruptions. Goldstein predicted that Macau’s gaming revenue might go over $30 billion in 2025, thanks to more tourists coming back. The company also showed off new suites and plans to grow its casino and entertainment options showing they are still focused on high-end customers.
In Singapore, Marina Bay Sands saw strong earnings, thanks to high-spending tourists. Goldstein talked about ongoing renovations and investments to make the property more attractive, including improvements to suites and gaming areas. The company plans to finish the upgrades by mid-2025, which should boost growth further. He stressed that the quality and size of their properties remain key to their long-term strategy hinting that these assets give them an edge over competitors even as the market scene changes.
On the whole, Las Vegas Sands takes a careful yet forward-looking approach striking a balance between investing in brick-and-mortar resorts and preparing for a digital future. Goldstein’s remarks indicate that the company stays committed to its main markets, but the rise of online gambling might change how it tackles new projects in the years ahead.
