During Las Vegas Sands’ first-quarter earnings call, CEO Rob Goldstein addressed both setbacks in New York‘s licensing process and the company’s interest in Thailand‘s gaming potential, shedding light on its strategic outlook amidst evolving market dynamics.

Las Vegas Sands Faces Extended Timelines in New York

In response to delays in New York’s casino licensing, Goldstein expressed frustration, citing ongoing uncertainties surrounding the timeline for approvals. Las Vegas Sands had anticipated progress in 2024 but now faces extended timelines, with decisions pushed back to potentially 2025 or 2026. 

Patrick Dumont, Las Vegas Sands president and COO, also expressed his exasperation: “Now they are saying 2025 or 2026, but I do not think we have any real clarity. And to be honest, it is confusing and disappointing because we have done a lot of work in New York and invested a lot of time into it. So I have no guidance because I do not really know what to say with candor and insight.”

Regulatory hurdles, particularly in New York City, have impeded advancements, with zoning amendments awaiting approval to facilitate casino developments within the city’s five boroughs. 

Moreover, legal disputes, including challenges from Hofstra University regarding a planned resort near the Nassau Coliseum, have further complicated matters. Goldstein emphasized the need for clarity and resolution in New York’s regulatory landscape, reflecting the company’s long-standing commitment to the market.

Las Vegas Sands Eyes Thailand Amidst New York Setbacks

Despite challenges in New York, attention turned to Southeast Asia, with Wall Street analyst Chad Beynon from Macquarie US Equity Research probing about prospects in Thailand. Goldstein responded optimistically, acknowledging Thailand’s potential to expedite developments. 

He highlighted the market’s allure, citing its sizable population, accessibility, and status as one of Asia’s premier resort destinations. Goldstein affirmed the company’s interest in Thailand, underscoring ongoing efforts to assess opportunities and determine feasibility in the region.

The discussion on Thailand aligns with broader industry sentiments, reflecting growing interest in the Southeast Asian nation’s gaming landscape. Thailand’s recent strides in passing legislation for legal casino gaming suggest that it may launch its first casino before Japan, potentially opening doors for rapid tourism and economic growth. 

With overwhelming support from the House of Representatives and favorable tax rates, experts anticipate Thailand to become a prime destination for international casino companies, possibly outpacing Japan in the race to establish integrated resorts. 

As Las Vegas Sands navigates through regulatory challenges in New York, the company remains committed to exploring new opportunities and expanding its global footprint. Despite uncertainties in mature markets, the company’s strategic vision extends towards emerging destinations like Thailand, where it seeks to leverage its expertise and capitalize on evolving market dynamics.

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Marina Bay Sands (MBS), Singapore’s renowned casino and hotel resort, is embarking on a significant expansion of its downtown property, with plans to construct a fourth tower by 2029. After being hindered by the COVID-19 pandemic, MBS announced on Friday that full-scale construction will commence by July 2025, aiming for completion by July 2029.

The Venue Remains Integral to Singapore’s Tourism

The ambitious expansion project first revealed in 2019 with a budget of 4.5 billion Singapore dollars ($3.33 billion), faced substantial delays due to pandemic-induced shutdowns. However, with ongoing support from the Singapore government, MBS is moving forward with its visionary plans to enhance the city-state’s leisure and business tourism appeal.

Patrick Dumont, president and chief operating officer of MBS’s parent company, Las Vegas Sands, emphasized the significance of the expansion in driving high-value tourism growth to Singapore. He highlighted that the project would optimize the venue’s programming elements while aligning with Singapore’s strategic objectives. The expansion aims to play a pivotal role in attracting more travelers to Singapore.

With the ongoing support of the Singapore government, this development will further enhance the leisure and business tourism appeal of Singapore.

Patrick Dumont, Las Vegas Sands president and chief operating officer

Since its inception at a development cost of $5.6 billion, MBS has welcomed over 470 million visitors, significantly contributing to Singapore’s business tourism appeal by hosting over 1,750 MICE events. The venue aims to remain at the cutting edge, regularly introducing new improvements and keeping its offerings fresh and exciting.

Existing Amenities Will Also Receive Improvements

The planned expansion features a luxury hotel tower with an impressive sky roof and a 15,000-seat entertainment arena. Additionally, it will create space for meetings, incentives, conferences, and exhibitions (MICE) while introducing new dining, beverage, and nightlife options. Separate from the hotel expansion, MBS is investing $1.75 billion in its existing property, enhancing existing amenities.

The expansion aims to play a pivotal role in attracting more travelers to Singapore. The new entertainment arena should draw top entertainers who previously may have overlooked Southeast Asia in their tours. Additional MICE space will facilitate hosting more events in the city-state, capitalizing on Macau’s increasing focus on mainland China.

With international visitor arrivals reaching 71% of pre-pandemic levels in 2023 and tourism profits reaching up to $19.2 billion, Singapore’s hospitality sector is well on its path to a full recovery. The Singapore Tourism Board anticipates further improvement this year, driven by the gradual restoration of global air travel capacity and the increasing interest in South Asia as a leisure destination.

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Las Vegas Sands, which recently acquired a controlling stake in the Dallas Mavericks, has made a bold move by filing a petition aimed at legalizing casino gambling in the state of Texas. 

Las Vegas Sands’ Petition Pushes for Casino Resorts in Texas

Las Vegas Sands acquired a significant portion of the Dallas basketball team back in December 2023 and is now setting its sights on reshaping the Texan gambling landscape, reported CBS News.

The petition, submitted by the Texas Destination Resort Alliance, established in 2021, emphasizes its commitment to bringing high-end entertainment, luxurious resorts, and fine dining to Texans. Their strategy involves advocating for the expansion of casino-style gambling within the state.

This is not Las Vegas Sands’ first attempt at influencing Texan gambling laws. Back in 2022, the company launched the Texas Sands political action committee, investing a considerable $2 million to lobby for the legalization of casino gambling. 

Despite facing steep opposition, including skepticism from Texas Lt. Gov. Dan Patrick, who highlighted the lack of Republican support in the state Senate, Las Vegas Sands and its allies remain undeterred.

Furthermore, back in December, Village Walk RE 2 LLC, affiliated with Las Vegas Sands, acquired a 108-acre property in Irving, Texas, near the former Texas Stadium site, sparking intrigue following Las Vegas Sands’ majority stake acquisition in the Dallas Mavericks. 

While the purpose of the land remains undisclosed, Sands expressed interest in developing an integrated resort in the Dallas-Fort Worth area, hinting at future acquisitions. This move further signaled potential shifts in Texas’ stance on gambling, with analysts speculating on the Adelson family’s influence in advocating for legislative changes.

Texas Gaming Landscape Shifts with Legislative Efforts and Industry Backing

State Rep. Charlie Geren introduced HJR 97 in February last year, outlining a potential pathway to amend the Texas Constitution and permit the establishment of casino resorts. The Chickasaw Nation, operators of Oklahoma’s Winstar Casino and owners of Lone Star Park in Grand Prairie, have also expressed support for the introduction of casino resorts in Texas.

Moreover, upcoming developments such as the opening of the Choctaw Landing Casino and Resort in Oklahoma’s southeastern region further highlight the growing interest in expanding gambling opportunities within Texas’ vicinity.

Separate bills advocating for sports betting have also gained traction, with notable figures like former Gov. Rick Perry and Dallas Cowboys owner Jerry Jones endorsing legislative efforts to regulate this activity.For any significant changes to occur, legislative approval and subsequent voter endorsement would be required. With the upcoming 89th Legislature, proponents of legalized gambling are gearing up for a renewed push to sway lawmakers and public opinion in their favor.

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The approval, listed in URA data released at the end of the December 2023 quarter, allows Marina Bay Sands (MBS) to proceed with its expansion project, which significantly bolsters guest capacity, expanding the venue’s impressive hotel and retail space. The project is situated alongside MBS’s existing three towers and should help attract new customers, significantly bolstering revenues.

The Operator Met All Regulatory Requirements

The approved project encompasses the construction of a hotel with 587 rooms, covering 153,100 square meters of hotel space and an additional 12,185 square meters allocated for retail space. The new tower will occupy an empty plot adjacent to MBS’s existing three towers. MBS has not provided a firm timeline, but the project’s scale means its completion will likely extend beyond 2024.

Securing official government approval marks a crucial milestone in the integrated resort operator’s expansion plans. MBS parent firm Las Vegas Sands (LVS) president and COO Patrick Dumont noted that the company maintained close collaboration with the Singapore government, ensuring that the fourth tower project would meet all regulatory requirements.

There’s a lot of moving parts here, a lot of things we have to satisfy. We want to make sure that everyone is comfortable with it and that we get all the proper approvals.

Patrick Dumont,  Las Vegas Sands president and COO

While MBS’ initial 2019 plans envisioned a fourth hotel tower with roughly 1,000 new rooms, recent upgrades to the property’s existing hotel spaces have focused on introducing new suite products. The revamp of Towers 1 and 2 increased the number of suites from 137 to 422, giving the company more flexibility with the design of Tower 4.

Tower 4 Will Elevate the Guest Experience to New Heights

Las Vegas Sands is targeting an annualized EBITDA of over $3 billion for MBS once the construction of the fourth tower is completed. Following the release of financial results for Q4 and FY23, which showed MBS recording annual EBITDA of $1.86 billion, with a record $544 million in the December quarter, LVS chairman and CEO Robert Goldstein expressed confidence in continued profit growth.

MBS likewise hopes the planned expansion will bolster the resort’s popularity, attracting more guests. The company highlighted that the new tower will contain a “rooftop attraction” featuring a sky pool and signature restaurant, MICE facilities comprising meeting rooms, function rooms, and exhibition halls, along with a state-of-the-art live entertainment area seating a minimum of 15,000 people.

LVS sees substantial potential for profit growth in the coming years, leveraging the iconic status of Marina Bay Sands and ongoing upgrade works. The resort has become a mainstay of Singapore’s tourism sector and should continue enjoying significant success, revitalized by the addition of the upcoming tower and its industry-leading amenities.

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In a move that adds intrigue to the recent acquisition of a majority stake in the Dallas Mavericks by Las Vegas Sands Corp. matriarch, Miriam Adelson, it has come to light that an entity linked to the gaming giant purchased a significant parcel of land in Irving, Texas, just months prior to the high-profile sports deal.

Village Walk RE 2 LLC’s Acquisition Signals Sands’ Strategic Move Near Former Texas Stadium Site

The 108-acre property, located across from the former Texas Stadium site, was procured by a limited liability corporation named Village Walk RE 2 LLC in July, according to state records. The LLC’s address, 5420 S. Durango Dr. in Las Vegas, coincides with the business address of Sands, indicating a clear association between the two entities as reported by The Dallas Morning News.

While the intended use of the acquired land remains undisclosed, city officials in Irving have long sought a standout project for the area, envisioning a transformational development. The former Texas Stadium site, which was demolished in 2010, has been in use as a highway construction staging area.

Ron Reese, a spokesperson for Sands, affirmed the purchase, emphasizing the company’s enduring interest in the Texas and Dallas-Fort Worth region. Reese clarified that the acquisition was independent of the Adelson family’s Mavericks deal and was made with the anticipation of realizing Sands’ long-standing goal of constructing an integrated resort property in the D-FW area.

Efforts to expand gambling, including Sands’ envisioned resorts, have faced obstacles in the state legislature for years, but recent progress during the legislative session signals a potential shift. Sands remains committed to its vision of an integrated resort in the area and hints at future acquisitions in the region.

Irving Wants to Transform 108-Acre Property from Trucking Terminal to Urban Oasis

Irving’s economic development director, Beth Bowman, refrained from divulging details about the buyer back in July, but now acknowledges the transaction. She emphasized the city’s enthusiasm for developing the former stadium site into a mixed-use space, encompassing housing, retail, and entertainment.

The 108-acre property, previously a North Texas trucking terminal, is connected to the old Texas Stadium site by a new $45 million bridge. The city plans to develop over 400 acres, including the former stadium site, into a vibrant urban environment.

Mark Cuban, the current owner of the Dallas Mavericks, expressed interest in collaborating with Sands to build a new arena in Dallas, potentially integrated with a casino resort. However, legislative approval for gambling in Texas remains a prerequisite for realizing this ambitious vision.

As Sands continues to shape its footprint in the region, the recent land acquisition and the Mavericks deal have ignited speculation about the future of legalized gambling and sports betting in Texas. 

Analysts suggest that Texas, a substantial untapped market, could benefit from gambling tourism, with the Adelson family’s political and financial clout potentially playing a pivotal role in pushing for legislative changes.

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The ambitious Las Vegas Sands casino and hotel project in Nassau County received temporary permission to move forward as the Appellate Court issued a stay on a recent ruling that annulled the county’s approval of the venture. A later hearing will decide the project’s fate and will be instrumental in determining its viability.

Rising Public Concerns Culminated in Legal Action

Sands Nassau County’s legal setback arose from a lawsuit filed by Hofstra University, located adjacent to the proposed $4 billion casino property. The university argued that planning officials and lawmakers failed to provide sufficient notice for public meetings and environmental reviews before approving a 99-year lease for the Sands project.

A 9 November court decision voided the existing lease and mandated that Nassau County planning officials restart the application process, including new hearings with the county legislature. The ruling represented a significant victory for Hofstra University as it expressed eagerness to contribute to the planning and protect the community from potential environmental risks.

Critics of the casino project have raised concerns about potential negative impacts on the local community, including increased traffic and crime, decreased property values, and disruptions to nearby neighborhoods. Hofstra University initiated the lawsuit in April, citing concerns about inadequate public engagement and environmental assessments, mirroring other controversial New York casino projects.

Casino Projects Remain a Contentious Issue

The potential significant delays forced Las Vegas Sands to act quickly and turn to the New York Court of Appeals. The appellate judge granted a stay and scheduled a hearing for 21 November in Brooklyn. Hofstra representatives must present compelling reasons why the lower court’s order should remain in place while Las Vegas Sands defends the project.

County Executive Bruce Blakeman, an avid supporter of the Sands Nassau project, was optimistic, noting that a definitive court ruling would clear all doubts about the development’s legal status. He reaffirmed that the casino resort would bolster the local economy with well-paying permanent employment and tax relief for residents.

We are grateful that the Appellate Division granted a stay of the lower court’s decision, and we’re confident the lower court’s ruling will be overturned.

Bruce Blakeman, Nassau County, New York County Executive

The fate of the Sands Nassau County project now hinges on the upcoming hearing, as stakeholders on both sides prepare to present their arguments regarding the proposed casino’s impact on the local community and the procedural aspects of the approval process. The increased scrutiny should help ensure that casino developments remain socially responsible and can mitigate gambling’s negative societal impact.

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A state judge has invalidated the Nassau County government’s approval of a 99-year lease agreement, dealing a severe blow to the proposed $4 billion casino complex at the Nassau Coliseum. 

Hofstra University Secures Legal Victory as Judge Nullifies Nassau Casino Lease

The judge’s decision, issued on November 9, not only voids the existing lease but also mandates that Nassau County planning officials restart the entire process, including new hearings with the county legislature. The ruling is seen as a significant victory for Hofstra University, whose campus is adjacent to the proposed casino site, and has been a vocal opponent of the development.

In a public statement, Hofstra President Susan Poser expressed gratitude for the court’s ruling. Poser highlighted the importance of public participation in decision-making and conveyed eagerness to contribute to the planning process while ensuring the community is protected from potential environmental risks.

The legal setback for the casino project comes just days after Mets owner Steve Cohen unveiled an $8 billion casino plan near Citi Field, intensifying the competition among gaming operators for coveted state licenses in the New York City metropolitan area, including Long Island.

Las Vegas Sands Stays Committed Amidst Legal Scrutiny of Nassau Casino Development

The judge specifically cited violations of both the Open Meetings Law and the State Environmental Quality Review Act (SEQRA) in approving the lease transfer. 

While Nassau County has not issued an official statement in response to the court’s decision, Las Vegas Sands Corporation remains undeterred. In a statement, the company conveyed its dedication to the Nassau Hub project, asserting that Las Vegas Sands is moving forward with their proposal for an integrated resort and entertainment center at the Nassau Hub with pride and enthusiasm.

Judge Kapoor’s ruling orders Nassau County to conduct a comprehensive environmental review of the proposed casino development, emphasizing the failure of the county legislature to take a “hard look” at the Sands casino project beyond the technicalities of the lease transfer.Las Vegas Sands

revealed plans for the significant entertainment, hospitality, and casino complex on the Nassau Veterans Memorial Coliseum site in Nassau County, western Long Island, New York back in January.

The multi-billion-dollar project, covering up to 80 acres, aims to offer a diverse range of amenities, including hotels, outdoor spaces, live performance venues, and celebrity chef restaurants. The company, committed to fostering economic growth and job creation, anticipates the resort to generate substantial tax revenue and provide new career opportunities for residents, emphasizing its transformative impact on the community.

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The case concerns one Silitonga Andri Parulian, a 27-year-old tourist from Indonesia, who was traveling to Singapore for leisure. Silitonga was visiting Singapore’s Marina Bay Sands Casino when he found the vouchers, worth some $18,000 (S$24,000) and immediately decided to withdraw the amounts and head out.

According to investigators, the vouchers were dropped accidentally from a folder by Tham Wan Nyit, a manager in charge of slot machine operations at the casino. A total of eight tickets were dropped worth S$3,000 each.

The Indonesian man, stumbling upon them, decided to put them to good use instead, and bagged the net worth of the tickets right away. His luck has run out, however, as he will now spend four months in jail over failure to return the tickets and after he pled guilty to a single charge of dishonestly misappropriating money.

Although Silitonga had no intent in procuring the tickets, the court still found him guilty. He stumbled upon the vouchers by accident, as he was about to enter the Ruby Room to gamble when he saw the tickets on the floor and collected them. Investigators though claimed that the man made no attempt to return the tickets back to security.

Silitonga did not use the money and play. He cashed out the tickets and headed directly to Changi Airport where he wanted to buy a ticket to Jakarta, Indonesia’s capital. No flights were available, however, so he spent the night at the airport while contacting a friend to help him transfer S$2,000 into his Indonesian bank account.

Remitting the Money Back Home

The friend told him to just use a remittance service moving forward, and Silitonga started remitting the money back home, using various accounts – his own, his friend’s, and his girlfriend’s. However, at the venue things were agog. Tham became aware of the missing tickets and he notified policy who examined the CCTV footage and found out that Silitonga was indeed the person who had collected the money.

He was finally arrested at the airport prior to his departure. The man though has refused to return the S$17,000 he has remitted to various accounts and did not tell what he did with the rest of the money. He made no restitutions nor did he try to return the money. His only alleviating factor in his sentencing was the fact that he admitted guilt and thus received a lighter sentence.

On the whole, Silitonga dodged a bullet, as his sentence could have been much stiffer, leading to up to two years in prison and a fine. Then again, if he had agreed to return the money, he may have avoided some of the prison time he is now going to serve.  

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The latest such action has been taken against a 45-year-old Malaysian who is suspected to be a part of an international criminal syndicate. The man is said to have recorded cards dealt during a game of baccarat hosted out of the Marina Bay Sands, the regulated land-based casino in the jurisdiction.

Police Cooperates with Malaysia to Bring in the Man

The Singapore Police have released details about the suspect, who is linked to a probe by the Casino Crime Investigation Branch of the Criminal Investigation Department. Previously, the Department went after a 27-year-old Taiwanese man and another Malaysian man aged 35. Both have been charged as members of a criminal syndicate, with the police confiscating more than $520,000 worth of casino chips, cash, and a mobile phone in their possession.

The latest suspect was arrested on Thursday, June 8, with the help of the Royal Malaysia Police but he was sent back to Singapore last week. In Singapore, a court charged the man with a conspiracy to use things prohibited under Section 171(1) for the purposes of gambling. The charges were delivered on the very next day – Friday, June 9.

If found guilty, the 45-year-old suspect could face up to seven years and a fine up to $111,000, or both. Singapore has reformed its penal code regarding casino and gambling offenses recently, and it takes a much tougher stance on organizers of illegal gambling activities than it does on participants.

Singapore Police Remains Vigilant on Matters of Illegal Gambling

In the meantime, the Singapore Police Force has assured that it would not leave instances of criminal activities linked to gambling unpunished. The police have been actively participating in various investigations, including a large-scale recent probe that names 89 people as possibly involved in illegal horse betting activities.

The Singapore Police Force released details about this particular case late in May, saying that 85 men and four women aged 38-84 were all possibly involved. They were arrested over a ten-day period between May 10 and May 20. The case was made public by local media outlets, including The Strait Times, and the police is now sorting the suspects, who are threatened by a $7,400 fine or a prison sentence of up to six months, or both.

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This clash between corporate interests and community welfare only compounds the growing controversy surrounding the project as more organizations raise concerns regarding the planned Nassau casino’s social impact. The civic organization protested Las Vegas Sands Corporation’s request for tax breaks, accusing the company of undermining the principles of fair taxation and potentially depriving the local community of much-needed funds.

The “Say NO to the Casino” Civic Association represents Nassau County community groups, not-for-profit organizations, local officials, and other parties concerned with preventing the construction of the proposed Las Vegas Sands integrated resort. The organization believes gambling-related societal costs will outweigh the venue’s potential economic benefits and has already organized several protests.

Recent reports regarding Sands’ tax relief request to the Nassau County Industrial Development Association further inflamed tensions as many saw the move as a hypocritical cash grab. The operator asked for sales tax exemptions on various construction expenses, but the Civic Association argued Sands could effortlessly launch the project without financial aid.

It is the height of hypocrisy for one of the world’s most profitable casino companies, with a market capitalization of $45 billion, to ask for tax breaks from Nassau County residents.

The “Say NO to the Casino” Civic Association

The group argues that granting tax exemptions to a multi-billion-dollar corporation like Las Vegas Sands undermines the principles of fair taxation. While local businesses contribute taxes to support public services and infrastructure, providing special treatment to a large corporation can set a dangerous precedent, compromising the principles of equity and transparency.

The Controversy Builds upon Previous Concerns

While similar high-profile projects rarely escape criticism, the Vegas Sands project for a Nassau integrated resort has experienced significant backlash. Hofstra University has been one of the operator’s staunchest opponents, urging local lawmakers to block the construction. The institution believes the casino will hurt the local community, endangering vulnerable students.

The Civic Association shares these sentiments, arguing that a casino will change the neighborhood’s character and increase crime in the area. Despite multiple reassurances from the operator, the group firmly believes the negative impacts of such a large-scale venue would outweigh the potential economic benefits.

The pervasive negative impacts that a casino will bring to our county will require significant additional government and community resources to address.

The “Say NO to the Casino” Civic Association

Rising opposition against the Vegas Sands New York casino project highlights the complex and often contentious relationship between casinos, taxation, and community welfare. Fortunately for protesters, the project still has a long way to go as it competes for one of three limited license slots against other industry heavyweights, giving ample opportunity for constructive debate.

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