Las Vegas Sands’ new chief executive, Robert Goldstein discusses Q4 and final year results, revealing the impact of losing founder, Sheldon Adelson. They are open to the idea of expanding into online gambling.
It’s no secret that 2020 was a hard year financially, especially for land-based casino operators with no online stream of revenue.
In the discussion of its fourth quarter (Q4) and final year (FY) results, Las Vegas Sands revealed it is exploring growth options.
Among the many options on the table, Las Vegas Sands is considering launching an online casino.
Vegas Sands Explore Digital
The new chief executive of Las Vegas Sands, Robert Goldstein, revealed that expanding into online gambling is being explored. Another option which could be viable is the expansion into the US land-based market.
As for going digital, Goldstein elaborated stating there is nothing concrete in the pipeline as of yet. At this point in time, the operator is only observing and learning. He shared that digital is an interesting space and at this point, they are exploring and simply looking at the various options available to them as operators.
It’s a new day for Las Vegas Sands, yet there are still many who are wondering how these current changes might affect the memory of Sands’ founder and long-serving chief executive, Sheldon Adelson.
Adelson, a high-profile opponent of online gambling within the US, passed away earlier in January 2021. In response to questions regarding the new possible expansions into digital, Goldstein made the argument that Adelson always understood and believed in the potential of digital gaming.
Adelson simply made decisions based on ethical concern regarding the affordability and ease of access to those who are underage and without the budget. He didn’t believe technology could prevent such dangers.
According to Goldstein, Adelson was never against digital gaming, he simply questioned the policing of the digital gaming industry.
Las Vegas Sand Post-Sheldon Adelson
For Las Vegas Sands, the road without Adelson has started off quite rocky with the firm currently focused on its continued portfolio-wide recovery.
The company suffered a major 67.3% decrease in net revenue compared to previous years. The Q4 and FY 2020 stats were primarily affected by the COVID-impacted closures.
The full-year revenue took a massive dive from £13.7 billion to $3.61 billion with an overall operating loss of $1.69 billion.
Some light at the end of the tunnel throughout the FY result announcements came with Goldstein announcing the recovery process from the COVID-19 pandemic is still progressing in both Singapore and Macao.
He continued that the main priority is to keep supporting team members and all those in need in the local communities of Macao, Singapore, and Las Vegas.
Honouring the Founder
The Las Vegas Sands team made it clear that the roadmap for the future of the company established by Mr Adelson will remain unchanged. The path is clear and allows the company to remain true to the principles laid out by its founder.
Las Vegas Sands will continue supporting locals and their own team by reinvesting in the current markets, producing stronger returns, and dedicating itself to the aggressive perusal of new developments.
Online gambling is not yet a guarantee, but the door of possibility towards the digital gambling platform has been opened.
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