Sands Projects $6B Cost for New York Casino, Reiterates Texas Interest

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Posted on: January 25, 2024, 03:28h. 

Last updated on: January 27, 2024, 11:06h.

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Las Vegas Sands (NYSE: LVS) has said that should it beryllium awarded a New York casino license, building costs connected nan Nassau County venue could scope $6 billion.

Macau debtSands China’s Venetian Macau. Las Vegas Sands reported beardown Q4 results and discussed New York and Texas opportunities. (Image: Wall Street Journal)

The largest gaming institution by marketplace capitalization besides reiterated its liking successful Texas. Executives made remarks to those effects precocious Wednesday connected nan operator’s fourth-quarter net convention call. Shares of LVS roseate modestly Thursday connected spot successful nan firm’s Macau and Singapore segments, but overmuch was made of nan operator’s efforts to reenter nan U.S.

As you know, we’re bidding for a licence successful New York. We’re receiving beardown section support. The costs of nan building will beryllium successful nan $6 cardinal range, which enables america to create a existent five-star resort,” said CEO Rob Goldstein connected nan call. “This is simply a monolithic opportunity. We are very enthused astir nan prospect. Our bid is compelling. If we person nan license, we’d beryllium successful nan crushed arsenic quickly arsenic possible.”

Sands is among astir a twelve companies vying for 3 downstate casino licenses New York regulators could grant later this year. LVS wants to build a casino edifice connected nan tract of Nassau Coliseum successful Uniondale, an effort met pinch guidance by Hofstra University and immoderate section organizations.

Despite a tribunal precocious ruling that Nassau County’s transportation of nan Coliseum’s lease to Sands violated New York unfastened gathering laws, nan usability is forging up to procure 1 of those permits. Goldstein added that it’s imaginable the authorities will decide connected nan winning bidders this twelvemonth but besides noted, “We don’t person immoderate awesome penetration if that will happen.”

Sands Talks Texas

Following nan acquisition of mostly power of nan Dallas Mavericks by Dr. Miriam Adelson, Sheldon Adelson’s widow, and nan family of LVS CFO Patrick Dumont, speculation intensified that nan usability is eyeing Dallas arsenic a spot for a imaginable casino resort.

Adding to that conjecture are reports confirming that a constricted liability corp (LLC) tied to Las Vegas Sands acquired onshore near Texas Stadium successful Irving, Texas, past July. On nan convention call, nan usability reiterated its bullish position connected nan second-largest state.

“In position of Texas, I deliberation nan astir important point is that Las Vegas Sands is actively trying to facilitate nan improvement of integrated resorts successful nan State of Texas and done nan liberalization of gaming,” said Dumont. “And truthful we’re very excited astir it. We deliberation it’s an unbelievable market. Over time, we dream that it happens. I can’t show you erstwhile it’s going to be, but we’re very focused connected it arsenic a company, and we for illustration nan opportunity to create immoderate very unsocial tourism assets, specifically successful Dallas.”

Dumont is now nan politician of nan Mavericks, while now-minority proprietor Mark Cuban oversees hoops operations.

Analysts Bullish connected Sands’ Asia Exposure

Currently, Sands’ full portfolio is comprised of 5 Macau integrated resorts and Marina Bay Sands successful Singapore. Analysts are bullish connected Macau, wherever Sands China is nan largest operator.

“LVS’s market-leading room proviso is positioned to use from nan later stages of post-pandemic betterment and wide marketplace growth,” CBRE expert John DeCree said successful a study to clients connected Thursday.

Macquarie expert Chad Beynon reiterated that Sands is 1 of nan champion Macau equities to own. He did truthful while lauding nan net delivered by Marina Bay Sands.

“LVS remains a apical Macau pick, fixed its beardown guidance team, superior returns, starring position successful wide and unrivaled capacity (rooms, tables, non-gaming). Additionally, Singapore continues to beryllium an unthinkable root of spot and earning,” he wrote successful a note.

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