Sheldon Adelson Rides the Wave of Economic Prosperity in Asia
The Las Vegas Sands is enjoying a honeymoon period of strong earnings in Asia. Sheldon Adelson’s Las Vegas Sands Corp has once again recorded solid earnings in 2013 and talks are underway for further expansion in Asia. The annual shareholder meeting held on Wednesday June 4th was focused on how Adelson’s group could bolster profits and drive growth in Asia. According to those in the know, the Sands is going to be adding thousands of hotel rooms before the end of 2015.
The company is working to complete a St. Regis Tower as well as a Parisian-style casino in Macau. As the premier gaming destination in Asia, Macau is expected to record over 14% growth during 2014. Weaker-than-expected May figures came in at under 10%, blamed largely on regulation on gaming activity and a government clampdown on debit cards. However, Adelson remains bullish about the prospects of gambling growth in Asia. Two markets in particular have caught his attention: South Korea and Japan.
Adelson was quoted as saying that Asian companies offer the most promising development opportunities in the world. He further added that the casinos in the region would help drive employment, reel in investment opportunities and expand the tourist appeal of regions like Macau, Singapore, South Korea and Japan. Indeed, Asian growth is largely responsible for the strong Q1 performance of the Las Vegas Sands Corp. The company’s net income spiked 36% year on year and revenues powered ahead, closing on $4 billion for the period under review.
Adelson at Odds with Online Gaming
Sheldon Adelson is not one to mince his words when it comes to his feelings about online gaming. He has been the poster child of anti-online gaming measures around the world – largely because his casino empire thrives off the success of land-based operations. Adelson tackles the issue from another angle however – that of touting the safety of everyday people when it comes to online gaming. He believes it is a moral issue and that poor families would be most at risk since they have easy access to online casinos. He also believes that online gaming will likely reduce employment and the economic prosperity of people who depend on their work at casinos and hotels. In spite of his critiques of the online gaming industry, several states are likely to regulate online gaming across the USA.
Meanwhile, the 80-year-old Adelson announced that 80 is the new 60 and he has no intentions of stepping down. He did however allude to wanting to find a replacement for President Michael Leven who will be stepping down at the year’s end. Stars Casino will be following this story and will report all developments and updates as they take place.