Las Vegas Sands CEO expects Singapore casino market to recover in 2022

Las Vegas Sands Corp is the developer of Marina Bay Sands.
Las Vegas Sands Corp is the developer of Marina Bay Sands.

Robert Goldstein, Las Vegas Sands’ CEO, believes the market is likely to recover in 2022 thanks to a high Covid-19 vaccination rate and the opening of borders.

Singapore.- During a third-quarter results presentation, Robert Goldstein, chairman and chief executive of Las Vegas Sands Corp, said he believed the Singapore casino market would recover next year. He said the recovery will begin in 2022, “when we get back to US$1.7bn and maybe beyond that in EBITDA.”

Casino operators in Singapore require visitors to be fully vaccinated or to show results of a negative Covid-19 test to enter. Authorities in Singapore have recently announced a shorter 10-day quarantine for travellers coming from a list of “Category 3” countries that includes Austria, Belgium, Bulgaria, Croatia, Switzerland, the UK and the US.

Goldstein also referred to Macau’s current casino licences that are due to expire in June 2022 and said he is confident Macau’s gaming concessions will be extended.

He said: “I don’t think there’s any chance whatsoever that we wouldn’t be. I’m not saying that rhetorically.”

According to local media reports, authorities in Macau want to end the current sub-concession system that led to the creation of three additional Macau casino licences.

The government also wants to increase the oversight of gaming concessionaires and junket operations, but it will maintain at least six gaming concessions. Representatives from Macau’s casino operators have attended a public consultation session with authorities and asked for more information on the government’s proposed changes.

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Covid-19 land-based casino