Las Vegas Sands’ new CEO will honour the company’s late founder’s wishes and increase investment in Macau if authorities require it for the 2022 tender.
Macau.- Speaking for the first time as permanent chief executive officer (CEO) of Las Vegas Sands and Sands China, Robert Goldstein has said he expects Macau authorities to require substantial capital investments in the city to renew casino licences in the 2022 tender.
The licences for the six major concessionaires in the gaming hub come up for renewal in 2022, although the city’s chief executive could extend them for up to five years.
During an earnings call on Wednesday, Goldstein said he was willing to make the larger commitment in Macau if needed.
He said: “I believe that when Macau makes a decision, there is going to be a requirement to invest more.”
He said he was willing to honour founder Sheldon Adelson’s vision to continue to expand LVS in Macau and in other profitable Asian markets such as Singapore.
He said: “That’s how Sheldon felt, ‘I can’t wait to invest another US$5 billion or US$10 billion’,” he said referring to the late casino mogul’s attitude to the Macau 2022 tender.
He added: “We are not done in Macau, and we want to be there for many more years.”
He also said Las Vegas Sands remained committed to its long-term investment in its Marina Bay Sands resort in Singapore.
Sands China’s president, Wilfred Wong Ying Wai, said the company has not been informed about the future of its casino licence in Macau nor the retendering process.
He said: “We are eagerly waiting for the Macau government’s direction, because we only have about 17 months left before the concession expires, coming up against a very tight timetable.”
New CEO at Sands
Goldstein had been acting chairman and acting CEO since January 7, when Sheldon Adelson took a leave of absence in order to receive medical treatment for cancer.
The founder and chairman of Las Vegas Sands and Sands China passed away on January 11.