Macau VIP business to bounce back, exec says

Macau VIP business to bounce back, exec says

A Las Vegas Sands Corp executive says the company expects finances to bounce back.

Senior executive at Las Vegas Sands Corp Robert Goldstein stated the company expects the Macau VIP business “will resurrect.”

Macau.- The gaming industry has continuously grown in southeast Asia over the last few years. However, the Macau VIP business has dropped and dragged figures down over the last few months. Still, a Las Vegas Sands Corp executive says the company expects it to bounce back.

“We believe the rolling Macau VIP market will resurrect,” company president and COO Robert Goldstein said. “It has in the past and it will in the future,” he explained during a conference call with analysts.

The company revealed its first-quarter results and reported a €517 net profit, 60% down year-on-year. They reported net revenue of €3.24 billion for the three months, an improvement from 2018. Such increase was supported by revenue growth in the Macau portfolio, particularly in the mass-market segment.

“We had an outstanding quarter, especially in Macau,” Mr Goldstein assured. “Our growth in base mass and premium mass… the numbers are just extraordinary,” he added

“This quarter signals our ability to perform exceptionally well in mass and premium mass,” he said. “The Parisian [Macao] delivered an outstanding quarter driven by huge growth in the premium mass business, and I think that will continue.”

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