LVS Eyes New York, Thailand Amid iGaming Concerns
The Most Important Points at a Glance
Las Vegas Sands (LVS) continues to plan the construction of a casino resort in New York but has expressed concerns about the potential introduction of iGaming (online gambling) in the state. At the same time, the company has shown interest in expanding to Thailand, where gambling legislation is making progress. Recent quarterly figures and a dividend increase also led to a significant rise in LVS’s stock price.
Concerns About iGaming in New York
LVS CEO Robert Goldstein stated during a conference call that iGaming could pose a potential challenge for land-based casinos. Although New York currently does not allow iGaming, it is expected that the state will review corresponding legislative initiatives in the near future. Goldstein emphasized that experiences from neighboring states like New Jersey and Pennsylvania, which generate significant tax revenue from online casinos, support these concerns.
He also explained that the introduction of iGaming during the construction phase of a new resort in New York could diminish the project’s value. Nevertheless, LVS remains interested in a casino project on the site of the Nassau Coliseum in Uniondale.
Expansion Plans in Thailand
In addition to plans in New York, LVS has shown interest in a casino resort in Thailand. Patrick Dumont, President and CFO of LVS, described the country as an outstanding tourism destination. The Thai government is currently working on legalizing gambling, making the country attractive to international operators like LVS.
However, Dumont also expressed concerns that a new resort in Thailand might compete with the existing Marina Bay Sands in Singapore. He emphasized, however, that Marina Bay Sands is well-protected against potential competition due to its unique positioning and target audience, particularly in the luxury tourism sector.
Significant Rise in LVS Stock
The release of LVS’s quarterly figures led to a significant stock price increase of 11.12%. Analysts cited the strong performance of Marina Bay Sands in Singapore as the main reason for the rise. Additionally, the company increased its quarterly dividend by 25%, further boosting investor confidence.
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An analyst from Stifel highlighted that the LVS stock is currently trading below its historical average and has significant upside potential of at least 25%. The company’s solid balance sheet also enables it to conduct share buybacks and remain stable in the long term.
Our Assessment
Las Vegas Sands is pursuing a clear dual strategy: targeting the U.S. market with a potential project in New York while offering a promising growth opportunity in Asia through expansion into Thailand. The concerns regarding iGaming in New York are valid, as this segment has the potential to transform the market for land-based casinos. At the same time, the strong performance in Singapore demonstrates that LVS has a solid foundation to tackle new challenges.
The recent developments, including the dividend increase and stock rise, underscore investors’ confidence in the company’s long-term strategy. Thailand could prove to be a key market, provided that gambling legislation continues to advance.
Sources:
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