Las Vegas Sands’ new boss lays down his cards
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Robert Goldstein took the helm at Las Vegas Sands at the end of January. He revealed his first full quarterly results on Wednesday. Macau's gradual recovery and Goldstein's bold online plans hint at a new direction for the casino empire. The company's total adjusted EBITDA slumped to $244 million in the quarter, compared to $1.1 billion before the pandemic. Sands shares have rallied as much as 25% since Goldstein’s appointment, but are now slightly below January levels.
Las Vegas Sands reported adjusted EBITDA of $244 million in the quarter ending in June. Revenue for the same period reached $1.2 billion, compared with $425 million a year earlier. Mass market gaming revenue for Macau for quarter in July represented 26% of 2019 levels. Premium mass market revenue recovered to 57% and luxury retail sales at Macao properties surpassed 2019 level. Maca's visitor numbers for same quarter reached 22% 2019 numbers.
