Las Vegas Sands Focused On Finishing Casino Resort In Macau

Macau has surpassed Las Vegas as the gambling capital of the world. That explains why some of the major US based casino company's are focusing their efforts on expansion in Macau. One of those companies is Las Vegas Sands.

Late last week, Las Vegas Sands went public with the idea that they are looking for $400 million in funding. The funding would go towards restarting a Macau casino resort project that was shelved when the economy took a turn downward.

Sands is coming off a second quarter in which they lost $175.9 million. The majority of that loss was because of properties in Las Vegas. Sin City has been one of the most affected cities in the US by the economic crash. Sands understands that the key to turning the loss into profit may be expansion in Macau.

"Even though Macau has not hit their expected revenue figures, and business is down, it is still a better alternative to Las Vegas these days," said observer Carol Hinds, "it could become important for Sands to complete that project."

Sands stock also paid the price for the revealing of the second quarter figures. The stock dropped to its lowest point since April, falling more than fifteen percent. It will look to rebound in the upcoming week, hoping that securing the funding for the Macau project will give investors some comfort.

Other casino companies also experienced rough finishes to their stock weeks. MGM Mirage was down on the premise that their second quarter numbers were not profitable. Wynn Resorts, however, actually showed a profit in their second quarter earnings.

August 3, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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