Las Vegas Sands executives weighed in Wednesday on the naming of Macau’s former top judge as the next leader of the Chinese casino hub.
Sam Hou Fai is the city’s first executive born in mainland China, a departure from the tradition of chief executives native to the former Portuguese colony. Outside observers have suggested the change in leadership may mean a declining influence from the business community.
A Wall Street analyst asked Sands executives during a third-quarter earnings call if the appointment changes anything when it comes to market or concessionaire focus or whether it’s business as usual for the operator.
“We’re always very focused on making sure we’re hearing what we’re asked to do and doing our job with the government,” said Chairman and CEO Rob Goldstein. “I don’t think the new chief executive will change that. We will stay focused and listen very carefully to make sure to do our part. I don’t expect to see radical change at all and business as usual for the most part.”
Sands China President Wilfred Wong said the concession commitments max out a long-term development focus, so they’ve thought comprehensively about what they want to do under the guidance of the Macau government.
“The change at the top will not have material changes to the directional change, because what has been emphasized so far is that Macau aims to diversify and that we should invest in non-gaming,” Wong said. “I think these directions will remain. We just feel that as long as we conduct our business as usual and listen very carefully to what the government has to say depending on what happens in the next few years, we should be able to operate favorably in Macau.”
As for elsewhere around the globe, Sands executives were asked to comment on Wynn getting a gaming license for its integrated casino resort under construction in the United Arab Emirates and whether the company has interest there.
“We’re always looking for new investment opportunities for Las Vegas Sands,” said President and COO Patrick Dumont. “It’s a market we’ll continue to study and we’ll see how it goes.”
In Singapore, Dumont cited a moratorium on changing gaming taxes until the early 2030s. He believes that will continue to add value to the operations in the country and accomplish the nation’s tourism goals.
“It’s a very stable operating environment and a wonderful place to deploy capital,” Dumont said. “There’s a strong trajectory forward for us. We think about this as a long-term thing and excited about what we can build there and the gaming is a nice add. A lot of things are going to drive tourism that are very beneficial, like the arena, the hospitality, and food and beverage to enhance the overall feel of the entire complex. There are high barriers to entry there and right now it’s a duopoly market for the near future. We hope it stays that way.”
