Las Vegas casino company content to wait on New York, Texas prospects
Las Vegas Sands Corp. is continuing to pace the markets it dominates overseas and is content to wait out prospects in New York and Texas after a profitable second quarter.
The Las Vegas-based company is awaiting decisions in New York due later this year or early next year about the awarding of three downstate casino licenses. It will also await action in Texas where it has lobbied to build an integrated resort, but the legislature there doesn’t meet again until 2025.
The company also has expressed interest in the gaming industry in Vietnam, but is awaiting further development action there.
Sands on Wednesday reported an 8.6 percent increase to $2.76 billion in revenue and a 15.2 percent increase to $424 million in net income for the quarter that ended June 30. The company’s board also bought back $400 million in shares and authorized a 20-cent-per-share dividend to shareholders of record as of Aug. 6.
While visitation to Macao is down from prepandemic 2019, Sands has reinvested in additional suites in both Macao and Singapore anticipating further growth in those markets.
The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.