Las Vegas Sands Corp. (NYSE:LVS) recently held its Q3 2023 earnings conference call, where the company discussed its financial results and future growth plans [505e9cce]. The call highlighted the strong performance of the company's operations in Macao, with EBITDA reaching $630 million for the quarter [505e9cce]. The company expressed confidence in the future growth of the Macao market and its ability to exceed previous revenue levels [505e9cce]. The call also discussed the ongoing renovation program at Marina Bay Sands in Singapore and the company's plans for returning capital to shareholders through share repurchases [505e9cce]. Overall, the call emphasized the company's positive outlook for future growth and its commitment to delivering value to shareholders [505e9cce].
In a recent Q&A with MGM Resorts CEO Bill Hornbuckle, he discussed the company's vision for the future and strategies for growth [2a95037a]. Hornbuckle mentioned that MGM Resorts is focused on making disciplined capital investments, targeting higher-end consumers, expanding the digital platform, and providing tailored experiences [2a95037a]. He also highlighted the successful partnership with Marriott and the importance of delivering unique and authentic experiences [2a95037a]. Hornbuckle mentioned the significance of the digital brand BetMGM and the attractive markets for expansion overseas, such as Japan, the UAE, and Thailand [2a95037a]. He emphasized the continuous reinvention of Las Vegas as a destination and the growth opportunities in the sports and entertainment industry [2a95037a]. Hornbuckle also addressed the challenges facing the US travel market, including the need for a modern and secure travel experience and the importance of reviving international travel, particularly from China [2a95037a].
In other news, Las Vegas Sands has announced that it will be closing its Trump Plaza casino in Atlantic City, New Jersey, in September 2022 [99a6b7f8]. The casino, which opened in 1984 and was once owned by former President Donald Trump, is being closed as part of the company's plan to focus on its operations in Asia [99a6b7f8]. Las Vegas Sands is also considering selling its other two properties in Las Vegas, the Venetian and the Palazzo [99a6b7f8]. The decision to close Trump Plaza comes as the Atlantic City casino market has been struggling in recent years [99a6b7f8].
MGM Resorts International's subsidiary, LeoVegas Group, has signed a deal to acquire the U.S. sportsbook and online casino of Tipico Group Ltd [47fa2f63]. The transaction is expected to be completed in the third quarter of 2024 [47fa2f63]. As part of the deal, LeoVegas will acquire certain of Tipico's U.S. facing management, technology, and trading teams across the U.S., Colombia, and Europe [47fa2f63]. Tipico will wind down its U.S. operations prior to the closing of the acquisition [47fa2f63]. This acquisition further demonstrates MGM Resorts' commitment to expanding its presence in the online gambling market and capitalizing on the growing popularity of sports betting in the U.S. [47fa2f63].