Asian Gambling Boosts Las Vegas Sands: CEO
Asia is earning about 85 percent of the Las Vegas Sands’ EBITA (earnings before interest, taxes and amortization), Sheldon Adelson, chairman and CEO of the gaming company told CNBC Friday.
“I expect it to climb higher,” added Adelson, speaking from the floor of the Consumer Electronics Show in Las Vegas, which is an annual gathering of electronics manufacturers.
Adelson said 75 percent of the company’s business is now outside the US. The company owns casinos in Las Vegas, Macao and Singapore, in addition to Bethlehem, Pa., and the Sands Expo Center in Las Vegas.
Although some observers have said that the gaming market in Asia can be “oversaturated,” Adelson said that that isn’t possible.
“You cannot saturate a 4 billion-person market,” he added.
The CEO said the number of weekend travelers to Las Vegas has increased over the last six months. The next step, he said, will be for the town’s hoteliers to raise room rates.