Las Vegas Sands should have had a weak 2014, with increased regulations from China on Macau’s casinos, an Iranian cyber-attack on the company’s tech systems and a shaky global economy, but Las Vegas sands confounded the odds and saw an unprecedented 6% gain in revenue to $14.58 billion according to casino.org.
Even as regulations increase in Macau, the lion’s share of LVS’ income is from the region. Robert Goldstein, President and COO of LVS told CNBC, “The new Macau is a little different than the old Macau, but still a wonderful Macau. We believe very much in this market.” While revenues were strong, they were a bit weaker toward the end of the year because of the softening in the Macau market. However, CEO Sheldon Adelson says prudent management is guiding the way. “The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy, “ Adelson told casino.org.
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Some of the weakness in Macau has been offset in other parts of Asia, most notably at LVS’ Marina Bay Sands in Singapore. Adelson calls Marina Bay Sands, “The most profitable building in the world, ” and it contributed $518.5 million to the company’s bottom line, according to Asiaonline.