![]() Las Vegas Sands has invested a total of $15 billion across five properties in Macau since the company’s late founder Sheldon Adelson, who died January 2021, opened his first casino there in 2004. ![]() “The near-term dynamics are not all that great but if you look forward, we're seeing an opportunity in the Macau-exposed names.”įor a company like Las Vegas Sands, which announced a deal to sell its assets in Sin City for $6.25 billion in March, Macau is not only responsible for 66% of the company’s profits, it’s the key to future growth. “Is the future still Macau? I think it is,” says Wasiolek. Once travel restrictions ease, demand will explode to fuel a similar recovery that Las Vegas has experienced. ![]() Dan Wasiolek, an analyst at Morningstar, says Covid-19 restrictions preventing the free and easy travel of tourists from mainland China and Hong Kong, which together made up 85% of Macau’s visitors before the pandemic, is what’s hindering its gambling industry’s recovery.
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