Sheldon Adelson made announcements at the Global Gaming Expo
The sector of VIP players in Macau could see a recovery in the next two months.
The sector took a hit after the crackdown of the Chinese government against corruption of party officials.
This is what the chairman and CEO of Las Vegas Sands group, Sheldon Adelson, believes.
He has just revealed plans to build a new hotel-casino in the New Jersey Meadowlands, provided the state allows such establishments outside of Atlantic City.
The end of the anti-corruption campaign
Officials of the Chinese Communist Party have been more discreet for several months now.
They mostly go to Macau and spent money more carefully, and less ostentatiously, in order to not be accused of corruption.
However, this situation is about to change.
That is what has just been declared on Thursday, October 2, at Sheldon Adelson’s annual show in Las Vegas called Global Gaming Expo.
According to him, the Chinese campaign against lavish spending of party officials has met its objectives.
It will now allow the industry of land-based casinos in Macau a fresh start.
Sometimes you win, sometimes you lose
The Las Vegas Sands group and some of its American competitors relied on East Asia to deal more confidently with the difficulties that followed the global economic crisis of 2008.
Macau has experienced very rapid growth and has become the world’s largest casino capital.
Yet in recent months, its revenues and activities have been decreasing.
Shares of Sands China have dropped by almost a third since the beginning of July.
However, Sheldon Adelson remains confident.
He thinks that this is all cyclical and also like a game: sometimes you win, sometimes you lose.
A new complex in New Jersey
During the Global Gaming Expo in Las Vegas, Sheldon Adelson also said he would be interested in building a new casino featuring a Hippodrome in the northern New Jersey Meadowlands if proposals to expand casino gambling beyond the borders of Atlantic City are approved by state legislators.
The region is already home to a huge sporting complex where the Jets and Giants play in the NFL. It is an important area of progress.
The owner of the Las Vegas Sands group therefore believes that it is an ideal place to build a complex dedicated to gambling and leisure.
