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Las Vegas Sands Looking to Expand in Macau

Casino News - August 3rd, 2009 - Written by Bonnie

When we think of the gambling capital of the World, most of us tend to picture Las Vegas but surprisingly enough, Macau is now known as the most successful gambling location. With our struggling economy, we have see some of the major corporations being forced to close due to financial troubles. Being that Macau gambling properties are still running strong, we are seeing a increase of USA based casinos looking to expand projects into Macau.

Recently, Las Vegas Sands took to the media to announce their plan to gain $400 million in funding to jump start a casino resort project in Macau that was put on hold due to economic difficulties. The Sands, like many USA casinos, took quite a hit in the past years. Consumers are finding it necessary to refrane from spending extra money on forms of entertainments such as gambling. Casino operators are seeing a substantial decrease in revenue and profit . As a matter of fact, the Sands came in at a loss of $175.9 million for the second quarter. Properties in Las Vegas have all seen the results of a down turn in the economy. Properties are being forced into bankruptcy and others are struggling to find ways just to stay afloat. Las Vegas Sands has found their way may very well be with the expansion in Macau.

Carol Hinds, an observer, stated "Even though Macau has not hit their expected revenue figures, and business is down, it is still a better alternative to Las Vegas these days, it could become important for Sands to complete that project."

Also taking a hit this go round was Sands stock with a decrease of nearly 15%. We have seen a number of casino properties report quite a fall over the past quarter. The MGM Mirage came in way lower than expected with numbers from the second quarter which were in no way profitable. It is being said that stock value may very well start to increase for the sands in the upcoming weeks. Much of that having to do with the talk of expanding in Macau. With the Sands looking for a solution to their financial troubles by continuing on the project in Macau, investors may be able to have some piece of mind.

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