Las Vegas Sands bouncing back, according to Q1 earnings report

The Strip

LAS VEGAS (KLAS) — As Las Vegas emerges from the restrictions of the pandemic, and more vaccines are distributed, there are signs of recovery for Strip properties.

Over the next few weeks, companies will begin to report their finances from the first quarter of 2021, starting with Las Vegas Sands — operators of The Venetian and The Palazzo.

Much of its recovery is coming from profits over the weekend.

Slot play is reaching 2019 levels and room bookings are up over reservations during the week.

Problems with weekday reservations are stemming from restrictions on meeting sizes.

Las Vegas Sands recently announced the sale of its Las Vegas properties to Apollo Global Management, so the company can focus on its resorts in Asia.

“Here in Las Vegas, it’s amazingly busy here and the demand is back. I think Macao is going to follow suit, of course Vegas is still waiting for the return of the group business but that’s inevitable,” said Robert Goldstein — Chairman and CEO of Las Vegas Sands. “I think China and Macao, they’ll see a slow gradual return in the second half of the year. It will be positive for everybody over there.”

As restrictions continue to be lifted in the state, it is a good sign for the vital convention industry.

Las Vegas Sands reports there are “robust” group bookings from 2022 well into 2027.

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