18 February 2008

Sands encouraged by Macau business

LOS ANGELES - The gambling industry will resist any global recession, according to the chief operating officer of Las Vegas Sands Corp.

"One of the last things people want to do is stop enjoying themselves," William Weidner said at the Reuters Travel and Leisure Summit in Los Angeles.

He said the Las Vegas Strip, where Sands recently opened the Palazzo resort adjacent to its high-end Venetian hotel-casino, still offers "a real bargain" compared with some other travel options.

Sands is also betting big on casino projects in Asia, particularly in Macau, where the company now operates two gaming resorts.

Weidner said heavy traffic at the Venetian Macao following this year's Chinese New Year holiday - 126,000 gamblers in one day alone - should put to rest concerns about whether Chinese consumers would have an appetite for hotel rooms, entertainment options and retail offerings that matches their well-known gambling habit.

"The Chinese are showing up and paying US$355 per room," he said.

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