Las Vegas Sands Corp.

    Website: https://www.sands.com/

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest convention centers. It has a unique convention-based marketing strategy which allows the company to attract business travelers during the slower mid-week periods while focusing on leisure travelers during peak visitation. Its convention, trade show and meeting facilities are located with all on-site amenities offered at our resorts. Its integrated Resorts in the United States include The Venetian and The Palazzo. The resorts offer not only luxury accommodations and entertainment but when combined with Sands Expo & Convention Center, The Venetian and The Palazzo also make up one of the largest LEED certified buildings on the planet. Also in the United States is Sands Bethlehem, a AAA 4-diamond and 4 Green Key property, located on the site of the historic Bethlehem Steel Works.In Asia, the company runs the Marina Bay Sands in Singapore. It has also developed – through its majority-owned subsidiary Sands China Ltd. – a collection of resorts in Macau, including The Venetian Macau, Sands Macau, The Plaza Macau featuring Four Seasons Hotel Macau, Cotai Central, Sands Cotai Central, The St. Regis Macau, Cotai Central, as well as its most recent edition, The Parisian Macau.

    People

    George Tanasijevich

    George Tanasijevich has been the president and chief executive officer of Marina Bay Sands Pte. Ltd., a subsidiary of Las Vegas Sands Corp. since January 2011 and July 2011 respectively.Tanasijevich has also been the managing director of global development at Las Vegas Sands Corp. since January 2011. Tanasijevich previously served as senior vice president / Equity Markets at CapitaLand Limited in Singapore, Southeast Asia’s largest real estate conglomerate. Prior to joining CapitaLand, Mr. Tanasijevich served as corporate vice president of General Growth Properties, which was at that time the second largest shopping mall REIT in the United States. Tanasijevich has an MBA from the University of Chicago Booth School of Business, a law degree from Loyola University of Chicago, where he was a member of the law review, and a bachelor’s degree from the University of Michigan.

    Sheldon Adelson

    Mr. Sheldon G. Adelson is an internationally renowned businessman, entrepreneur, and philanthropist. His business career spans nearly seven decades and has included creating and developing to maturity more than 50 different companies, including the COMDEX tradeshow for the computer industry. At his direction, COMDEX became the world’s largest TRADE show with a presence in many different countries.Mr. Adelson is also the founder of Las Vegas Sands Corp. - a company which has become the leading global developer of integrated resorts, which feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.As the company’s chairman and chief executive officer, Mr. Adelson’s penchant for challenging and changing the status quo has led the company to overwhelming success in every location in which it operates.In Las Vegas he is widely credited for helping transform the city from a gaming-centric regional location into the leading convention and exhibition city in the United States. In Macao, Mr. Adelson’s vision to recreate the Las Vegas Strip was originally panned by most observers, but since opening The Venetian Macao on the Cotai Strip in 2007, his development plans have become the envy of international leisure and hospitality operators everywhere.In 2010, Mr. Adelson set the bar even higher with the opening of the $6 billion Marina Bay Sands integrated resort in Singapore. In addition to all the amenities that have become the hallmarks of Las Vegas Sands-developed properties, this iconic facility features a three-acre SkyPark which sits more than 50-stories off the ground and on top of the property’s three hotel towers.Having been featured on the cover of more than 50 different publications, Mr. Adelson has been profiled by many of the world’s leading print and broadcast news organizations.He has earned multiple honorary degrees and has been a guest lecturer at various colleges and universities, including the University of New Haven, Harvard Business School, Columbia Business School, Tel Aviv University and Babson College.Among his numerous awards for his business and philanthropic work are the Armed Forces Foundation’s Patriot Award, Hotel Investment Conference’s Innovation Award, the Woodrow Wilson Award for Corporate Citizenship and induction into the American Gaming Association’s Hall of Fame.Mr. Adelson and his wife, Dr. Miriam Adelson, are noted philanthropists who donate to a variety of civic and charitable causes.

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    Las Vegas Sands plans $1 billion domed stadium in Vegas

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    YWS’ Robert Coppola takes part in ‘Engaging Millennials’ panel at ICE

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Wynn concerned about Cotai delays, warns of penalties

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Lobby group withdraws request for probe of Adelson

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Weaker-than-expected start for Macau Nov. GGR

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Las Vegas Sands 3Q earnings top forecasts: Singapore bright

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    LVS modest margin declines likely to accelerate: DB

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Macau EBITDA seen down 36 percent in Q3

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    LVS Macau mass market share drops in Sept., Wells Fargo says

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Alan Dershowitz to represent Sands in lawsuit

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Macau’s mass-market Emerges as Sands shifts from junket-VIP

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Wells Fargo neutral on Macau

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    China suspects LVS Macau casinos of being used by CIA

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Sands China net revenues decline 25.6 percent in 15Q2

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Las Vegas Sands Q2 earnings seen down 28 percent

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    U.S. judge won’t unveil LVS files in Macau wrongful dismissal case

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Judge urged to unseal documents in Sands China unfair dismissal case

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Sands Cotai partners with Lander Real Estate for sporting events

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Macau casino stocks gain as CS points to “green shoots”

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    “Supply will create the demand” says Adelson on Macau

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Adelson to answer claims in court about fired former Macau executive

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Casino stocks take a hit after visitor cap announced

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Sands China announces amended credit agreement

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Vietnam prepares for airport and casino developments

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Venetian ad featuring soccer star Beckham put on hold

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Netanyahu urges Japanese official to facilitate Adelson franchise

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Debate percolates over future gaming concessions in Macau

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Tenman’s Matt Pryor joins Best Sunshine

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Macau operators’ Q4 EBITDA seen down 11 percent

    Las Vegas Sands is an intergrated resort developer and operator. Its resorts feature luxury accommodations, state-of-the-art gaming, high-end retail, celebrity-chef dining and a wide-range of entertainment and convention space for both business and leisure guests.It runs integrated Resorts in Las Vegas, Bethlehem, Macau and Singapore, with 10 resorts worldwide and three of the world’s largest […]

    Operators woo Japan local governments

    The season has come for the sixteen or seventeen interested IR operators to concretely develop their strategies to woo local governments and to position themselves to be chosen as partners.

    Japan IR winners emerge as framework becomes clear

    The increased clarity regarding the terms of IR regulation in Japan following the ruling coalition compromises is also throwing light on which institutions are now advantaged and which are disadvantaged in the race for licenses. Seth Sulkin, head of the American Chamber of Commerce in Japan’s task force on IRs, describes the outcome to Asia Gaming Brief as “a major victory for the major casino operators and large Japanese cities.” 

    Japan local governments gather at the starting line

    The year 2017 saw a distinct acceleration in the race to obtain licenses to build and operate Japan’s first IRs. While everyone agrees that the potential scope of the market is vast, without the precise locations and the terms of regulation yet being clarified, estimations of the ultimate size of this market remain little more than guesswork. Progress in the year was once again stalled by politics, though operators are hoping to push forward in 2018 with both the legislative framework and their own groundwork.

    Rush Street bets on regional opportunities

    For Chicago-based operator Rush Street Gaming (RSG), building an IR in a smaller, regional location like Tomakomai or Nagasaki is not a consolation prize for missing out on one of the major Japanese urban markets, but is itself the main event. In an exclusive interview with Asia Gaming Brief, RSG Chairman Neil Bluhm and CFO Tim Drehkoff—as well as Steve Rittvo, CEO of Innovation Project Development, who the company has retained to help them win their bid in Japan—laid out their priorities and strategies. 

    Japan the top prize, though Brazil seen a worthy contender

    Brazil and Japan are two of the most hotly anticipated casino markets, but how do they stack up against one another and which country is the most appealing for international casino operators and investors? The two nations have entwined cultural links, mainly due to mass migration throughout the 20th Century. In fact, Brazil is home to the world’s largest Japanese-descendant population outside Japan. One other thing Brazil and Japan have in common is that they both appear to be on the cusp of introducing legalized casino resorts after years of false starts and delays.

    Results improve as cost cutting, debt control kicks in

    Singapore’s two gaming operators reported an improvement in Q2 results, helped by cost controls, lower bad debts and higher premium play, though analysts see few catalysts for significant expansion of the market. In 2007, Singapore granted Las Vegas Sands and Genting Singapore a license for one resort each, with exclusivity until 2017. Those licenses were renewed in 2016 for a further three years, but the government is not expected to allow any new entrants, therefore keeping a lid on the size of the island-state’s gaming market.  

    Casino reform push gathers steam

    The push to legalize casinos in Thailand appears to be gathering momentum, though experts say any reforms are unlikely to have much of an impact on the thriving illegal market, which is estimated at more than $5 billion a year. Academics in the country, who focus on gaming, say there is increasing confidence that the issue of casinos will be raised again after the next general election, expected in late 2018. It would be the  most significant step in gaming industry reforms since Thailand became a constitutional monarchy in 1932. 

    Foreign interest seen strong if casinos legalized

    Thailand would be a major draw for foreign investors were it to legalize its casino industry and would likely provide significant competition for other regional jurisdictions, according to panelists at the recent ASEAN Gaming Summit. The Southeast Asian country already has well-established tourist infrastructure pulling in more than 32 million visitors a year, though the real draw would be if locals were allowed to gamble. 

    Non-gaming revenues rise, but offering fails to inspire

    Chinese Premier Li Keqiang praised Macau’s efforts to diversify its economy during a three-day visit last year, but market experts say operators are still trying to get the recipe right when it comes to non-gaming attractions and face an uphill struggle. Revenue from non-gaming has improved, however, Macau is still far from being a destination that will attract visitors for its tourism offering off the casino floor. 

    Sands serves French flavour to whet mainland tourism appetite

    Ask many mainland Chinese what their dream travel destination is and the answer is unlikely to be Macau. According to a survey by CLSA, Macau came bottom out of a list of 21 destinations, with Europe, the U.S. and Australia topping the list. So, could Sheldon Adelson have hit upon a winning formula with his latest resort -- the $2.8 billion Parisian? The property, like its sister next door, aims to bring a little bit of Europe to the Cotai strip, providing a taste of all things French without the lengthy voyage and language complexities.

    Marketing to the masses

    Galaxy Entertainment added to its range of non-gaming attractions in June, opening Macau’s first Apple Store, as operators seek to appeal to a broader market to replace the shrunken VIP sector. Macau now gets around 45 percent of its revenue from the mass sector, up from the low point of 26 percent in 2Q11. Although the mass sector has significantly higher margins than the VIP at 25 percent to 55 percent compared with 10 percent, for most, that shift is still not yet showing through in the bottom line. Getting the marketing message right may be key to tapping the mass market.

    Mass market turns south in Singapore

    Singapore’s two operators are seeking to add more non-gaming attractions to boost growth as income from their casinos continues to drag, with results released this week showing an unexpected drop in mass revenue at Marina Bay Sands.  Casino revenue for the quarter fell 1.6 percent to $556.7 million, with adjusted property EBITDA dropping 1.7 percent to $357 million. The property reported a drop of 29 percent in its rolling chip volume, but more unexpected was the almost 11 percent drop in mass market volume year-on-year. Slot handle gained 6 percent.

    Thailand eyes casino windfall

    Thailand, whose conservative Buddhist society has long been opposed to gambling, has again renewed the debate over legalizing casinos as the government eyes a potential boost to tax revenue and tourism numbers. The discussion comes amid signs the public view may be changing, with surveys pointing to growing support for legal casinos, which could generate more than $2.7 billion in annual tax revenue and boost foreign tourist arrivals by up to 50 percent, according to recent studies, backed by the Thai Excise Department.

    Cotai resorts seen viable, but returns to disappoint

    The multi-billion properties opening up on Macau’s Cotai strip are still likely to be viable, despite the slump in gaming revenue in the territory, though returns will fall far short of the levels expected when the resorts were first planned, analysts say. The six operators are set to almost double their room capacity over the next two years at a time of unprecedented uncertainty for the revenue outlook. 

    2016 – what comes next for Macau and the region?

    Asia Gaming Brief asked its advisors David Green, John English, Luis Mesquita de Melo, Andrew Klebanow and Steve Gallaway, to look ahead and share with us what they believe are the underlying currents for the Asian Gaming industry in 2016. Views may differ but the one common denominator is the shifting of the sands - something will have to give…An end to the IR “arms race," by David Green The strong will survive, by Steve GallawayEnough about the Millennials, by Andrew KlebanowMacau will continue the race to reinvent, by John EnglishThe “golden” gap for emerging jurisdictions,  by Luis Mesquita de Melo 

    Macau casinos putting cost cuts above customer care?

    As Macau’s gross gambling revenue has slumped, operators have been paring costs to the bone to protect margins, with the first casualty usually being spending on marketing and player reinvestment.However, this may be a short-sighted approach that will cost dearly in the longer term. 

    As gaming industry shifts, staff remain a sound investment

    As Macau’s gaming industry sees revenues decrease and high-rollers look to take their money elsewhere, operators have had to shift their focus and resources to capture a bigger slice of the mass market, which includes opening up their non-gaming elements. 

    Macau’s luxury malls look to High Street as clientele changes

    Macau’s retail malls, dominated by the luxury brands favored by high rolling mainland Chinese, are turning to more affordable High Street names as VIP revenue falls, but the shift is unlikely to have a major impact on operators’ profits, analysts say.Although retail revenues have moderated in Macau, the downturn has been less severe than the slump in overall gross gambling revenue, which dropped 36.2 percent in June, declining for the 13th consecutive month. Las Vegas Sands also reported strong growth in its retail operations in Q2, though future success may hinge on getting the brand mix right.  

    Las Vegas Sands eyes Thai casino, but faces uphill battle

    Las Vegas Sands’ Chief Executive Officer, Sheldon Adelson, has offered to spend up to US$6.0 billion on a 450-room entertainment and casino complex in central Bangkok, but local support is far from certain, even though some senior figures have thrown their weight behind legalizing gambling in the Kingdom.

    Are big budget ads money well spent or sledgehammer cracking a nut?

    With Macau gambling revenue falling for the 12th straight month in June and new multi-billion dollar casinos set to double capacity in the territory, it has become more important than ever for operators to find a way to stand out from the crowd -- but does it have to break the budget? Kevin Clayton, chief marketing officer for Galaxy Entertainment Group, cites the old saying “differentiate or die,” to describe the need for the companies to carve out their market niche and shape their brands through the best use of all available marketing tools.

    How will Macau treat casino gaming license renewals?

    The government’s mid-term review of Macau’s six gaming operators is now well underway, assessing the strengths and weaknesses of the concessionaires and sub-concessionaires ahead of the expiry of current concessions.Against a backdrop of a year of falling gambling revenue and a crackdown on corruption by mainland China, it has added a further layer of regulatory uncertainty in the market.
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