Casino operator Las Vegas Sands Corp. considers dropping Las Vegas from company name
By Oskar Garcia, APWednesday, September 15, 2010
Las Vegas Sands considers dropping Vegas from name
LAS VEGAS — Casino-resort developer Las Vegas Sands Corp. may still be based in Las Vegas — running Sin City’s quintessential business under the town’s richest CEO — but it is thinking of dropping Las Vegas from its name.
A new moniker would better reflect the company’s international footprint, including mega-resorts in China and Singapore, and its plans for growth, spokesman Ron Reese said Wednesday.
Reese said executives haven’t settled on a new name or a timeline for a change, but billionaire CEO Sheldon Adelson floated two possibilities — Sands International or Sands Resort International — on Tuesday at the CLSA Investors’ Forum in Hong Kong.
“Sands is the company’s most prominent brand,” Reese said. “It’s remaining faithful to the most prominent brand but being reflective of the company’s global presence.”
A name change could come as early as November, when Sands’ board meets next, he said.
Sands, the world’s second-largest gambling company behind Harrah’s Entertainment Inc., took in less than one-fifth of its $1.59 billion in second-quarter revenue in Las Vegas, where it runs two casino-resorts and a large convention center.
Sands took in $276.2 million from the Venetian and Palazzo casino-resorts on the Las Vegas Strip compared with $1.04 billion in Macau, the Chinese gambling enclave where it runs three casino-hotels and has plans for more.
Marina Bay Sands, which opened April 27 in Singapore, took in $216.4 million in revenue during the quarter despite being open just two-thirds of the period.
Sands recorded a loss of $4.7 million for the quarter. Shares of Sands rose 54 cents, 1.7 percent, to $32.28 on Wednesday.
Earlier this year, MGM Resorts International, in which billionaire Kirk Kerkorian is a major investor, changed its moniker from MGM Mirage. That casino operator, also based in Las Vegas, also cited a new emphasis on a global scope when shareholders approved the change June 15.
