During an earnings call following the announcement of the operator’s third-quarter results, Goldstein addressed the speculation concerning the potential growth of the city’s gross gaming revenue (GGR).

Goldstein, who also serves as chairman and CEO of LVS’s Macau subsidiary, Sands China, stated, “There is speculation about future growth in Macau. The relevant question is, can the market grow to $30 billion, US$35 billion, US$40 billion of GGR and beyond? We are firm believers that it will and may occur at a much shorter timetable than anyone realizes.”

In the first nine months of 2023, Macau reported MOP128.9 billion (US$16.1 billion) in gross gaming revenue, which accounted for 58.5% of the amount recorded in the January to September period of pre-COVID 2019. Investment bank Citi Group predicts that the full-year GGR tally will likely reach MOP181.5 billion ($22.7 billion), representing 62% of the MOP220 billion (US$27.5 billion) achieved in 2019.

Macau’s gaming market reached its peak at MOP360 billion (US$45 billion) in 2013, with the now greatly diminished VIP/junket segment dominating. Back then, VIP baccarat revenue constituted two-thirds of the total GGR.

Sands China’s adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached US$631 million in the third quarter, marking a 16.6% increase from the US$541 million recorded in the previous three-month period, according to a stock filing released on Thursday morning.

During the earnings call, Goldstein noted that Sands China’s “retail business in Macao has far exceeded pre-COVID numbers.” Looking ahead, Sands China has been reaping the benefits of its latest property, the Londoner Macao, which alone contributed $167 million EBITDA in the third quarter. The operator indicated that phase 2 of The Londoner Macao is set to be ready in early 2025.

“The sooner we make the entire resort Londoner, the better it will be for everyone, our guests, our staff, our business, and the brand positioning,” said Sands China’s Chief Operating Officer, Grant Chum.