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After Leaving Las Vegas, Sands Wants to Set Up Shop in Texas

Las Vegas Sands (NYSE: LVS) sold the last vestiges of its Las Vegas casino empire last month, supposedly to go all-in on the Asian gambling market. But with the Texas legislature gearing up to consider proposals to expand gambling in the state, the resort operator is launching a media campaign to build support for the measures.

Despite president and CEO Rob Goldstein said he saw Vegas as still having "plenty of gas in the tank" for growth, the casino operator seems to be getting out of Dodge and hoping to expand in Texas and elsewhere. And that speaks volumes.

Image source: Getty Images.

Sands is unveiling TV and radio ads in Texas today that argue the "billions of tourism and gambling dollars" that leave the state each year for casinos in neighboring Arkansas, Louisiana, New Mexico, and Oklahoma should remain in the state. Sands is financing the ads through its Texas Destination Resort Alliance, coordinating the marketing campaign as well as having a social media presence.

It is pushing for the legislature to allow a referendum on approving four resorts in the state to boost spending, jobs, and services.

Goldstein previously expressed positive comments about Texas and New York as markets that hold a lot of potential for gambling, and the resort operator had been active in both in speaking with legislators. A Texas House committee will take up the proposals today.

Yet it will still be years before Sands or any other casino would be able to build in the state, which is likely why Goldstein continues to eye Asia, in particular Singapore, for the resort operator's more immediate growth needs.

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Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.


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