Sands COO ‘Pessimistic’ on Return of Vegas Convention Business in 2021
With Las Vegas so “dependent” on group and convention business, Rob Goldstein, Las Vegas Sands chief operating officer, sees “nothing that indicates” the business will “return at all” to the city this year, he said on a Q2 investor call…
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Wednesday. “Las Vegas cannot perform without return of these segments. It cannot make money with limited hotel occupancy.” Even with the recent reopenings of the Venetian and Palazzo, “we’re running a regional casino” destination that’s “predicated” on customers driving in from other locales, he said. "Airlift" traffic through McCarran airport is only about 40% of its pre-COVID-19 volume, he said. “I don’t have a crystal ball into 2021,” said Goldstein. “I remain pessimistic" about the group and convention business for next year, he said. The “slowest return” will be the “large-deal group business” because it's “more tech-driven, and those people are more reluctant to travel,” he said. Goldstein doesn’t want to “predict 2021 because I don't feel I have enough insight into what might happen to the vaccine or the virus,” he said. “But I would be less than honest if I didn't tell you that Las Vegas is in a very difficult place." The city is "struggling here," said the COO. "It's painful, and I think it remains painful for the immediate future.” The stock closed 4.2% lower Thursday at $44.88. CES 2021 is scheduled Jan. 6-9 at the Las Vegas Convention Center.