Las Vegas Sands Conventions Declining
The number of and attendance at Las Vegas conventions is likely to continue to drop, resulting in dour prospects for Las Vegas Sands (LVS: 19.28 0.00%). Sands, more than any other US casino operator, has built its resort and gambling business on the backbone of the convention trade.
The Consumer Electronics Show, one of the year’s big events in the convention trade, disappointed as The Street.com reported the show was down as much as twenty-two percent in attendance and eight percent in floor rental space.
TheStreet notes that convention business lags the economy, so the worst is yet to come. As much as fifty percent of Las Vegas Sands’ Las Vegas business comes from hosting conventions.
The Venetian Casino and Resort was built by majority owner Sheldon Adelson as a upscale location for giant conventions. Adelson’s background and fortune came from the trade show business, and he set his casinos to pursue the same clientele.
Now, the troubled company faces prospects of having to outwait the recession before seeing an upswing in planned shows and trade events.
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