Las Vegas Sands CEO Rob Goldstein addressed the political uncertainty between China and the U.S. over reciprocal tariffs, saying his company has great relations with the Chinese and hopes the dispute is resolved immediately.
Goldstein made the comments in response to a question from a Wall Street analyst during Wednesday’s earnings call. The analyst said investors are worried about China retaliating against American companies in the country. Goldstein was asked if that keeps him up at night or whether his relationship with China is in good standing and at a low risk of retaliation.
Goldstein made his comments after Sands reported a decline in net revenue, net income, and property-adjusted EBITDA and described market growth as “softened” in the current environment.
“I would like to see a stronger relationship between the U.S. and China tonight,” Goldstein said. “We need it. They need it. Consumers need it. It’s good for the world. I’m very disheartened by what I’m seeing and hopefully it gets resolved quickly. But we’re not concerned about our position in Macau, nor should we be.”
Goldstein pointed out that Sands operates in Macau rather than on mainland China and “there’s a difference.” Sands has “an incredible relationship with Beijing and we’ve worked on it for many years. It’s very important to us.
“We’re a big believer in the relationship between China and the U.S. and very disheartened about what’s happening right now. It doesn’t keep me up at night at all. We’re in a good position in Macau. We’ve been the leader in capital expenditures and developing non-gaming assets and have a legacy that stands well.”
Goldstein called the current “dislocation” between the countries “unsustainable,” insisting that there has to be a deal between the two most powerful countries in the world.
“I remain steadfast in my belief that it must come back to a much more rational place quickly,” Goldstein said. “It has to and I’m hoping it happens sooner than I anticipate. It’s a very special relationship that began 20-plus years ago when (then-company-head Sheldon Adelson) made that pitch for Cotai. The Chinese have been incredible partners. The government in Macau and the people in Beijing, we’re grateful for their support over the years. We believe we will be there for many years beyond the concession.”
