Macau’s Wealthiest Gamblers Feel the Trade War Pinch

(Bloomberg) -- China’s high rollers are feeling the hit to their businesses from the trade war. That’s the feedback Las Vegas Sands Corp. is getting from its wealthiest gamblers, according to President Robert Goldstein.

“We hear from our people who work in the casino that customers are concerned about the trade war,” Goldstein said in a call with analysts to discuss second-quarter earnings. “It is impacting some of their business.”

Bloomberg Intelligence analysts Brian Egger and Caitlin Noselli said U.S.-China trade tensions may have exacerbated declines in wagers by VIP clients in Macau during the second quarter, contributing to weaker-than-expected results in the world’s biggest gambling hub.

Goldstein said the worries are coming from high-end entrepreneurs or those who work for companies impacted by the tensions between the U.S. and China. He cited a Chinese customer in Las Vegas who said the trade war is “really impactful.”

He said the sentiments are only anecdotal, and stressed that “Macau looks like it’s doing just fine.”

To contact the reporter on this story: Jinshan Hong in Hong Kong at jhong214@bloomberg.net

To contact the editors responsible for this story: Rachel Chang at wchang98@bloomberg.net, Jeff Sutherland, Reed Stevenson

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