Las Vegas Sands Corp . LVS recently announced that it will create a large scale music and entertainment venue in Las Vegas for concerts and events. The company will work in collaboration with The Madison Square Garden Co. MSG , Live Nation Entertainment, Inc. LYV and Oak View Group to develop this arena.
The 400,000 square foot venue will be located between Manhattan Street and Koval Lane. With 17,500 seats and a scalable seating capacity, it will be the largest venue built solely for music and entertainment and it will offer the audience an unmatched experience through advanced acoustics, modern technology and luxurious seating options and elite clubs and lounges.
The company is concentrating on expanding its Las Vegas portfolio in order to drive segmental performance and offset the poor performance of the Macau division. The Las Vegas Strip has been recording high occupancy rates over the past year, especially toward the end of 2015.
The improvement in employment and the rise in tourism numbers in the region has been boosting demand at the company's properties. Therefore the company is trying to add to the non-gaming and entertainment options that would contribute highly to revenues.
Las Vegas Sands currently has a Zacks Rank #3 (Hold).
A better-ranked stock in the same sector is Monarch Casino & Resort Inc. MCRI with a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report