The casino giant Las Vegas Sands moves big after its sluggish revenue performance in the first quarter of 2021. The operator makes a strategic investment in StreamLayer to work on its Video Engagement Operating System (VEOS). The development is expected to accommodate more exciting games and innovative sports betting features.
Las Vegas Sands Corporation is a reputable casino resort chain from Paradise, Nevada. The operator has a global casino business under subsidiary companies and has acquired large markets like Singapore, Macau, and other Asian territories. Las Vegas Sands is the largest global casino company in the world currently.
However, the company may be losing its touch as its revenue reports for the first quarter point toward a loss of almost half a billion. The operator continues this losing momentum as the revenue is still in free fall with debts increasing rapidly. The report released by Las Vegas Sands confirmed that the revenue slumped by 21% compared to Quarter 1 in 2021.
Not only that, but the operating loss from continuing the operations in the first quarter climbed to a whopping 70%. The consolidated property EBITDA also slumped below the halfway line in the same period. While the company is considering solutions to compensate for this loss, StreamLayer reportedly receives funding to improve the VEOS platform.
StreamLayer is a Chicago-based online media platform launched in 2018. The platform offers media and streaming media tools to bring an interactive live-streaming experience to handheld devices. This audience engagement platform operates on a B2B basis and can provide custom experiences to its audience.
The VEOS proposal by StreamLayer intends to make streaming so much more than just viewing while also benefiting those that own the rights. The linear video feeds can be turned into interactive experiences with this app, and these streams can be received in the native environment and customized for the products and offerings.
The streaming industry is one of the fastest-growing areas in the digital era. Still, it currently lacks the necessary solutions for proper monetization. CEO John Ganschow from StreamLayer believes that the funding received from Las Vegas Sands will put them several steps ahead in harnessing this growing demand for streaming.
On the other hand, Las Vegas Sands can fundamentally change how live casinos have been working by leveraging the solutions offered by StreamLayer. Other utilities of this VEOS platform include watching parties, real-time game information, sports betting opportunities, and several other e-commerce options.
Sports betting seems to be the way out for the operator from its plight, given it has already made an investment in US Integrity, a sports events and betting monitor. The casino company is shifting its focus towards Asia and has already offloaded properties like The Venetian and The Palazzo in Las Vegas.