WH Smith bets Vegas casinos will help it to crack America
WH Smith’s boss dreams of big profits in Las Vegas casinos as he tries to crack America
WH Smith’s boss believes there are still “quite a lot of opportunities” in Las Vegas casinos as it appears to be cracking America.
The retailer’s profits more than tripled in the six months to February 28, while airport sales surged as passenger numbers recovered from the lockdowns.
Once a traditional stationery store, it has become a one-stop shop for travelers whether they need to buy a phone charger, a book or a sandwich.
Travel division profits rose to £47m, up from £10m on the same period a year earlier, while high street shop profits fell from £26m to £24m.
WH Smith saw profits more than triple in the six months to February 28 as airport sales boom on the back of passenger numbers recovering from the lockdowns
WH Smith is confident in his outlook across the Atlantic, with North American earnings up 75 percent.
It has about 100 casino shops after buying US travel agency Marshall Retail for around £325 million in 2019.
But unlike the plain blue and white branding of shops in the UK, casino and hotel shops are ‘tailor-made’ for their specific locations and blend in with their surroundings.
And there may be more. Chief executive Carl Cowling said “there are still tons of opportunities in Las Vegas” after it opened a two-story souvenir shop above the famous strip.
The shops are fashion-oriented, with sequined dresses and jackets being among the best-selling products.
“Women who are there next weekend want a new outfit, something bling bling,” the CEO said.