Las Vegas Sands to pour more investments in Asia

Las Vegas Sands to pour more investments in Asia

Las Vegas Sands Corporation has now set its sight on pumping in more cash to its properties in Singapore and Macau with the Hotel and Casino operator committed to fully focusing its resources on Asia.

More Emphasis on Asian Investment

Las Vegas will be making a strong play for the lion’s share of the pie in the Asian hotel and casino market following its exit from the American casino scene.

Last March 3, the operator signed an agreement involving the sale of its three remaining domestic properties in the United States to global alternative investments firm Apollo Global Management Incorporated and the Vici Properties Incorporated. The agreed arrangement is reportedly worth $6.25 billion.

It only means Sands Expo and Convention Center, The Venetian Resort Hotel Casino, and its 3,000-room The Palazzo hotel will have a new owner, which happens to be a corporate spin-off of casino giant Caesars Entertainment Incorporated.

Despite the shutdown of its business operation in the United States, the firm will maintain its headquarters in Las Vegas.

Patrick Dumont, the President and Chief Operating Officer for Las Vegas Sands Corporation, spoke at JP Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum to address the company’s future plans, including investing additional cash into Singapore – the home of its 2,560-room Marina Bay Sands facility.

The executive explained the additional investment is separate from the over $3.3 billion budget already allotted for the construction of a fourth hotel tower to the iconic development as part of conditions attached to its recent license renewal.

As for its Macau site, Las Vegas Sands chairman and chief executive Robert Goldstein said at the JP Morgan forum that his company is eager to shell out more capital and reinvest” in Macau and Singapore, where he believes the return of investment is much higher than in Las Vegas.

Macau’s current six gaming licences are set to expire in June 2022. The city’s Chief Executive can extend the existing concessions for an aggregate of up to five years in accordance to the current gaming law.

Key People on Las Vegas Sands’ plan in the Asian Casino Scene

Robert Goldstein, Las Vegas Sands chairman and chief executive, said:

“I believe the Macau government, as part of the license renewal process, will come to us and mandate, or ask us, to spend more dollars, large capital dollars to grow our business, which we would be delighted to spend as much as they want,” said Mr. Goldstein.

Patrick Dumont, president, and chief operating officer for Las Vegas Sands, commented:

Given the Las Vegas transaction, we are looking to invest more in Singapore at this point,” said the executive. “We are very privileged to have reached an agreement for a new development there, for expanding” Marina Bay Sands,” Dumont said at the forum.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.