Las Vegas Sands plans expansion to Asia after sale of Venetian Resort

Published on
Las Vegas Sands plans expansion to Asia after sale of Venetian Resort

Las Vegas Sands said that proceeds from the sale of its Las Vegas assets will be used to further expand its business in the United States and Asia markets, as well as to improve the company’s digital services.

The organization plans to sell its properties for $ 6.25 billion, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center.

At JP Morgan’s 2021 Games, Accommodation, Restaurants and Leisure Management Access Forum, the company’s CEO, Rob Goldstein, reiterated his interest in the Asian market. “Las Vegas is a small part of our business. More than 90% of our EBITDA is in Asia, ”he said.

He added: “We believe that Macau is a fast-growing market for us. We would love to invest more capital in that market “.

The Macau government will soon begin the license renewal process and Goldstein is confident that the Las Vegas Sands will receive authorization to continue operating in the region. In addition to Macau, the company is also betting on Singapore because the company has an agreement with the government to expand its business locally.

The group also manages the Marina Bay Sands in Singapore and recently pledged to spend $ 3.3 billion to expand the venture, building a new hotel and an arena. The Marina Bay’s extension also ensured that the company’s gaming license in Singapore was renewed.

Las Vegas Sands CEO guarantees that the company will continue with business in the USA

According to the Asian Gaming Brief, Goldstein assured that the sale of Las Vegas properties does not mean that the company is leaving the United States, nor that it is being carried out to operate in places with less stringent regulations.

“We are a North American company, we pay taxes here, we live here. We will be the same highly regulated and very, very careful company that we have always been ”, he concluded.