Great success in Singapore
Las Vegas Sands is planning to invest $6.8bn in Macau and Singapore to help take advantage of the boom in gambling across the Asian market. The US-based casino company announced its investment plans on Thursday after reporting all-time high gaming revenue at its Marina Bay Sands property in Singapore.
The property’s 2022 Q4 gaming revenues hit $477m, up from $215m in the final quarter of 2021. While the company is still dealing with weak demand in Macau, the hope is that the special administrative region of China will bounce back strongly sooner rather than later.
Las Vegas Sands plans to invest approximately $3bn in the region
Singapore has benefited from the easing of pandemic-related restrictions last year, enjoying an influx in tourists, a big reason why Las Vegas Sands plans to invest approximately $3bn in the region in the coming years. This includes an addition of a 1,000-room luxury hotel tower at the Marina Bay Sands and an expansion of the shopping mall and convention center. The work is expected to be finished in 2027.
Returning to normality
Las Vegas Sands then aims to invest $3.8bn in Macau after successfully renewing its gaming license in the region. Most of the funds will go towards non-gaming projects. Speaking about his optimism for the Macau market, Las Vegas Sands CEO and chairman Robert Goldstein said: “We remain deeply confident in the future of Macau and consider Macau an ideal market for additional capital investment.”
The company as a whole managed to return to profitability last year, reporting a full-year net profit of $1.8bn. One of the big contributing factors to the profit total was its sale of the Venetian casino resort in Las Vegas for $6.3bn.
Considering expansion opportunities
Las Vegas Sands has also recently been looking to expand its global presence. One of its big priorities is getting its hands on one of three full-service casino licenses in New York City. Goldstein believes that getting a license would be “an extraordinary and unique opportunity.”
spending millions of dollars in Texas lobbying for casino legalization
The company has plans to build a casino resort on Long Island if it’s successful with the license bid. It has also been spending millions of dollars in Texas lobbying for casino legalization. Further afield, Las Vegas Sands has been looking hard at getting involved in a project in Thailand.