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LVS to invest more in Singapore after Vegas sale

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LVS to invest more in Singapore after Vegas sale

President and Chief operating officer Casino Las Vegas Sands Corp said that they will be “investing more” in Singapore at this stage, following the sale of the group’s Las Vegas, Nevada assets.

The casino group announced last week that it would sell off its Las Vegas gaming and non-gaming assets for US$6.25 billion. The sale deal includes the Venetian Resort Las Vegas, and the Sands Expo and Convention Center.

Las Vegas Sands is the parent of Macau casino operator Sands China Ltd, and of Marina Bay Sands Pte Ltd, the operator of the Marina Bay Sands casino resort in Singapore.

Mr Dumont told investors that the company was keen in investing more in Singapore given the return profile of that market.

“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, he added.

Las Vegas Sands is to invest an additional US$3.3 billion to expand Marina Bay Sands in return for an extension – under the existing duopoly – of its gaming rights in Singapore.

The company will build a fourth tower adjacent to its existing complex. The expansion plans also include a 15,000-seat arena and a new a luxury all-suite hotel with about 1,000 rooms, topped with a sky roof.

“We are very focused on Marina Bay Sands. We also intend to invest significantly in the existing towers, to ensure that [the property] remains competitive in the future,” stated Mr Dumont.

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