Las Vegas Sands Eyes Asian Expansion
The Las Vegas Sands Corp announced plans to further expand its portfolio of integrated resorts (IR) across Asia, where company chairman and CEO, Sheldon Adelson, specifically highlighted South Korea, Japan and Vietnam for two IRs in each destination. Cities currently earmarked for development include Seoul, Busan, Tokyo, Taipei, Hanoi and Ho Chi Minh City.
In Asia, LVS currently operates the Venetian Macao Resort Hotel, Plaza Macao, Sands Macao, and the Marina Bay Sands (MBS) in Singapore, in addition to the newly opened Sands Cotai Central in Macau. Sands Cotai Central reportedly features around 20,000 m2 of meetings and convention space.
Elsewhere in Europe, LVS is targeting Madrid and Barcelona for a Las Vegas-style casino complex in five to 10 years’ time. Adelson suggested plans for 12 IRs, with 3,000 rooms each, at costs of US$2.5 to US$3 billion each.
LVS president and COO, Mike Leven, said, “We are looking at places which have the characteristics to be successful [in supporting IR development], and are either relatively mature or emerging markets. We need places where there will be people to fill the resorts, where the tourism infrastructure is capable... places where people will want to visit for both MICE and leisure. Our long-term strategy is to have IRs in every Asian capital, using Singapore as the model.”