Las Vegas Sands owned by the family of the late casino billionaire Sheldon Adelson— invests $6.8 billion in Macau and Singapore to expand its presence in Asia amid a gaming boom across the region.
The US gaming giant announced plans to invest in Asia on Thursday, reporting record gaming revenue at Marina Bay Sands. The iconic facility in Singapore’s financial district reports Mass Games revenue for the fourth quarter of 2022 increased to $477 million from $215 million the year before. increase. This narrowed Las Vegas Sands’ net loss from continuing operations for the quarter to his $269 million from his $315 million a year earlier.
Las Vegas Sands Chairman and CEO Robert Goldstein said: statement.
Singapore has seen a surge in tourism since the reopening of borders and a succession of international events, including the F1 Grand Prix last October. To take advantage of the recovery in tourism, Las Vegas Sands will invest approximately $3 billion over the next few years to add a new luxury hotel tower with 1,000 hotel rooms at Marina Bay Sands, a convention center and shopping mall. Expanding the mall, the company said in its earnings report. presentationThe project is expected to be completed in 2027.
Las Vegas Sands is investing $3.8 billion after renewing its gaming license in the former Portuguese enclave, despite a slow recovery in Macau as it grapples with China’s tougher pandemic restrictions. , for non-gaming projects such as meeting spaces and entertainment venues. “We are very confident in Macau’s future and believe it is an ideal market for additional capital investment,” said Goldstein.
Las Vegas Sands is back in the black for the full year 2022 with net income of $1.83 billion. This was supported by an extraordinary gain from the sale of Las Vegas’ Venetian casino complex last year.