Las Vegas Sands looks to expand into Asia after sale of Venetian Resort

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Las Vegas Sands looks to expand into Asia after sale of Venetian Resort

Las Vegas Sands has stated the proceeds from the sale of its Las Vegas assets will be used to expand further into the US and Asia markets, as well as improving the company’s digital services.

The company aims to sell its properties for $6.25bn, and the sale includes the Venetian Resort Las Vegas, the Sands Expo and Convention Center. 

In the J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum 2021, the company’s CEO Rob Goldstein reiterated its interest in the Asian market. “Las Vegas is a small part of our business. 90% plus of our EBITDA resides in Asia,” said Goldstein.

“We believe Macau is a big growth market for us… we’d love to deploy more capital in that market.”

Macau’s government will soon begin the licence renewal process, and Goldstein is confident Las Vegas Sands will receive permission to continue operating in the city.   

Aside from Macau, Las Vegas Sands is looking towards Singapore as well because the company has an agreement with the government to expand its business there. Las Vegas Sands operates Marina Bay Sands in Singapore, and recently the company committed to spending $3.3bn to expand it, which includes a new hotel and an arena.

The extension also ensured the company’s gaming licence in Singapore was extended. 

According to Asian Gaming Brief, Goldstein assured the sale of the Las Vegas properties doesn’t mean the company is abandoning the US, nor was it done to operate under less-strict regulations. He said: “We are a US company, we pay taxes here, we reside here. We’re going to be the same high regulated, very, very careful company we’ve always been.”