Las Vegas Sands Corp chaired by billionaire Sheldon Adelson is the biggest casino operator in the world and a trend setter in the casino industry. Sands Corp recently completed the sale of its Sands Bethlehem casino in Pennsylvania which it sold for $1.3 billion to the Poarch Band of Creek Indians of Alabama.
Las Vegas Sands Corp has never had a strong presence in the US market as it preferred to focus on international operations than the domestic market.
Sands Corp owns the Venetian and Palazzo casino resorts in Las Vegas and its only other domestic property was the Sands Bethlehem casino.
Adelson and his team were always looking to sell Sands Bethlehem as the company wanted to focus on its Asian operations which has turned out to be very lucrative for the company. Sands Corp operates the popular Marina Bay Sands resort in Singapore and multiple casinos in Macau – which is the biggest gambling hub in the world.
Some of its Macau casino properties include Sands Macao, Venetian Casino Resort Macao, Plaza Casino and the Parisian Macau. Sheldon Adelson has expressed in the past of venturing into new Asian markets such as Japan, Vietnam and Cambodia but the right opportunity is yet to present itself.
Funds Will Go Into Asian Expansion
Sands Corp will likely use the funds from the $1.3 billion Sands Bethlehem sale to fund its major expansion projects in Asia. The iconic Marina Bay Sands property is currently in the process of going through a $3.3 billion makeover while the old Sands Cotai Central property will receive a $1.1 billion makeover that will see the development of a themed resort called The Londoner.
Japan – Continues To Be A Key Focus
While Sands Corp is spending billions to fund its Asian expansion, the main focus will no doubt be on the newly regulated Japanese market. Japan is expected to be one of the hottest gambling markets in the world and international casino operators will compete fiercely for the 3 IR casino licenses that are to be issued.
Las Vegas Sands has made its intentions clear that it wants to enter Japan and develop a large-scale integrated resort. Sheldon Adelson has stated in the past that his firm is willing to invest $10 billion to develop this new resort and now the budget is gone up to $12 billion. Should things go as per plan, the new Japanese IR from Sands Corp could turn out to be the biggest property that the company has ever developed.