Las Vegas Sands views a possible casino boom across Asia

26.08.2006, Lesen Sie hier den Bericht über «Las Vegas Sands views a possible casino boom across Asia»

The company will build one of two casino resorts in Singapore (Singapore).- Singapore’s plans to build casino resorts could set the stage for other Asian countries to build similar entertainment complexes in the years ahead, the top executive of Las Vegas Sands comented this week.



"There could be as many as 10 ’Las Vegases’ in Asia," said Sheldon Adelson, CEO of the U.S.-based luxury casino operator. "Other countries will say: ‘If it’s good enough for wholesome Singapore, it’s good enough for us.’"

Las Vegas Sands will build one of two casino resorts in Singapore, a us$ 3.6 billion project that is set to open in 2009 as part of the city-state’s campaign to boost tourism revenue and jazz up its staid image. The company is also building its second casino resort in the bustling Chinese enclave of Macau that will open in 2008.

"Japan will be the next place" to pursue casino development, Adelson said in a meeting with reporters. He noted Japan’s parliament had formed a panel to study the issue amid suggestions that the southern island of Okinawa would be a good location for a gambling resort.

Thailand is another prime candidate for casino construction, and India might follow suit in five or 10 years, Adelson said. Macau rivals Las Vegas as the world’s largest gambling market, and some other Asian nations, including Malaysia and South Korea, already operate casinos.

Globalysis, a Las Vegas-based consulting firm, said this month that Macau’s expected gross gaming revenue in 2007 would rise an estimated 18 percent to us$ 8 billion. It did not issue a forecast for gaming revenue on the Las Vegas Strip, though revenue there was us$ 6 billion in 2005. Gaming revenue throughout Las Vegas was about us$ 9 billion last year.

Like Macau, Singapore’s decision to build casinos as part of complexes that offer shows, shopping, conference halls and other activities and entertainment represents an evolution of the business, according to Las Vegas Sands executives.

Singapore has chosen to "leapfrog" the idea of the traditional casino because places where people gamble are longer seen as "boxes with tables and slot machines," said William Weidner, the company’s president and chief operating officer.

Singaporeans engaged in an unusual public debate about whether to build casinos, with many citizens fearing the gambling houses could undermine the country’s reputation for safety and clean living. Government leaders and the local media usually refer to the projects as "integrated resorts," a label that downplays the prominence of the casinos.

Adelson said gambling had lost its stigma in Las Vegas, and that bankers, doctors, religious groups and other segments of society that once publicly eschewed the custom now visit casinos. Moreover, he said, up to 40 percent of people who visit Las Vegas don’t gamble, a sign of the broader appeal of the resorts.

Singapore will have lower tax rates on gambling revenue than Macau, and 60 percent of the world’s population is within a five-hour flight of the city-state, he said. "It’s not a finite market out there," Adelson said. "The market is about as explosive and expansive as one could think of."

Über Sands Hotel & Casino:

The Sands Casino Hotel was a casino and hotel that operated from August 13, 1980 until November 11, 2006 in Atlantic City, New Jersey.

It was formerly known as the Brighton Hotel & Casino. It consisted of a 21-story hotel tower with 532 rooms and a 5-story podium housing the 57,045 ft (17,387 m) casino and various other amenities.

It was adjacent to Claridge Atlantic City and its parking garage was adjacent to the Madison Hotel.

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