Las Vegas Sands will invest $6.8 billion in Macau and Singapore. In addition, the casino operator wants to expand its presence in Asia due to a gaming boom in the continent. Also, the company announced achieving record gaming revenues at the Marina Bay Sands.
According to online gambling reports, the famous building in Singapore’s business area saw its mass gaming earnings soar to $477 million in the last three months of 2022, up from $215 million in the same period the year before. As a result, the company’s quarterly net loss was reduced to $269 million from $315 million a year early.
Since reopening its borders last year, Singapore has experienced a rise in tourism thanks to the reinstatement of consecutive international events like the Formula One grand prix in October. In the results presentation, Las Vegas Sands announced plans to invest almost $3 billion over the next five years to construct a new tower to add more hotel rooms at Marina Bay Sands. Also, they will expand the conference center, and open a new retail mall. According to the current timeline, the project should be finished by the year 2027 based on sports toto experts.
Las Vegas Sands to Invest Billions of Dollars in Asia
According to iGaming Korea sources, Las Vegas Sands is investing $3.8 billion after extending its gambling license in the former Portuguese enclave of Macau, despite the latter’s delayed recovery due to China’s strict economic controls. However, spending on non-gaming initiatives, such as a convention center and an amusement park, will account for the lion’s share of the total budget.
By the end of the fiscal year 2022, Las Vegas Sands had returned to profitability thanks to a net profit of $1.83 billion, made possible by the one-time gain realized from the prior year’s divestiture of the Venetian Casino property in Las Vegas.