Las Vegas Sands—controlled by the family of the late casino billionaire Sheldon Adelson—is investing $6.8 billion in Macau and Singapore to expand its presence in Asia amid a gaming boom across the region.
The U.S. gaming giant announced its Asian investment plans Thursday as it reported record gaming revenues at Marina Bay Sands. The iconic property in Singapore’s financial district reported mass gaming revenues climbed to $477 million in the fourth quarter of 2022, from $215 million the previous year. That helped narrow Las Vegas Sands’ quarterly net loss from continuing operations to $269 million from $315 million a year ago.
“We are pleased to see the robust recovery continue at Marina Bay Sands during the quarter, with the property delivering record levels of performance in both mass gaming and retail revenue,” Robert Goldstein, chairman and CEO of Las Vegas Sands, said in a statement.
Singapore has seen a surge in tourism since reopening its borders last year with the resumption of back to back international events such as the Formula One grand prix in October. To tap the tourism rebound, Las Vegas Sands is investing about $3 billion in the next few years to add a new luxury hotel tower with 1,000 hotel rooms at Marina Bay Sands, expand the convention center and the shopping mall, the company said in the earnings presentation. The project is slated for completion in 2027.
Despite the slow recovery in Macau, which grappled with China’s stringent pandemic restrictions, Las Vegas Sands is investing $3.8 billion after renewing its gaming license in the former Portuguese enclave. Bulk of the capital spending will be earmarked for non-gaming projects including a meeting space and entertainment facilities. “We remain deeply confident in the future of Macau and consider Macau an ideal market for additional capital investment,” Goldstein said.
Las Vegas Sands returned to the black in full year 2022, with a net profit of $1.83 billion, bolstered by an exceptional gain from the divestment of the Venetian casino complex in Las Vegas last year.