Macau, China, 25 July – Las Vegas Sands plans to double its interests in Macau by investing, over the next four years, a further US$8 billion in the special administrative region and an island belonging to mainland China, British daily the Financial Times reported Monday.
Bill Weidner, president of Las Vegas Sands told the paper that the investment needed to be approved by the Macau authorities and would be carried out in stages.
Weidner also said that total investment by the US group and its turnover would triple due to several initiatives in Asia.
In Macau the company plans to invest US$3 billion on each of the phases of a development known as Venetian, located in the land fill areas between the islands of Taipa and Coloane and on the development of the Chinese island of Heng Qin in the same area.
In May the US group won the tender to build a casino and resort in Singapore at a total investment of US$3.1 billion. These projects are due to open in 2009.
Las vegas Sands is one of the gaming operators in Macau after obtaining a license in 2002 in partnership with Hong Kong’s Galaxy Resorts.
The first – and so far only – casino operated by Las Vegas Sands opened in May 2004 and is currently the city’s largest gaming venue.
Macau currently has 21 casinos, 16 of which are owned by Sociedade de Jogos de Macau, a company belonging to gaming magnate Stanley Ho, and a further four are expected to open by the end of the year.
In 2005, gross gaming revenues in Macau totaled US$5.76 billion.
With a total of 27.5 square kilometers and a population of 465,000 people, in the first half of 2006 Macau received over 10 million visitors. (macauhub)