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Las Vegas Sands has no plans to develop in Japan. Follow us to find the best online casino rooms in 2020.
Casino powerhouse Las Vegas Sands has stopped looking for development options in Japan. This is clear from a company announcement on Tuesday. The company has decided to abandon plans to build an integrated resort worth $ 10 billion in the country. This puts an end to more than a decade of efforts to expand Las Vegas Sands in Japan.
Las Vegas Sands CEO and Chairman Sheldon Adelson said in a statement that “the framework around the development of IR has made our goals inaccessible there.” According to sources familiar with the matter, the company’s management was not at all satisfied with some of the terms of Japan’s casino legislation.
Sources say the fact that approved integrated casino resort developers will receive only 10-year licenses is one of the main reasons Las Vegas Sands has decided to abandon its plans to enter Japan. In Macau and Singapore, the other Asian markets where Las Vegas Sands has integrated resorts, the operator has received licenses for 20 and 30 years, respectively.
If Las Vegas Sands needs five years to build an integrated resort in Japan, a 10-year concession will not be enough for the company to earn a good return on its planned investment of $ 10 billion or more. In addition, the Japanese government has indicated that it may change the terms of the licenses, and such changes could have a very bad effect on investors’ profits.
Japan has approved the development of up to three integrated casino resorts. The country’s central government is expected to begin the application process for cities interested in hosting one of the three mega-complexes and their private sector partners for developers early next year. Japan’s efforts to own casino properties in integrated resorts have lasted more than 10 years and attracted some of the world’s largest casino gaming and hospitality companies.
Las Vegas Sands had a strong interest in building an integrated resort in Osaka. However, the company turned its attention to Yokohama last summer after the city said it wanted to host one of Japan’s first resorts. Eventually, Las Vegas Sands announced that it had decided not to look for more opportunities to develop in the nascent Japanese market. Caesars Entertainment Corp., which dropped out of the competition last year, also ruled out the possibility, saying it would instead focus on its US properties and its merger with Eldorado Resorts.
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