News this week: Gaming and integrated resorts (IR) operator Las Vegas Sands (LVS) plans to expand its Asian business, through a similar model currently used at its properties in Macau and Singapore. The company is reportedly considering building an additional five to six resorts. Citing Asia as the group’s preferred location to expand, Japan, Korea, Taiwan and Vietnam were all cited as possibilities.
LVS’ Macau-based subsidiary, Sands China, has plans to open another casino property on Cotai Strip in the first half of 2012. Gaming revenues in Macau in the first five months of 2011 were US$13 billion, compared with revenues of US$10 billion recorded in Las Vegas for the full year of 2010.
These development plans have significant implications for Asia’s MICE sector since each of LVS’ developments in Asia (in Macau and Singapore) includes a large exhibition centre. The Venetian in Macau has a 74,000 m2 exhibition centre and the Marina Bay Sands’ is 41,000 m2.
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