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Las Vegas Sands drops plan for USD10 billion Japan casino
Las Vegas Sands Corp has ditched an attempt to extend its gaming resort empire to Japan.
It was hoping was to bag one of three gaming licenses up for grabs but has now pulled out in part due to the huge deterioration brought by the global coronavirus pandemic.
It was hoping to open an integrated resort in Yokohama, Japan but delay in regulation due to a bribery scandal and initial set-ups costs make it difficult to see any return on investment, the company says.
"The framework around the development of an IR has made our goals there unreachable," said company chairman Sheldon Adelson.
The project was likely going to cost about $10 billion, which was not viable considering it would have been given a license for only 10 years.
Adelson said Las Vegas Sands will focus on other Asia markets.
It has interests in the gambling hotspot Macau and with the landmark Marina Bay Sands in Singapore.
"We are grateful for all of the friendships we have formed and the strong relationships we have in Japan, but it is time for our company to focus our energy on other opportunities," Adelson added.
It is a blow for the Shinzo Abe government which was committed to boosting the economy with gaming tax revenues, but the Yokohama government says it is unfazed and still expects to award an integrated resort contract in the future,
Japan is considered one of the most lucrative potential new markets with a mature and wealthy population of more than 100 million.
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