SINGAPORE: US casino operator Las Vegas Sands is seeking more land to expand its casino complex in Singapore due to strong demand for convention and exhibition space, founder and CEO Sheldon Adelson said on Thursday, Feb 17.
"We are already running out of MICE ( meetings, incentives, conventions and exhibitions) space and I've told the government that we need some more land to expand," Adelson told reporters ahead of the official opening of the Marina Bay Sands casino complex.
"The demand this property creates for MICE is rapidly bringing us to the point where we need to ration space," he said, adding that Las Vegas Sands will bid for whatever additional land the Singapore government puts up for auction.
The US$5.5 billion (RM16.78 billion) Marina Bay Sands, which started operations in April last year, is the world's second most expensive after MGM's CityCenter in Las Vegas.
Earlier this month, Las Vegas Sands said its Singapore casino had earnings before interest, tax, depreciation and amortisation (Ebitda) of US$306 million in the fourth quarter, boosted by above-normal table game winnings.
The casino, which has attracted some 11 million visitors since its soft opening in April last year according to Las Vegas Sands, generated US$241.6 million in Ebitda in the third quarter.
On future expansion, Adelson said he is "anxious to do something" in Asia. The firm is also keen to build casinos and other attractions in Spain.
"We are seriously looking at doing what we call a 'Strip', which is essentially a mini Las Vegas. We are looking to do that in Europe and we are sort of zeroing on Spain." — Reuters
TOP PICKS BY EDGEPROP
FABER TOWER OFFICE FOR RENT ALL UNITS AND SIZES
Taman Desa, Kuala Lumpur