US-based gaming group Las Vegas Sands (LVS) is reportedly set to double its investment in its casino and leisure facilities in Macao, China, and on a neighbouring Chinese island, to S$12.7bn (£4.3bn, US$8bn, 6.3bn euro).
The investment will take place over the next six years and means the majority of the group’s investment and turnover will be focused in Asia.
The group plans to spend S$9.4bn (£3.2bn, US$6bn, 4.8bn euro) in Macao in two phases on the Cotai Strip. LVS is also apparently in talks to develop Heng Qin island, a Chinese island that borders the Cotai Strip.
Speaking to the Financial Times, LVS president and CEO Bill Weidner said: “These development opportunities are contingent upon approvals by government at several levels and will occur in phases over time as the markets develop and mature.”
The Macao investment follows the group’s success in Singapore, where it recently won the right to build and operate the country’s first casino, the S$4.7bn (£1.6bn, US$3bn, 2.4bn euro) Marina Bay casino resort, which will open in 2009.
The Singapore resort will feature 2,500 hotel rooms, three entertainment venues, the region’s first museum, a theatre, restaurants, spa and fitness facilities and a Piazza Club.
Singapore lifted its four-decade long ban on casinos last year. Details: www.lasvegassands.com
