Las Vegas Sands withdraws from Japan IR race

Las Vegas casino operator steps back from IR bid in Yokohama to focus on opportunities elsewhere.

Japan.- Las Vegas Sands has withdrawn from the race to build an integrated resort in Yokohama should it receive one of three licences up for grabs in Japan.

In a surprise announcement, Las Vegas Sands said it would instead be looking at “other opportunities” outside of the country.

LVS Chairman and CEO, Sheldon Adelson, said: “My fondness for the Japanese culture and admiration for the country’s strength as a tourism destination goes back more than 30 years to the days when I was operating COMDEX shows in Japan and I’ve always wanted our company to have a development opportunity there.

“And while my positive feelings for Japan are undiminished, and I believe the country would benefit from the business and leisure tourism generated by an Integrated Resort, the framework around the development of an IR has made our goals there unreachable.

“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.

“I remain extremely bullish about the future of our company and its growth prospects. We operate best-in-class properties in the leading markets in our industry and we are currently executing significant investment programs in both Macau and Singapore to create meaningful new growth from our existing portfolio.

“We also believe the success of the MICE-based Integrated Resort model we pioneered in Las Vegas, Macau and Singapore will ultimately be considered by other Asian countries, particularly as governments look to increase leisure and business tourism as a driver of economic growth.”

The Yokohama draft IR policy was announced in March but plans look set to face delays due to the Coronavirus crisis.