Marina Bay Sands renovates contract
Sheldon Adelson admitted that the company has been assessing on selling the gaming complex.
Singapore.- Marina Bay Sands renewed its gaming license in the Asian country last week. The Las Vegas Sands Corp.’s subsidiary will be operated for three more years by the same international casino brand. The announcement was released after Sheldon Adelson, head of Las Vegas Sands Corp., commented that the intentions could be focusing on selling the casino rather than renovating the contract.
However, since last week, Marina Bay Sands has been using its three-year license approved by the Casino Regulatory Authority –CRA–. Further expectations aim to boost the gambling activity as the casino has been suffering a revenue decline since the beginning of the year. According to Marina Bay Sands’ reports, the casino saw a drop off 28.3 percent of its gaming revenue and a 23 percent decline of the overall revenue.
Furthermore, the VIP win rate decreased from 3.47 percent in 2015 to 1.43 percent in 2016’s first quarter. Last results may lead to Las Vegas Sands Corp. to sell the Marina Bay Sands Resort & Casino –one of the most luxury buildings in the country– in 2017, when the sell restriction as per license agreement will expire.
