LVS targets Asia for 90 pct of revenue

Las Vegas Sands Corp. (LVS) expects 90 percent of its revenue to come from Asia by 2020, as its Singapore resort gets to be fully functional and more of China’s gamblers visit Macau. “I don’t think there was a recession in this part of the world, and therefore that didn’t affect gaming very much,” chief executive Sheldon Adelson said in an interview with Bloomberg Television.
Attending the Marina Bay Sands grand opening, Adelson said that he believes that Asia will be a major market for his company. “We hope that 90 percent of our income comes from Asia” within ten years, he said according to Bloomberg.
Macau, the only place where LVS was running operations in Asia last year, accounted for approximately 73 percent of the company’s revenue at the end of the year. The casino operator is investing USD 5.5 billion in the Marina Bay Sands integrated resort, a bet that economic growth in China and the region will boost demand for shopping, entertainment, gambling and tourism.
But the investment still remains higher in Macau, Michael Leven, LVS chief operating officer, told reporters. “We have more than one property in Macau and we are still building phases 5 and 6 in the Cotai.”
Asked if LVS was planning an IPO in Singapore, like the company did in Hong Kong last year, Leven said there were no plans at the moment. “We will not think of an IPO in Singapore at this time,” he said.
“There is no real reason for us to do it. The economic situation changes from year to year, that is an alternative that might be available to us, but there are no plans at this time,” he stressed.