Is Las Vegas Sands Preparing To Re-Enter Race For Casino License In Japan?
Las Vegas Sands Corp., the biggest casino operator in the world was very keen on entering Japan and tapping into what analysts determined would be a $40 billion gambling market. Sands Chairman Sheldon Adelson said he would be willing to invest up to $10 billion in Japan to develop an integrated resort.
Japan was keen on getting business from Sands Corp but things fell through as Adelson announced in mid-2020 that he decided to drop out of the Japan casino license bidding process as he felt that proposed gaming regulations did not make Japan as attractive as before.
There are rumours floating around that Sands Corp will once again throw its name into the list of potential candidates for a Japanese casino license. Japan is set to issue only three integrated casino licenses at first go and will vet the license applicants based on a rigorous process.
Sands China which is the Asian subsidiary of Las Vegas Sands Corp generates more than 60 percent of all gross gaming revenues for Sands Corp. All of these revenues come from the Asian market and it appears that Sands Corp will concentrate its efforts on the Asian market and look to boost those revenues from 60 percent to a lot more.
In November 2020, Sands Corp confirmed that it was planning to sell its Las Vegas casino properties. The decision took the gaming industry by surprise by also gave us insight into Sheldon Adelson’s plans to move out of America and focus on markets like Japan, Vietnam and the Philippines.
The new Japanese government under PM Yoshihide Suga is not only committed towards getting the legalized gambling industry up and running as soon as possible but is also committed to making the Japanese casino industry as attractive as possible. This is why legislators are already working on tax regulations that will give both operators and players a better tax break.
These proposed changes will not only make the Japanese casino market more attractive but will also lure big casino operators like Sands Corp once again.
Sands Corp Interested In Texas
Sands Corp has also expressed an interest into setting up casino resorts in Texas. As of now, gambling is banned in the Lonestar state but Adelson has hired influential lobbyists to campaign for legalized gambling in Texas.
If Texas remains closed, will Sands go back into Japan? We will have to wait and see.