Las Vegas Sands drops plan for USD10 billion Japan casino
Las Vegas Sands Corp has ditched an attempt to extend its gaming resort empire to Japan.
It was hoping was to bag one of three gaming licenses up for grabs but has now pulled out in part due to the huge deterioration brought by the global coronavirus pandemic.
It was hoping to open an integrated resort in Yokohama, Japan but delay in regulation due to a bribery scandal and initial set-ups costs make it difficult to see any return on investment, the company says.
"The framework around the development of an IR has made our goals there unreachable," said company chairman Sheldon Adelson.
The project was likely going to cost about $10 billion, which was not viable considering it would have been given a license for only 10 years.
Adelson said Las Vegas Sands will focus on other Asia markets.
It has interests in the gambling hotspot Macau and with the landmark Marina Bay Sands in Singapore.
"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," Adelson added.
It is a blow for the Shinzo Abe government which was committed to boosting the economy with gaming tax revenues, but the Yokohama government says it is unfazed and still expects to award an integrated resort contract in the future,
Japan is considered one of the most lucrative potential new markets with a mature and wealthy population of more than 100 million.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Qatar Airways offers flexible payment options for European travellers
Phocuswright reveals the world's largest travel markets in volume in 2025
Airlines suspend Madagascar services following unrest and army revolt
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports