Sands Aims to Recoup Singapore Investment in Under 5 Years
Las Vegas Sands hopes to recoup its US$5.5 billion investment in the newly-launched Singapore casino in less than five years, said its chairman and CEO, Sheldon Adelson.
"In terms of income, we're doing better than what the analysts are suggesting," Adelson told CNBC ahead of the casino's grand opening on Wednesday.
"My confidence has increased," he said.
The world's most valuable casino company expects between 125,000 to 150,000 daily visitors to the new casino - Marina Bay Sands - in the city state.
The casino had a soft opening on April 27, and has received 500,000 visitors so far this month.
The construction of the casino had been hit by delays as the financial crisis sent its stock price spiraling down to a record low of $1.38 in March 2009.
Adelson said there were no plans to list in the Singapore stock market, following an initial public offering in Hong Kong, as he expects to pay off the firm's loans in three years or under.
When asked about his expansion plans in Macau, Adelson said "there's more to come", adding that three more lots have yet to be completed with investments worth about $2.5-3 billion going into each one.
The Sands has been tapping on the burgeoning Asian market in recent years, with the number of high rollers continuing to climb in the region, even as U.S. gaming revenues suffered.
"We're sailing on unchartered waters, and we see beautiful waters, calm waters, we see plentiful waters, that we didn't imagine it was there before," said Adelson.
He'd previously said that revenues at its Sands China unit, which listed in November last year, were expected to increase at least 30 percent in the second half of 2010 from the year before.
Adelson named Japan, Korea, Taiwan, Vietnam and Thailand as some of the Asian countries he was turning his attention to.
"Hopefully we would be able to get into India," he added.