Sheldon Adelson: Japan & South Korea are “promising” for development

Adelson AssLas Vegas Review Journal – Officials with high-flying Las Vegas Sands Corp. raved about last year’s financial results and were giddy about potential expansion in Asia during an annual shareholder meeting Wednesday.

Sands is on track to add thousands of hotel rooms by the end of next year after it completes a St. Regis Tower and a Paris-themed casino in the lucrative Chinese gambling enclave of Macau, according to CEO Sheldon Adelson. The company also has its eyes on Japan and South Korea.

“They present the most promising and meaningful development opportunities in the world,” Adelson said of the Asian nations, adding that casinos would help their host countries by attracting investment, increasing employment and expanding their tourist appeal.

Properties in Asia have driven much of the company’s revenue growth. In the quarter that ended March 31, Sands’ net income climbed 36 percent compared with the same period last year. Revenue rose 21 percent to $4 billion.

Adelson, one of the world’s richest men, also used the meeting to reiterate that he is “very, very much against Internet gaming.” The fight against online gambling has become a signature issue for the casino mogul, who supports a federal ban on the practice and is bankrolling a coalition against it.

He framed the matter as a moral issue, saying he didn’t want poor families to have such easy access to casinos. But he also made a business case for his crusade.

“Once the employment of land-based casinos is done away with by Internet casinos, they can’t be replaced,” he told investors.

Adelson said the company is enlisting a search firm to find a replacement for 76-year-old President Michael Leven, who announced last month that he plans to retire at the end of the year.


Related Stories from This Week in Gambling:

  • Tribal recognition & casino talk The Ridgefield Press - Three state recognized tribes that are seeking federal recognition could push to open more casinos across Connecticut, which has local officials worried about traffic and land claims in the area. The Golden Hill Paugussetts in Colchester and Trumbull, the […]
  • Malaysian Casino Raid Nets 33 Arrests On June 21st 2015, it was reported that in Subang Jaya, police detained 33 gamblers. These gamblers included college students from Singapore, Italy and Iran. The raid came in the early morning after a tip off from the public on the 20th. It has been said by the Oriental Daily that the […]
  • Bloomberry Resorts & Japanese firm discuss casino partnership Reuters - Philippine leisure and gaming firm Bloomberry Resorts Corp is in talks with a potential Japanese partner for what could be the company's maiden overseas venture, its chief executive officer said on Thursday. The talks are in preparation for bidding for a gaming license if […]