Las Vegas Sands plans to significantly increase its investment in Macau, increasing its stake in Sands China to 72%.
The move was confirmed in a company statement this week and reflects the company’s continued ambitions in the Macau gaming market.
Las Vegas Sands also boosted its presence in the region last December by acquiring $249.56 million in Sands China shares.
Both moves were supported by Las Vegas Sands’ wholly owned subsidiary, Venetian Venture Development Intermediated II.
A key player in Macau’s thriving gaming market, Sands China celebrated its 20th anniversary in May.
The investment comes at a crucial political time for Macau, with signs that Sam Hou Fai is set to take over as Chief Executive without an election. Hou Fai received an impressive 96% of the nominations as he pushed forward his campaign to lead the region.
However, upon announcing his candidacy, he emphasized the need for diversifying Macau’s economic growth, noting that reliance solely on the gaming sector is detrimental to the region.
At a press conference, he stated: “After the return of sovereignty, Macau held an open tender for the gaming industry, and the tourism and gaming industry developed rapidly afterwards, but for a period of time, it developed in an uncontrolled manner.
“The Central Government’s proposal for Macau to develop its economy in an appropriately diversified manner is a mandatory question for the Macau SAR Government, not a question of choice.”
Hou Fai’s policy is expected to be formalized soon, as elections are scheduled for October. However, the pressure on the sole candidate will be minimal, as he has no rivals for the position.
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