Las Vegas Sands Considers India for Expansion
Las Vegas Sands (NYSE:LVS) is interested in having a presence in India, the world’s second most populous nation. Recently while addressing the media at the Venetian Macao, LVS’ Chairman and CEO, Sheldon Adelson, expressed his desire in India as a potential destination. Previously in 2008 he said that he wanted to develop a Cotai Strip in India and revealed that he had approached the officials in the Ministry of Tourism in Delhi for permission to run an integrated resort but never heard back. [1] Sheldon is very optimistic about India’s future potential which has a population of over one billion and has only six million tourists. At present, India has only one legal casino in Goa.
LVS is presently working on building Europa Vegas, an integrated resort, in Spain. It is also lobbying in Japan, Korea, Vietnam and Taiwan to build similar properties. LVS competes with Wynn Resorts (NASDAQ:WYNN), MGM Resorts International (NYSE:MGM), SJM (HKG:0880) and Genting Singapore.
It will take the company a considerable amount of time to get required licenses and approvals before it could start work in India, but it could be an interesting opportunity if it materializes.
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Notes:- See: Las Vegas Sands Corp interested in Indian market, TravelBiz [↩]