Marina Bay Sands resort in Singapore
Casino magnate Sheldon Adelson has a lot to be smiling about right now, after his latest venture, the Singapore Marina Bay Sands resort, is proving to be a very lucrative gaming and entertainment business.
The Marina Bay Sands resort in Singapore is generating an estimated $3.6 million (£2.4 million) for Andelson’s Las Vegas Sands Corporation. This is very good news for investors, who saw the company’s stock plummet during the credit crunch from $150 to just over $1. During this time Andelson’s personal fortune wassaid to have fallen $36 billion, as finance for projects dried up and construction was put on hold.
Fortunately for the casino entrepreneur, those dark days appear to have passed and his new Asian gambling establishment is proving a huge hit. Speaking about the new Marina Bay Sands resort, Sheldon said: "This surpasses anything I've done. It's the best by the width of an ocean."
The project cost $5.7 billion to build and took three years to construct. It has 2600 rooms, a 600-table casino and 1500 slot machines. There are two theatres, 300 boutiques, a museum, an art gallery, and a convention centre which can hold up to 45,000 delegates.
The centerpiece of the development is the Sky Park, which spans the three hotel towers and contains a pool and restaurant that appear to be floating in mid-air.
Even though critics have raised doubt over the long-term revenue potential of Singapore, Adelson is convinced Marina Bay Sands is a winner.
Asian consumers enjoy gambling, according to Adelson: "It's in the culture and once you give people something like the Marina Bay Sands, they don't say, 'Oh, I long for the day when I had nothing to do and it was boring here'.”
Las Vegas Sands Corporation intends to now turn its attentions to new parts of Asia and to complete projects that went on hold during the recession, such as the 12-hotel development in Macau.
"We would like to enter Japan aggressively. The market for gaming there is $US25bn, minimum," Andelson said last week.