Some of the world’s biggest and best casino-resorts are located in Singapore. Unfortunately, things have not gone as smoothly for these gambling venues as some have hoped. Today, we’ll explain the situation surrounding the Marina Bay Sands closing.
This property is owned by Las Vegas Sands. Its closure is the last thing this major US-based casino company wants right now. Things have been far from easy for LVS over the past couple of years.
Here’s what you need to know!
Las Vegas Sands Continues Focusing on US Expansion
There is a good chance that even the most casual gambling enthusiast is aware of Las Vegas Sands. This company was founded back in 1988 by Sheldon Adelson. It quickly expanded and is today one of the most powerful gambling corporations on the planet.
Las Vegas Sands, like all other major US casino companies, faced some serious difficulties throughout 2020. For a time, all of its gambling venues were forced to shut down. As a result, company officials began looking toward the Asian market as a way to make up for the lost revenue.
This wasn’t just a temporary strategy. Las Vegas Sands ended up selling some of its biggest and most profitable casino-resorts in Las Vegas as a way to focus more on Asia. Macau and Singapore, in particular, were seen as hot destinations for his company.
Macau has not recovered in the way that LVS officials expected. Las Vegas seems to be faring considerably better right now. As many are aware, Sheldon Adelson also passed away earlier this year at a time when the company was struggling immensely. It added even more fuel to the fire that engulfed the company.
Las Vegas Sands now seems determined to expand more within the US again. The company is working hard to break into the currently-unavailable Georgia casino market. It is also doing what it can to allow Class III casinos in the state of Texas.
The hits keep coming for LVS. We’re now beginning to hear more information about the recent closing of this company’s biggest casino-resort in Singapore.
Reports Have Confirmed the Marina Bay Sands Closing
Las Vegas Sands is still one of the most powerful gaming companies in the world. It currently owns several major casino-resorts throughout Asia. That includes the Marina Bay Sands, which opened to the public in 2010.
This property has been one of LVS’ flagship venues over the years. The company has been banking on this venue finding success in 2021. Unfortunately, that may take longer than initially expected.
Reports have surfaced this week confirming the Marina Bay Sands closing. Officials within Singapore have ordered this venue to close until August 5 to undergo a “deep cleaning.” The Ministry of Health in Singapore claims this was done in an attempt to be as thorough as possible in its attempts to limit the spread of Covid 19.
“In these unprecedented times, we continue to be vigilant on all fronts, working closely with the authorities to respond and adapt quickly to the situation,” it said.
This property managed to report earnings of $112 million throughout the second quarter of 2021. That is a massive increase from the losses sustained in 2020. Closing down will certainly lessen Q3’s revenue figures, yet hope is that it can fully reopen to the public again in early August.
Las Vegas Sands will likely continue looking at US casino expansion. What other states could this massive gambling corporation possibly move into in the future?
More States Look to Embrace Casino Gambling
The entire US gambling industry is expanding at a rapid pace right now. Much of this has to do with the legalization of sports betting across the country. Some states are also expressing an interest in expanding their casino regulations, as well.
Illinois is home to one of the largest casino industries in the country. Back in 2019, lawmakers here approved a capital plan to allow several more commercial casinos to open around the state. That includes one in the city of Chicago.
Virginia also seems focused on getting its first casinos up and running. This state has prohibited traditional Class III gambling venues for decades. The Lottery Board recently approved the set of casino laws here, however, sending final approval to allow casinos to the Governor’s desk.
Sports betting has already proven to be massively successful in Virginia. The state has seen a huge increase in its monthly revenue figures over the past six months. This is likely to continue with the start of the upcoming NFL season just around the corner.
These states simply cannot ignore the massive revenue potential on the table. There has never been a more exciting time for gambling enthusiasts around the country. Hope is that US gambling companies like Las Vegas Sands continue to find success, despite the hiccups along the way.
Were you surprised to hear about the Marina Bay Sands closing? Do you expect this property to remain closed longer than expected? Let us know in the comments section below!