Here’s What We Know About the Marina Bay Sands Closing

Marina Bay Sands

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!

What’s Happening With Las Vegas Sands in Singapore?

Marina Bay Sands

Las Vegas Sands remains one of the biggest and most powerful casino companies in the world. Not long ago, the company sold some of its major US properties to focus more on operations in Asia. There are still issues the company is facing, though. Today, we’ll talk about what is happening with Las Vegas Sands in Singapore.

LVS owns a major casino-resort in Singapore called the Marina Bay Sands. Recently, this venue has been under investigation for money-laundering.

Here’s what you need to know!

Las Vegas Sands is Now Focusing on Operations in Asia

The world’s casino industry is still in bad shape. That is particularly true in the United States. Major US casino companies have been seeing massive revenue declines for more than a year. Many have been forced to take drastic action to make up for these losses.

That includes Las Vegas Sands. This company is known to own and operate some of the most opulent gambling venues in the world. Unfortunately, the company’s revenue figures have been low for the past year.

News recently broke that Las Vegas Sands had sold some of its biggest gambling venues in the US. That includes The Venetian in Las Vegas, Nevada. These sales were made in order for LVS to focus more of its operations on the Asian market.

Macau is a major focus point for the company. Las Vegas Sands operates many of the biggest and best gambling properties in the city of Macau. This territory seems to be recovering faster than the US market and is helping to bring Las Vegas Sands some much-needed revenue.

Singapore is also a city that is important to Las Vegas Sands. LVS owns one of the most successful casino-resorts in the city. Unfortunately, it seems that this property is now in hot water over reports of illegal activity.

Officials within Las Vegas Sands are now investigating this issue. Now, we’ll talk about why this venue is being looked at.

There’s an Investigation into Las Vegas Sands in Singapore

Singapore is now one of the biggest casino destinations in Asia. Several major casino-resorts are based here including the Marina Bay Sands, owned by Las Vegas Sands. This venue opened its doors to the public on April 27, 2010.

It’s been a major success over the years. Millions flock to this venue every year to take part in the gambling and entertainment options it offers. Unfortunately, new reports claim that this property is now being investigated for potential money laundering activities.

A committee of three independent board members is now investigating money transfers from high-rollers to other players at this property. It comes after an investigation was announced by a major US law firm. This all began after one high-roller revealed that millions of his dollars were transferred to another player without his knowledge.

Law officials in Nevada and Singapore have not yet commented on this issue.

It now appears that many more of these transfers took place between 2008 and 2018. These wires seem to be legal on the surface. There are questions, however, about whether or not doing so without specific permission is allowed.

This is the last thing that LVS needs to deal with right now. The company has been under serious pressure lately after the selling of The Venetian and the death of founder and longtime CEO Sheldon Adelson.

It’s unclear exactly how this situation will play out. The most likely option would be a change of policy and perhaps a fine. It seems highly unlikely that the Marina Bay Sands would be ordered to shut down over this investigation.

The casino industry in the United States is beginning to improve. We’re starting to hear more about what will lead to the recovery of Las Vegas.

Analysts Expect a Successful Summer for Las Vegas Casinos

The city of Las Vegas remains the world’s biggest casino destination. This relatively small city in Nevada is home to many of the most successful gambling venues on the planet. Since March of 2020, however, gaming revenue here has been on a steady decline.

There are signs that things are improving here, though. Gambling revenue has been slowly increasing here in recent months. Tourism figures are surging and casinos are increasing their operating hours, as a result.

Many analysts now expect a successful summer for the casinos in Las Vegas. Travel is beginning to jump around the country and it seems that a major tourism boom will be experienced here over the summer.

The opening of new properties should also result in a tourism boom. Many are excited to see Resorts World Las Vegas finally open this summer. It cost $4.2 billion to construct, making it the most expensive gambling venue to ever open its doors here.

There is a lot happening with major US casino companies. Hopefully, the situation with Las Vegas Sands in Singapore ends up being settled without any major issues. We’ll be sure to offer updates over the next few weeks.

What do you think about the situation with Las Vegas Sands? Let us know in the comments section below!