Las Vegas Sands to Invest $8 Billion in Macao Casinos

Las Vegas Sands has decided to invest $8 billion dollars in casino and convention centers in Macao.

The target investment will run for the next 4 to 6 years.

The investment has doubled from the original plan is the move of the leading U.S gaming firm to transform Macao into a larger gambling destination.

The President of Las Vegas Sands and Chief Operating Officer, Bill Weidner, said that the development projects are dependent on the approval of the government and will take place in stages as the gambling market grows and becomes established.

Las Vegas Sands projects in Macao came on the heels of the successful bid of the company in Singapore to build the three billion dollar Marina Bay casino. The Marina Bay casino in Singapore is slated to open on 2009.

Merrill Lynch estimates that the casino market investments are worth seven billion dollars in sales and over three billion dollars to the local Southeast Asian market.

Mr Weidner expects that more investments from the gambling industry will pour in Asia.

Las Vegas Sands plans to imitate their Las Vegas Strip casinos in their Macao and Singapore casinos.

Mr Weidner said that the company expects to spend three billion dollars in two stages on the Cotai Strip projects.