Las Vegas Sands, US Casino Operator has withdrawn from the $10bn Japan Integrated Resort Project. Las Vegas Sands was one of the big names pursuing the project. However, the decision came suddenly. The company clarified that the decision came after it was found out the regulatory framework for receiving the IR license in Japan was not viable.
CEO of LVS, Sheldon Adelson, said that Japan is a hub for tourism and he always wanted to take the business endeavors in the country. He further said that Japan would benefit from business and leisure tourism. He said that the feeling about Japan remains undiminished but the framework around the IR has made it unreachable for LVS.
LVS eyed for Yokohama, Okinawa, Osaka, Wakayama, Sasebo, and Tokyo for one of the IR facilities.
He further said that LVS is grateful for the strong relationships and bonds that have created in Japan but it is time for LVS to focus on other opportunities.
However, the withdrawal from Japan does not end the Asian dreams for the company. LVS finds the growth project of the company would be more viable in Singapore and in Macau. The company already has a presence there and would look to extend the portfolio.
The company is known for the MICE based Integrated Resort Model in Las Vegas, Macau, and Singapore. The company believes that other Asian countries would consider the model in the due course of time. LVS understands that countries would consider this and use business and leisure tourism as a driver of economic growth.
The local authorities of Japan have time till July to submit applications to host one of three IR Cities. The Government of Japan has decided not to change the timeline despite the pandemic.