LAS VEGAS, May 12, 2020 /PRNewswire/ -- Las Vegas Sands
(NYSE: LVS) today announced the company will discontinue its
pursuit of Integrated Resort (IR) development in Japan.
"My fondness for the Japanese culture and admiration for
the country's strength as a tourism destination goes back more than
30 years to the days when I was operating COMDEX shows in
Japan and I've always wanted our
company to have a development opportunity there. And while my
positive feelings for Japan are
undiminished, and I believe the country would benefit from the
business and leisure tourism generated by an Integrated Resort, the
framework around the development of an IR has made our goals there
unreachable. We are grateful for all of the friendships we
have formed and the strong relationships we have in Japan, but it is time for our company to focus
our energy on other opportunities," said Sands Chairman and Chief
Executive Officer Sheldon G.
Adelson.
"I remain extremely bullish about the future of our company and its
growth prospects. We operate best-in-class properties in the
leading markets in our industry and we are currently executing
significant investment programs in both Macao and Singapore to create meaningful new growth from
our existing portfolio. We also believe the success of the
MICE-based Integrated Resort model we pioneered in Las Vegas, Macao and Singapore will ultimately be considered by
other Asian countries, particularly as governments look to increase
leisure and business tourism as a driver of economic growth," said
Mr. Adelson.
About Las Vegas Sands Corp. (NYSE: LVS)
Las Vegas Sands is the world's pre-eminent developer
and operator of world-class Integrated Resorts. We deliver
unrivaled economic benefits to the communities in which we operate.
LVS created the meetings, incentives, convention and exhibition
(MICE)-based Integrated Resort. Our industry-leading Integrated
Resorts provide substantial contributions to our host communities
including growth in leisure and business tourism, sustained job
creation and ongoing financial opportunities for local small and
medium-sized businesses.
Our properties include The Venetian
Resort and Sands Expo in Las Vegas and the iconic Marina
Bay Sands in Singapore.
Through majority ownership in Sands China Ltd., we have
developed the largest portfolio of properties on the Cotai Strip in
Macao, including The Venetian
Macao, The Plaza and Four Seasons Hotel
Macao, Sands Cotai Central and The Parisian
Macao, as well as the Sands Macao on the
Macao Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by
the core tenets of serving people, planet and communities. We
deliver a great working environment for our team members worldwide
and drive social impact through
the Sands Cares charitable giving and community
engagement program and lead in environmental performance through
the award-winning Sands ECO360 global sustainability
program. To learn more, please visit www.sands.com.
Contacts:
Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607
Forward-Looking Statements
This press release contains forward-looking statements made
pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve a
number of risks, uncertainties or other factors beyond the
company's control, which may cause material differences in actual
results, performance or other expectations. These factors include,
but are not limited to, the uncertainty of the extent, duration and
effects of the COVID-19 pandemic and the response of governments,
including government-mandated property closures or travel
restrictions, and other third parties on our business, results of
operations, cash flows, liquidity and development prospects,
general economic conditions, disruptions or reductions in travel,
as well as in our operations, due to natural or man-made disasters,
pandemics, epidemics, or outbreaks of infectious or contagious
diseases, our ability to invest in future growth opportunities,
execute our previously announced capital expenditure programs in
both Macao and Singapore, and produce future returns, new
development, construction and ventures, government regulation,
risks relating to our gaming licenses and subconcession,
fluctuations in currency exchange rates and interest rates,
substantial leverage and debt service, gaming promoters,
competition, tax law changes, transportation infrastructure in
Macao, political instability,
civil unrest, terrorist acts or war, legalization of gaming,
insurance, our subsidiaries' ability to make distribution payments
to us, and other factors detailed in the reports filed by Las Vegas
Sands Corp. with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date thereof. Las Vegas
Sands Corp. assumes no obligation to update such
information.
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SOURCE Las Vegas Sands Corp.