Las Vegas Sands Chairman and CEO Sheldon Adelson has decided to stray from plans to open a resort in Japan.
In a release issued late Tuesday, the resort company indicated it will no longer pursue licensure for a property in Japan and will rather focus on its resorts in Singapore, China and Las Vegas.
In a statement, Adelson said he still has “positive feelings” for Japan, though he added that “framework around the development of an (integrated resort) has made our goals there unreachable.”
Sands, as with the rest of the casino industry, has been affected by the global COVID-19 pandemic.
“My fondness for the Japanese culture and admiration for the country’s strength as a tourism destination goes back more than 30 years.” Adelson said. “I’ve always wanted our company to have a development opportunity there. We are grateful for the 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.”
Adelson is “extremely bullish” about the future of Sands and its growth prospects, noting that it is in the process of investing in upgrades at its resorts in Macao, China, and Singapore.
“We believe the success of the MICE (meetings, incentive, convention and exhibition)-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,” Adelson said.