Las Vegas Sands Corp.: A High-Risk, High-Return Strategy?
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Case Details:
Case Code : BSTR273
Case Length : 15 pages
Period : 1988-2007
Pub Date : 2008
Teaching Note :Not Available
Organization : -
Industry : Entertainment
Countries : USA, Macau SAR
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"I'm not building a resort. I'm building a city - Asia's
Las Vegas."1
- Sheldon Adelson, Chairman and Chief Executive Officer,
LVSC.
"Never have so many recognizable brands assembled in one
place at one time to create a new international tourism destination almost
overnight. It took 75 years for Las Vegas to emerge as an international
destination. Our intention is to replicate that feat in less than three years,
and Las Vegas Sands is working closely with all of the hotel companies and
investors to conclude their arrangements and realize this vision."2
- William P. Weidner, President and Chief Operating Officer, LVSC, in 2005.
Introduction
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On August 28, 2007, Venetian Macau Ltd. (VML), a subsidiary
of Las Vegas Sands Corp. (LVSC), a hotel, gaming and resort development company
headquartered in Las Vegas, inaugurated the first phase of The Venetian Macau,
claimed to be the world's largest casino-resort, in Macau (also known as Macao),
a special administrative region (SAR) in the People's Republic of China (PRC).
The casino at the resort had 870 gaming tables and 3,400 slot machines. Apart
from the casino, the US$ 2.4 billion resort, built on The Cotai Strip, a
reclaimed portion of land that connected Macau's islands of Taipa and Coloane,
housed 3,000 hotel rooms, a theater, a 15,000-seat sport stadium, and 350 shops.
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The second phase of the project was to include a 6,000 seat
banquet hall, and was scheduled to be completed by 2008. Sheldon Adelson (Adelson),
Chairman and Chief Executive Officer of Sands, said at the inauguration that it
had been his dream to "reproduce the capital of entertainment [Las Vegas] in
Asia for Asians."3 According to newspaper reports, The Venetian Macau attracted
more than 500,000 visitors in its first week.
By 2007, LVSC, incorporated in 2003, had grown to become one of the world's
largest casino developer-cum-operators. It was one of the most successful
casino-resort operators on the Las Vegas Strip4 and now with the inauguration of
The Venetian Macau, its second casino-resort in Macau, it had strengthened its
position in what the company believed was the future entertainment capital of
the world. The company had committed more than US$ 12 billion toward projects in
Macau, with most of them scheduled to be complete by 2009-2010.
Las Vegas Sands Corp.: A High-Risk, High-Return Strategy?
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