Singapore not likely to offer new licenses
Marina Bay Sands, the Las Vegas Sands Corp.’s casino resort in Singapore, has received a three-year renewal of its casino license, effective April 26. The license is held by a Sands subsidiary, Marina Bay Sands Pte. Ltd., reported GGRAsia.
Singapore’s Casino Regulatory Authority deemed that the casino, which opened in 2007, has conformed with its rules and regulations.
In February Genting Singapore, which opened its Resorts World Sentosa in Singapore in 2007, was also renewed for three years. The exclusivity period for those licenses expires in 2017, but in a 2015 report, Fitch Ratings said the Singapore government is “unlikely” to grant new licenses to compete with the existing resorts.
Marina Bay Sands reported EBITDA of US$274.9 million for the first quarter of 2016, down 33.8 percent year-on-year. Sands Chairman Sheldon Adelson said the firm might consider selling the resort’s retail assets after a government-imposed moratorium expires next year.
“We always have thoughts of monetizing anything except our core assets,” Adelson said. Asked about potential buyers, he said, “We have been approached. We have been talking to people. The cap rates are attractive, and we may or may not sell a portion.”
