Las Vegas Sands Folds 'Em on Japan Expansion Plans
Las Vegas Sands (LVS) - Get Report, the world’s largest casino company, is folding its hand and walking away from its decades-long bet on expanding to Japan.
The owner of the Venetian and Palazzo resorts announced on Tuesday that it will “discontinue its pursuit” of a gambling license in the country - something it has been vying for and negotiating with Japanese regulators since 2005.
“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,” Adelson said in a statement.
According to Bloomberg, one of the biggest stumbling blocks was that the concession would be good for only 10 years, with much wiggle room for national or local government officials to change terms along the way.
The company, founded by billionaire Sheldon Adelson, has been trying to expand in Japan but management objected to some terms of the country’s casino legislation, Bloomberg reported, citing people familiar with the matter.
Watch More of the Latest Videos from TheStreet and Jim Cramer
- Tuesday Coronavirus Update: Dr. Anthony Fauci to Testify In Front of Senate Committee
- Stocks Erase Almost All of Monday’s Losses as Big Tech Boosts Market
- Jim Cramer: Disney Parks Have to Learn From Disneyland Shanghai
- Jim Cramer: Travel, Leisure Stocks Can't Be Owned
- Jim Cramer: Elon Musk Is Right About Tesla Factory Reopening
- Jim Cramer: Tech Stocks Are a Necessity During Coronavirus
- Pandemic Is Putting Under Armour Under Pressure
- TheStreet Explains: What Is Market Cap Weighting and Why Should You Care?
