Las Vegas Sands is set to significantly increase its investments in Macau as it elevates its holding in Sands China by 72%.
The move was confirmed by the group in a filing earlier in the week, continuing a trend which has seen the firm express ambition in the Macau gaming market.
Last December, the group also strengthened its footprint in the region as it picked up $249.56 million) in shares of Sands China.
On both occasions, the move was backed by the Venetian Venture Development Intermediated II, a wholly-owned subsidiary of Las Vegas Sands.
Sands China has been a stalwart element of Macau’s thriving gaming scene having celebrated its 20 year anniversary in May this year.
The investment comes at a critical political time for Macau, with all signs pointing to Sam Hou Fai running unelected in his campaign to be Chief Executive. Hou Fai received a staggering 96% of nominations as he moved forward with his bid to govern the region.
However, upon announcing his candidacy he had underlined the importance of diversifying Macau’s growth, emphasising that a sole reliance on the gaming space is detrimental to the region.
At a press conference, he stated: “After the return of sovereignty, Macau held an open tender for the gaming industry, and the tourism and gaming industry developed rapidly afterwards, but for a period of time, it developed in an uncontrolled manner.
“The Central Government’s proposal for Macau to develop its economy in an appropriately diversified manner is a mandatory question for the Macau SAR Government, not a question of choice.:
Formalisation of policy from Hou Fai is set to come soon as the election is set for October. However, pressure on the sole candidate will be minimal as he faces no competition for the role.
