Casinos: Sands Corp. Looking For A Name Change
A change in name is what Las Vegas Sands Corp is contemplating as it builds two new gambling sites in Macau.
Since 1989 when it purchased the Las Vegas Sand Hotel, the organization has been operating. Since then the Corp has spread its wings as it now also operates resort in Singapore, a casino in Pennsylvania and the Venetian and Palazzo resorts in Las Vegas, three other casinos in Macau.
The change in name could come as early as November when they have their next board meeting, said a company spokesman, Ron Reese. He suggested that to their current and future image, changing their name to something more global would be more fitting.
The company is often thought of as only a Las Vegas company, with the current name. They would be recognized as a company that also serves other areas of the world, with a change to something more universal.
It would be a similar decision to what MGM Mirage did in June when they changed their name to MGM Resorts International, if Las Vegas Corp was to change their name to something more global. It is impossible to say if the name change was indeed spurred by the locations they operate in or as a competitive measure against MGM Resorts International, as the two companies are rivals.
Macau to establish as a retail destination
To give luxury shoppers distinctive products that are not easily obtained somewhere else is the goal in an established Singapore retail market. The challenge in Macau is just to establish it as a retail destination, on the other hand.
Asia retailing operations, there will be around 50 more shops opening in September at the Marina Bay Sands casino resort in Singapore, according to David Sylvester, Senior Vice President of Las Vegas Sands Corporations’ (LVS). Marina Bay Sands will be home to over 150 stores, with the addition of the new stores, including Dior and Hermes outlets. Engendering estimated annual sales of over S$1 billion dollars, Marina Bay Sands will house about 300 restaurants and stores when totally operational. Of the mall capacity, they currently have contracts to occupy about 95%.
LVS was granted a tender from the Singapore government to construct an integrated resort, back in 2006. The initial segment of Marina Bay Sands opened, on April 27. The resort will include a mall, convention center, 2,560 hotel rooms, a theater, a casino for casino games, and the SkyPark, when completed.
The U.S. $4 billion dollar casino still has a target opening date for the third quarter of 2011, despite difficulty obtaining consistent construction labor. The Sands China Ltd.'s (1928.HK) delayed expansion project in Macau's Cotai area will be advertised to retailers, in just a few weeks. Of the Cotai expansion, sites 5 and 6 will be mid-range.
During the financial crisis, even though many retail shops suffered, most of the retail contracts at the Venetian million-square -foot mall have been renewed and sales are steadily improving.
World’s Second Most Expensive Casino Opens
On April 27, Marina Bay Sands company officials and Las Vegas Sands Corp chairman Sheldon Adelson, cut the celebratory ribbon to open the first phase of the Marina Bay Sands casino complex in SIngapore.
Marina Bay Sands is a $5.5 Billion integrated vacation resort, majority-owned by Las Vegas Sands Corp, which owns a portfolio of properties in Macau, including resorts, hotels and apartments. Marina BaySands will be one of the biggest leisure and entertainment businesses in all of Asia. There is a long list of attractions on location sure to please all ages and all types of visitors.
Some of the fun resides in the over-sized convention and exhibition facilities useful for meetings and showcases, 2,560 hotel rooms and suites accessible for customers from all walks of life, a Sky Park on the roof, a museum, and Asia's best shopping mall persisting of 300 stores.
There are also world-class celebrity restaurants, Paiza Club for premium players, and outdoor plaza and theaters. The Marina Bay Sands casino hopes to attract 70,000 - 80,000 visitors each day. It consists of two levels for mass gaming including 1,500 slot machines, online casino and two levels for left just VIPs.