Top casino industry conglomerate Las Vegas Sands Corporation (NYSE: LVS) said today it expects higher than average sales at their new Venetian Casino facility in Macau, China – expected to open sometime in early Fall.
Occupancy is predicted to reach close to 100% approximately one month into business, said company President William Weidner.
Las Vegas Sands currently possesses 1 of 6 casino licenses on the tiny island of Macau, a place that has officially surpassed Las Vegas as the gambling capital of the world. The company is set to unveil its $2.5 billion project at the end of the summer. The Venetian will become one of Asia’s largest casino resorts with 700 gaming tables.
According to the company President, “the new casino will draw crowds larger than ever by October “. Much of their emphasis is on providing value-added services to non-gamblers and tourists such as businessmen and casual vacationers.
Weidner predicts most guests will visit the Venetian for 3-4 days, compared to the current average of only 2 days in existing Macau resorts. The Venetian plans to lure approximately 40,000 visitors per day during the beginning stages.
The Venetian is part of Las Vegas Sands’ 1st phase of a gargantuan resort development project modeled after the similar designs on the Las Vegas Strip.
Sands currently operates 1 casino in Macau, which opened in 2004. The company said it reached break-even of $285 million for the project within a year of the Sands’ opening.