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| July 01, 2010 at 15:16 |
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Las Vegas Sands Opens Marina Bay Sands in Singapore
July 01, 2010 at 15:16
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On June 23rd, Las Vegas Sands opened its spectacular Marina Bay Sands integrated resort in Singapore. Helped by acrobats who scaled the three 57 stories towers in a competitive climb, the Singapore Symphony, the cast of Jersey Boys and Diana Ross to top it off, the facility joined its Genting Resort World neigbor in its quest to grow Singapore's already vibrant tourism business. It should succeed mightily. Towering over a city that has been called "Houston on Steroids," Marina Bay Sands consists of 2500 or so rooms, 800,000 square feet of high end retailing, a convention center that can accomodate 5000 or more of your best friends for dinner, and a huge multilevel casino, the facility was planned at a cost of $3.4 billion U.S. dollars. It will finish at $5.7 billion or so, like "Avatar," a bit over budget, but as they say in Hollywood, "Every dime is on the screen." The "drop dead" highlight is the rooftop Sky Park, 57 stories above the ground with its infinity pool. Non guests will pay $20 US to view the park and if they are there in the evening watch swimmers otlined in white flourescent lighting skoot across the pool surface. Since Singapore is usually over 80 degrees Fahrenheit 24 hours a day, 12 months a year, the night viewing and swimming should become the norm.
Like "Avatar," it appears people will come. While the retail space will open in the next few months, and the convention business will take a few years to ramp to its potential, this "House of Bricks" plant should quite soon demonstrate to investors its capability to generate over $1 billion U.S. dollar tax preferenced cash flow and thoroughly please the investors in Las Vegas Sands.
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GAMCO Investors, Inc. ("GAMCO") prepared this posting as a matter of general
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solicitation of a proxy or a vote. The posting is not a research report.
Individuals should consult with a qualified financial professional before
making any investment decisions.
Because the portfolio managers at GAMCO and our affiliates make individual
investment decisions with respect to the client accounts that they manage,
these accounts may have transactions inconsistent with the information contained
in this posting. These portfolio managers may know the substance of the posting
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as a client for their services.
- As of June 30, 2010 GAMCO and its
affiliates beneficially own on behalf of their investment advisory
clients or otherwise
less than 1% of the outstanding equity securities of
LAS VEGAS SANDS CORP.
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