Brazil is a huge country that has always been under the eye of the big corporations with the gambling and casino industry being no exception. Since it is the fifth-largest country in the world, it presents a perfect market which is still to be explored. The CEO of Las Vegas Sands, Sheldon Adelson saw Brazil as the next place to open another integrated resort (IR). This was a decision of his week-long travels through the South American country.
The first Adelson’s stop was Sao Paulo, which is the biggest city in Brazil. Giving an interview there for local media, Adelson stated that his intention wanted to invest in one or more IRs and that he is currently considering which.
Adelson, who has a net worth of approximately $40 million, is not in Brazil for the first time. In fact, he traveled to Rio De Janeiro in May 2017 where he met with the president of Brazil, Michel Temer. The biggest reason for this visit was to discuss a potential $8-billion integrated resort that could be built in Brazil.
What makes Brazil still so inviting for the gambling industry is the fact that the laws may change. As a matter of fact, the country proclaimed any kind of gambling illegal in 1941, and since then, no additional changes were made to the law. However, in the last couple of years, this issue slowly became one of the main discussion points among Brazil leaders, and there have been several pushes to change this law and allow gambling.
One of the main reasons this is slowly being changed is the fact that Brazil has a huge debt that is rapidly growing. The main argument for gambling legalization is that the revenue that the country will see from it will definitely be a significant factor when it comes to paying off the debt. At the moment, the two of the bills, which are connected to the legalization of gambling, is under review by the legislators. However, this is a slow process, and their future will remain uncertain for some time.
Adelson is definitely the first to consider building an IR as he is currently one of the most powerful people on Earth, being ranked by Forbes 21 when it comes to wealth. Although currently 84, he is still fully devoted to expanding his business and making his empire even stronger and richer.
His company, Las Vegas Sands, currently has five casinos situated in Macau only. Furthermore, there are properties in Las Vegas and Singapore. Although they are based in the US, the majority of their income comes from the sources outside of US. Nevertheless, the company still invests big time in the domestic projects, and one currently active project is $1.1 billion renovation of a Macau resort.
When it comes to LSV earnings, the beginning of 2018 brought about an increase of 16.7% compared to the same period of the last year. The numbers are going well for them, and a potential IR in Brazil could further improve their income.
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