Las Vegas Sands aims to sell shopping mall at Singapore casino
SINGAPORE (Reuters) - U.S. casino operator Las Vegas Sands hopes to sell its shopping mall at Singapore's Marina Bay Sands complex for $4 billion over the next two to three years, a local newspaper reported on Thursday.
Las Vegas Sands president and chief operating officer Micheal Leven told the Business Times that the company expects to achieve return on investment within the next four to five years from its Singapore casino complex.
"We did over a billion dollars in our first year in EBITDA. We expect that to grow. I think a four-to-five year payback in that situation, anybody would be happy with that return on investment," Leven said.
"We should do that very easily without even selling an asset like our mall, which we expect to sell maybe in 2013 or 2014, which can provide as much as $4 billion back for our $6 billion investment just on the mall alone," he added.
EBITDA is earnings before interest, tax, depreciation and amortization.
Marina Bay Sands, the world's second-most expensive casino resort after MGM's CityCenter in Las Vegas, held its official opening in February and company officials said at the time that it had already attracted 11 million visitors.
(Reporting by Harry Suhartono; Editing by Dhara Ranasinghe)
SAN FRANCISCO - Facebook Inc's fast-growing mobile advertising business helped drive a 61 percent increase in revenue during the second quarter, beating Wall Street's financial targets and sending shares to a record-high in after-hours trading on Wednesday. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.