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Las Vegas Sands Will No Longer Pursue Gaming Opportunity in Kansas |
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With its current pipeline of attractive developments already in place, and other potential development opportunities on the horizon, Las Vegas Sands Corp. (NYSE:LVS) today announced, after a thorough evaluation of the impact of proposed statutory changes in the neighboring Missouri gaming marketplace, the company will no longer pursue a gaming license in the state of Kansas. |
"As we pursue our development plans and evaluate potential opportunities around the globe, we constantly review those plans to determine which ones are the most beneficial for the company, its shareholders, and our employees, as well as the communities in which we intend to operate," said William Weidner, president of Las Vegas Sands Corp. "Our proposed development plans for Kansas included significant investment in a world-class integrated resort facility. It now appears that proposed statutory changes in Missouri will allow gaming operators there to significantly increase the amounts being wagered at their competing facilities. This change, together with the increased borrowing costs in today's financial marketplace, significantly decreases the expected returns from our proposed development in Kansas and limits our ability to generate appropriate risk-adjusted returns on the proposed investment vis-a-vis our expected returns on our other global investment opportunities."
"Over the past several months we have made many friends in Kansas and have been treated with the utmost respect. We are extremely grateful for the support we have received, but feel this decision is in the best interests of our employees and shareholders," said Weidner.
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