* Singapore casino seen generating high EBITDA
* Sands has big plans for Asia
ATLANTA, June 4 (Reuters) - Las Vegas Sands (LVS.N) Chief Executive Sheldon Adelson said on Friday that his company’s Singapore casino resort will generate “extraordinarily high” levels of earnings before taxes as it ramps up operations.
Sands opened the $5.6 billion Marina Bay Sands resort of retail shops and convention facilities in Singapore in April. Adelson said more than 50 percent of the complex had to be open before the company could secure a casino license.
The percentage of earnings before interest, taxes, depreciation and amortization (EBITDA) “will be the highest percentage that any casino has ever experienced, at least in our universe,” Adelson said in talking about the resort during a presentation at a Sanford Bernstein conference that was broadcast over the Internet.
“As we get ramped up, I see us with extraordinarily high percentage of EBITDA to sales,” he added.
Las Vegas Sands also owns properties in Macau and operates the Palazzo and Venetian resorts on the Vegas Strip.
The casino billionaire also said Singapore could help the company tap the Middle East and other markets.
“Asia is the mecca for gaming and we intend to be as aggressive, as assertive as we need to be in order to develop other locations,” Adelson said.
Las Vegas Sands shares were off 82 cents, or 3.3 percent, to $24.11 in afternoon trading on the New York Stock Exchange on Friday amid a broader market sell-off.
Reporting by Karen Jacobs; Editing by Bernard Orr