Las Vegas Sands has walked away from the prospect of developing an integrated resort in Osaka, Japan, it was revealed yesterday.

The Las Vegas-based gambling and hospitality giant will instead focus on the opportunities that may be presented by licences in Tokyo and Yokohama.

CEO Sheldon Adelson said: “For the past several years, we have engaged in a conversation with the Osaka government regarding the possibility of building a world-class integrated resort there. We thank the people and government there for their professionalism and wish them much success with Expo 2025 and the other initiatives they have planned.

“Consistent with our long-held strategy and our track record of success in achieving it, our company will drive organic growth by strongly reinvesting in our existing portfolio of properties in Macau, Singapore and Las Vegas, reward our shareholders through our dividend and share repurchase programmes and target new development opportunities that allow us to maintain our industry-leading returns on invested capital.

“And we think an investment in Tokyo or Yokohama gives us the best opportunity to do exactly that,” he concluded.