Las Vegas Sands Corp. (LVS) Chairman Sheldon Adelson said he sees no impetus right now to spin off the group’s US$5.5 billion Singapore integrated resort in an initial public offering.

“I’ve been asked that question many times and right now I don’t see the impetus to convert,” Adelson said at a conference in Hong Kong Tuesday.

He was responding to a question on whether potential social problems related to gambling in Singapore could provide a catalyst for LVS to cash in on the group’s US$5.5 billion ($7.3 billion) Marina Bay Sands complex, which opened in April.

“I don’t want to just become a holding company,” he said.

“We have a particular business model. It’s worked out very well. We expect it will continue to work out well and there’s no necessity to cash in whole or in part on Singapore.”

However, he said there is room to sell the integrated resort’s retail mall business operations if needed.

“If the mall turns out like we believe it’s turning out, no problem — we can get rid of it at any time we want,” Adelson said.

He expects Marina Bay Sands’s earnings before interest, tax, depreciation and amortisation to hit or exceed US$1 billion in 2011 and that Singapore’s gaming sector revenue will beat that of the Las Vegas Strip by 2012.

Regarding the number of Singaporeans visiting the integrated resort, he estimates less than half of the visitors to the resort’s casino are Singapore citizens or permanent residents, based on the casino’s daily list of top winners and losers.

The Singapore government has sought to limit the number of locals visiting the casino by charging a $100 daily levy for all Singapore citizens and permanent residents entering the casinos at the city-state’s two integrated resorts.

Adelson estimates about 10% of all casino income will come from Singaporeans once the facility is fully operational.

“I don’t think it’s enough to have the government make any significant changes,” he said.