Casino developer Las Vegas Sands Corp says the planned investment for Phase 2 of the transformation of the Londoner Macao casino resort is now US$1.2 billion, up from the previously-announced US$1.0 billion. The revised investment pledge was disclosed on Wednesday, in the company’s fourth-quarter earnings presentation deck.
The second-phase revamp of what used to be the Sands Cotai Central complex, in Macau’s Cotai district, began in November, and should be “substantially completed by Chinese New Year 2025,” according to the company. The festive break is usually a peak season for Macau’s gaming industry.
Las Vegas Sands is the parent company of Macau-based casino operator Sands China Ltd, which runs the property.
According to Wednesday’s presentation deck, Phase 2 of the Londoner Macao (pictured) will include the renovation of the Sheraton and Conrad hotels, as well as the revamp of the Pacifica casino space.
The company said it would add “new attractions, dining, retail and entertainment offerings” to the property.
Grant Chum Kwan Lock, Sands China’s freshly-appointed chief executive and president, confirmed in a Wednesday conference call with investment analysts that the company had “commenced the renovation” of the Sheraton hotel.
“That will continue through the whole of 2024, and we’ll hopefully be completed sometime in the first quarter of 2025,” he added.
Mr Chum said there “could be some impact” from construction disruption, “especially as we go into the second half of the year”.
That, he added, “depends on when the works are approved to commence on the Sheraton side of the casino floor, and also as well as the number of keys that will be out at any given time at the Sheraton.”
The CEO said the company would be managing Phase 2 of the renovation of the Londoner Macao as it did Phase 1, when it converted the Holiday Inn hotel tower. “We will be yielding the rest of our portfolio,” he stated.
Sands China runs a number of resorts in Macau’s Cotai district, including the Venetian Macao and the Parisian Macao. It also operates casino hotel Sands Macao on the city’s peninsula.
Mr Chum said: “Right now, the schedule is still a little bit fluid, just pending some approvals. But at this point, our expectation is the first half will be relative normal and then expect some disruption in the second half.”
He added: “But then by 2025, we’re going to be in a dramatically elevated and different position in terms of the entire Londoner.”
Sands China completed most of the work in the public areas and external facade of the Londoner Macao during Phase I of the renovation, as well as the complex’s retail mall and one the two casino floors.
“But we only touched 1,000 keys out of the 6,000 that we have,” noted Mr Chum. “The main difference is that Phase 2 is going to address the majority of the hotel inventory in terms of renovation and of course, the other main gaming floor that we have on the Sheraton side,” he added.
BY: 바카라사이트
