According to the management of Las Vegas Sands Corp., the complete conversion of what used to be the Sands Cotai Central casino resort in Macau’s Kotai district into Londoner Macao should be completed by early 2025. The latter is the parent company of Sands China Ltd., a Macau-based casino operator, which operates the property.
Las Vegas Sands said in July that it was set to complete the second phase of its $1 billion London-Macao property (pictured) by 2026. The redevelopment is still scheduled to begin next month, but the completion has been moved forward to around January 2025 in time for the Chinese New Year, the peak season for the Macao gaming industry, according to an investor release released Wednesday.
Grant Chum Kwan Lock, Sands China’s chief operating officer, said on a conference call following the company’s third-quarter earnings report on Wednesday that the company will try to “minimize its impact on the guest experience and business operations” during its next phase of renovation.
He added: “There will be some game-wise disruption in the middle of next year. We will systematically and carefully manage the Sheraton Tower renovation over the next 15, 18 months to continue to improve profitability on the customer side, but at the same time, we must try to complete these tasks as soon as possible.”
Mr Chum emphasised the importance of completing London’s Macao transition through the “replacement” of traditional assets south of the resort, namely Sheraton Towers and Pacific game zones.
“The sooner we build our entire resort, the better it will be for our guests, our staff, and everyone, including our business and brand positioning,” he said. “We should note that this part of our property portfolio is the least profitable part of our entire Kotai portfolio in terms of hotels and games.”
In a conference call, Robert Goldstein, chairman and chief executive of Las Vegas Sands, said he expected the completed London Macao to “meet and exceed the profitability of Sands China’s leading real estate, Venice Macao, in the Kotai region.”
Phase 2 of Macau in London will include “reconstruction and relocation” of Sheraton and Conrad hotels and renovation of Pacifica casino space, according to Wednesday’s presentation deck.
The company said it will add “new attractions, meals, retail and entertainment offerings” to the property. The purpose is also to introduce “new health and health experiences,” the company added.
Sands China has held official opening events for Macau in London, including opening a 6,000-seat stadium in May. However, the resort has always operated partially during the transition back to Macau in London from Sands Kotai Central, which opened in 2012.
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