Sands to increase investment in Macau

Sands Corp, the Las Vegas-based casino group is going to invest more $2bn in its Macau operation. The company is gearing up for its license renewal in the Chinese controlled territory.

Company executives offered details of the investments in their third-quarter earnings call on Wednesday. The majority of the investment would go to the renovation, expansion, and rebranding of the company’s Sands Cotai Central complex into The Londoner Macao, a $1.35bn plan first announced a year ago.

The company has also earmarked $400m for the 370-suite St Regis Tower Suites Macao and $450 m for a 290-suite Four Seasons Tower Suites Macao, which are expected to be completed by the first quarter of 2020.

The Londoner project will begin next year and phased to create minimal disruption during peak business periods with completions expected throughout 2020 and 2021. That investment, on top of the $13bn Sands has put into Macau in the 14 years it has had a presence there, is expected to persuade Chinese government leaders to renew the company’s concession in Macau, due to expire in 2022.

Source: interGameOnline