- Las Vegas Sands confirms $1.1 billion rebrand project
- The Londoner Macao should open by 2020
Las Vegas Sands Corp. has announced plans to invest more than $1 billion in its Macau properties, including renovations to four of its casino resorts and a complete rebranding of the Sands Cotai Central.
The US gambling brand reportedly confirmed this week that $1.1 billion has been made available for Macau investment, in the same week that city officials announced a 17.5% rise in taxes collected from gambling profits and a 2.4% jump in tourism.
Relaunch for Sands Cotai Central
Las Vegas Sands analysts are reported to have acknowledged that the Sands Cotai Central is one of the weaker Macau properties. They say this is due to its “lack of character”. Unlike some of LVS’ other Macau venues, there is no real theme or style which can be attributed to the Cotai Central. Owner Sheldon Adelson hopes to change that, with investment for refurbishment of the downtown Cotai venue.
The Sands Cotai Central will reopen in or around 2020 as The Londoner Macao. As the name suggests, it will have a London-centric theme. This should tie it in with the Venetian and Parisian resorts already owned by the corporation, creating a trio of properties that pay tribute to Europe’s most famous cities.
Revamp for all Las Vegas Sands venues
Though the Cotai Central is getting the most dramatic makeover, renovations will take place at all five of Las Vegas Sands’ Macau resorts. The Venetian and Plaza Macau will undergo upgrades to their VIP gaming areas, while the company’s Four Seasons and St Regis hotels will receive suite refurbishment and increase total room capacity.
“While we have invested over $13 billion in Macao since 2002… we see tremendous future opportunity in the Macao market as it continues to grow and evolve,” owner Adelson told reporters recently. Las Vegas Sands recently reported a $3.2 billion third-quarter profit, putting the company on track to meet financial expectations for the full year.
Analysts at Sanford C. Bernstein expect the investment to slow profit growth for the company for several years, especially if periods of construction and renovation limit gaming activities. However, a strong economic forecast for Macau’s gambling industry and a growing potential for investment in other Asian markets should help Las Vegas Sands weather any temporary decline in profit caused by the refurbishment work.
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