Sands China wants to build a new hotel at The Venetian Macao
Sands China plans to build an additional hotel as part of its proposed expansion of the Cotai Expo meetings facility at the Venetian Macao resort.
Macau.- Sands China is considering adding an additional hotel as part of its expansion plans for the Cotai Expo meetings facility at the Venetian Macao resort. The proposed expansion, which was first announced in December, is in the preliminary design stage and is subject to approval by the Macau government.
Sands China’s president, Wilfred Wong Ying Wai, told Macao Daily News the plan includes the construction of additional hotel rooms on top of an estimated 18,000 square meters of added meetings and conference space.
He said Sands China was currently operating around 12,000 hotel rooms in Macau. The company, along with other casino operators in the city, committed to investing further in the Macau market in exchange for a new 10-year gaming concession that commenced in January. Sands China has pledged MOP30.0bn (US$3.72bn) for various projects, including non-gaming initiatives aimed at attracting international visitors, until the end of 2032.
In addition to the proposed hotel expansion, Sands China also has plans for its garden adjacent to the Londoner Macao property on Cotai. The company intends to develop a conservatory as part of its investment pledge. Wong said this project is also in the preliminary design stage.
See also: Sands China urges diversification of Macau economy beyond gaming
Sands China posts net revenue of US$1.28bn for Q1
Sands China has shared its financial results for the first quarter of the year 2023. It posted net revenue of US$1.28bn, up 132 per cent when compared to last year. Its net loss was US$10m, down from US$336m in the prior-year period and from US$348m in the previous quarter.
The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) for the first quarter was US$398m, compared to negative US$11m for the first quarter of 2022. Some 3,800 rooms remained out of service due to labour constraints during the quarter.
The non-rolling table win in the mass market was US$911m, compared with US$354m in the same period last year. The figure represents 60 per cent of pre-pandemic levels. Slot machine win reached US$118m, up from US$29m a year ago and about 77 per cent of 2019 levels. Rolling win in the VIP segment was at 23 per cent of pre-pandemic levels at US$155m.
