Sands expects The Londoner to see similar revenue to The Venetian
Las Vegas Sands’ CEO has said the company’s London-inspired casino resort has the potential to reach the same performance levels as The Venetian.
Macau.- Rob Goldstein, Las Vegas Sands’ chairman and CEO, has said that the recently opened The Londoner on the Cotai Strip is expected to reach the same level of revenue as The Venetian.
Patrick Dumont, president and COO of the company, also expressed his opinion at the 2021 Strategic Decisions Conference held by brokerage Sandford C. Bernstein.
The Londoner Phase I officially opened in February. LVS expects to complete its development throughout 2021.
The casino will have a capacity for up to 450 tables and 2,000 slot machines. It will be able to seat 1,700, while an additional 370,000 square feet of meeting space will cater to the MICE market.
According to analysts at financial services firm Deutsche Bank, Sands China accounted for 24.1 per cent of Macau GGR in the first quarter of the year.
Sands China saw net revenue of US$771m, a 5 per cent year-on-year decline compared to the first quarter of 2020 but a 15.1 per cent increase from revenue of US$675m in the fourth quarter of 2020.
The Venetian Macau contributed US$340m during the first quarter of the year, while the Londoner reached US$137m.
In March, the company announced it was planning to sell its world-famous Venetian casino for US$6.25bn to invest in its Asian businesses.
Chairman and CEO Rob Goldstein said: “Asia remains the backbone of this company and our developments in Macau and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities.”
