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Asia round-up: Tourists returning to Macau, $1bn "transformation" for Marina Bay Sands

Tourists return to Macau, as Covid-related measures loosen up

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According to the Macau Government Tourism Office (MGTO), the Chinese New Year brought in 25% more tourists than for the same period during 2021, with hotel occupancy rates at 64%.

At the beginning of the year, the pandemic caused the Zhuhai-Macau port to be tightened for a period of time.

However, before the Spring Festival, Covid measures were more relaxed, which drew in almost 114,000 tourists, a 25% increase compared to last year’s Spring Festival.

Among them, nearly 22,000 tourists visited Australia on the third day of the Lunar New Year, which represented the highest single-day number of visitors during this Spring Festival Golden Week, according to a report released by the MGTO.

Studio City International works on $1.3bn Phase 2 project

Studio City International Holdings, the parent company of Melco’s Studio City integrated resort, has announced a combination of senior secured note offerings, as well as private placement offers. Both are planned for use to partially fund the remaining Studio City project and for other general corporate plans.

Studio City is now working on a $1.3bn Phase 2 project, expected to open by the end of this year.

According to the company, the design for Studio City Phase 2 will feature a ‘modern interpretation of the Art Deco period,’ and it will offer an indoor/outdoor water park, a six-screen Cineplex and a state-of-the-art MICE space.

Regarding the senior notes offering, Studio City suggested the interest rate, along with other terms of the notes, will be established at the time of pricing of the offering.

In a different statement, Melco added that one of its subsidiaries, MCO Cotai Investments, entered into a subscription-based deal with Studio City International Holdings, which aims to acquire around 220 million Class A ordinary shares of SCIHL; for an aggregate purchase price of approximately $165m.

"We are firm of the view that Asia will continue to lead as a primary driver of growth in travel, and Singapore will remain a top destination of choice. Our reinvestment, as well as our planned multi-billion-dollar expansion that we announced in 2019, represents a further demonstration of our long-term support for Singapore”Robert Goldstein, Las Vegas Sands Chairman and CEO

Marina Bay invests $1bn for property transformation

The Marina Bay Sands has announced a $1bn reinvestment programme in an effort to transform the property.

The location will feature hotel rooms and suites, new food and beverage offerings and other enhancements that will reposition the integrated resort, as the recovery of global tourism continues.

"We are firm of the view that Asia will continue to lead as a primary driver of growth in travel, and Singapore will remain a top destination of choice. Our reinvestment, as well as our planned multi-billion-dollar expansion that we announced in 2019, represents a further demonstration of our long-term support for Singapore,” said Robert Goldstein, Las Vegas Sands Chairman and CEO.

He continued: “It reaffirms our confidence in the future, and our commitment to offering industry-leading luxury products and hospitality experiences to our guests,"

The $1bn reinvestment for Marina Bay Sands is part of Las Vegas Sands’ current programme to elevate both design and customer experience across its properties in Singapore and Macau.

Paul Town, Marina Bay Sands COO, said: "Marina Bay Sands' new room and suite offerings will bring luxury lifestyle experiences not seen in the market before, as we reimagine the future of luxury hospitality and travel. We are excited to unveil them to guests from around the world in the months ahead as international travel returns following the easing of border restrictions.

“Singapore has been a leader in working towards the safe return of global travel through its Vaccinated Travel Lanes, and we are grateful to the Government for its calibrated approach and unwavering support for the industry."

Marina Bay Sands brings numerous benefits to the economy of Singapore through the creation of jobs and support for local businesses. The IR directly employs around 10,000 team members, most of them being Singaporeans or permanent residents.

NagaCorp reports revenue of $223.5m for 2021

NagaCorp, owner and operator of NagaWorld, has released its financial and operating results for the financial year ended 31 December 2021. The report showed gross gaming revenue (GGR) of $223.5m and adjusted EBITDA of $22.4m.

During the fourth quarter of the year, the group recorded 29%, 46% and 28% average month-on-month growth of business volume in the Premium Mass, EGM and Mass Table segments, respectively.

According to the report, the group will continue to focus on executing its existing development projects, such as Naga 3, which is already in progress.

A statement in the report read: “Looking forward, 2022 will remain challenging amid the fluidity of the Covid-19 situation and economic uncertainties. Nevertheless, with the easing of restrictions and the global economic recovery in sight, NagaWorld is expected to continue drawing tourists from South East Asia and East Asia, especially with incoming business migration inflows to Cambodia.

“The company expects to continue its current growth recovery in a Covid endemic world, and believes the long-term business prospects and outlook of the group will remain stable.”

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