American casino giant Las Vegas Sands has announced a $1.1bn renovation and rebranding project in one of its major resorts in Macau, which will see the Sands China Cotai Central become the Londoner Macau.
In a company filing, accompanying third quarter financial results, Las Vegas Sands detailed the multibillion-dollar upgrade.
A release stated: “We will invest over US$1.1bn in new capital projects over the next three years in Macau, at Sands Cotai Central and the Four Seasons Hotel Macau.”
Sands revealed that the new resort will feature some of the most popular landmarks found in the British capital, as well as an expanded retail mall and 350 new guestrooms. Additionally, the $1.1bn project will also see the construction of a new tower at the Four Seasons Hotel, featuring 295 suites.
Analysts believe this trend, which is becoming more prevalent among Macau's operators, is aimed at attracting both VIP and mass-market customers.
The US firm already owns five properties in the world’s largest gambling hub through its subsidiary Sands China – Venetian Macau, Sands Macau, The Plaza Macau, Sands Cotai Central and the Parisian Macau – and has a tradition of giving foreign themes to its Macau venues. Last year, the casino operator opened the Parisian where visitors can wander around a half-scale recreation of the Eiffel Tower.
Its latest financial figures show an overall increase of 2.2% in net revenues, up to $3.2bn for the third quarter of 2017. This steady growth was led by its Asian subsidiaries. Sands China posted in Q3 EBITA of $652m, the firm’s best quarterly result since 2014, with the newly-opened Parisian earning over $130m.
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