Sands Focuses Investment in Macau Sands pledges investment in Macau as Singapore revenues at Marina Bay Sands
fell 2.9 per cent to $766m, Las Vegas revenue dropped two per cent to $379m and Pennsylvania dropped by 4.2 per cent to $138m.
Sands outlines $2bn investment in Macau to renovate its existing operations despite looming licence renewals
CHINA CASINO OPERATIONS
Las Vegas Sands has pledged to invest upwards of US$2bn in its existing Macau operations in the time leading up to the renewal deadline, taking its total investment in the Macau casino sector passed the $15bn mark.
Te majority of that spend will go on transforming Sands Cotai Central complex into Te Londoner Macao, at a cost of $1.35bn with staggered openings over 2020 and 2021. Along with the other Macau concessionaires, Sands’ licence to run casinos will need to be renewed in 2022. Te company plans on investing $400m on the 370-suite St. Regis Tower Suites Macao and a further $450m on a 290-suite Four Seasons Tower Suites Macao, which are expected to open in the first quarter of 2020.
Sands President and Chief Operating Officer Rob Goldstein said: “We are big fans of China. We’re big fans of Macau. We’ve been wildly successful and our $2bn statement to bring the Londoner to fruition is positive proof that actions speak louder than words. If there’s not a vote of confidence in that, I don’t know what is. We believe our concession is not at risk. We’re investing in our firm belief that we’ll be in Macau today, tomorrow and many years to come.”
City of Dreams Manila opens VR gaming space
Philippines
Melco Resorts and Entertainment has partnered with Bandai Namco Amusement of Japan to debut a virtual reality (VR)-powered entertainment and dining space at its City of Dreams Manila casino in the Philippines. Te state-of-the- art Te Garage, which opened on October 14, is a 2,714sq.m VR zone and a 563-seater food park that offers a selection of casual dining choices in trucks and trailers. Tis concept was touted as the first of its kind in the Philippines.
City of Dreams Manila’s COO Kevin Benning said: “Te Garage is City of Dreams Manila’s latest attraction
Te vote of confidence came as Sands reported earnings of $699m and revenues of $3.37bn for the quarter ending September 30. Earnings increased by 2.2 per cent compared to last year with revenue up 6.6 per cent.
In Macau Sands delivered adjusted EBITDA of $754m, an increase of 15.8 per cent compared to the third quarter of 2017 with revenues up 13.1 per cent to $2.15bn. Te Venetian reported another strong quarter with revenue up 20 per cent to $857m. Sands Cotai Central also enjoyed an increase of 15 per cent to $537m but the Parisian dropped 5.4 per cent to $389m.
Sands President Sheldon Adelson said: “We experienced strong growth in both the VIP and mass gaming table segments enabling us to again outperform in the Macao market, while growing our market share of revenues. We also achieved record hotel occupancy of 96 per cent at our Macau portfolio. Gaming and non- gaming revenues both grew in excess of 20 per cent, while adjusted EBITDA was up by 30 per cent. Te performance of Te Venetian contributes to our unwavering confidence in the future of Macao, which will benefit from enhanced transportation infrastructure and investments in the Greater Bay Area.”
featuring entertainment activities in partnership with Bandai Namco. With their creativity and cutting-edge technology, we are honoured and delighted to partner with them, and together blaze a trail in delivering extraordinary entertainment experiences that go beyond gaming and recreation in the Philippines."
Bandai Namco General Manager Kunihisa Yagihista added: “We hope to bring outside of Japan an immense, multisensory and fun activities to Filipinos and foreign guests with our unique VR activities at Te Garage.”
Te Garage, which is located at the upper ground floor of City of Dreams Manila, was designed by award-winning Paris-based creative design agency Malherbe Design in collaboration with Westar Architectural Interior Design.
China
Te world’s longest sea bridge connecting Hong Kong, Macau and Zhuhai city on the mainland was inaugurated by President of China Xi Jinping on October 25. Situated in the Lingdingyang waters of the Pearl River estuary, the US$20bn infrastructure project is a part of Beijing’s efforts to create a new economic base in southern China. Te 55- km long Hong Kong-Zhuhai-Macau sea bridge includes a 7-km long underwater tunnel. It was inaugurated within weeks of the opening of a high-speed rail link, linking Beijing to Hong Kong. Te sea bridge linking Hong Kong, Macau and mainland China will reduce the travel time between the three territories from three hours to just 30 minutes. It took a duration of nine years to build due to delays, budget overruns and corruption prosecutions.
JAPAN – Listed in the company’s annual report, Hajime Satomi, the Chairman and Group CEO of Japan’s Sega Sammy Holdings, states that he wants to be involved in most of the country’s integrated resort operations following recent passage of the long-awaited IR Implementation Bill, with a view to global casino expansion.
Mr. Satomi outlined ambitious plans for the coming years including a desire to be a dominant player in the Japanese IR industry. “Integrated resorts will open up a wide range of possibilities for the Group,” Satomi said. “Many companies have announced their intention to participate. However, I want the Group to hold the majority of projects and develop businesses in a broad range of fields with casino operations as the central focus.
Sega Sammy is currently a joint venture partner in Korea’s first integrated resort, Paradise City in Incheon, with local firm Paradise Co and has made no secret of the fact that the it views the partnership as an opportunity to gain casino operations experience.
The company has around 60 employees based at Paradise City learning the trade. It also operates non-gaming resort Phoenix Seagaia Resort in Miyazaki, Japan.
In its annual report, Sega Sammy said it expects its resort business to lose ¥3 million in FY2019, primarily via Phoenix Seagaia Resort, but that it would continue to fund its long-term resort development from its pachislot, pachinko, packaged games and amusement machines businesses.
At present, we are laying the foundations for participation by accumulating knowhow through PARADISE CITY and other resorts, establishing financial resources, and conducting multifaceted investigation and analysis,” stated Mr. Satomi.
“If we can realise participation and build successful businesses, it will open up a wide range of possibilities for the Group going forward, including the expansion of businesses in the global market using the know-how gained from such successes.”
“Through such ambitious initiatives, the future vision of the SEGA SAMMY Group is to become a corporate group that has a unique presence among global entertainment companies with respect to both revenue scale and business lines.”
“I believe my mission is to meet the expectations of shareholders and all other stakeholders through the realisation of this vision, and I will work unstintingly to realise it.”
NEWSWIRE / INTERACTIVE / MARKET DATA P31
ASIA & OCEANIA
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