London may have fallen out of favour after Brexit, but Las Vegas Sands is such a fan of the place it’s going to renovate one of its casino resorts in Macau to incorporate the city’s landmarks under a $1.1bn investment into its operations in the Chinese territory.
The company said it will invest the sum in new capital projects in Macau with the bulk of the investment on rebranding the Sands Cotai Central into The Londoner Macao.
“The Londoner Macao will feature dynamic new attractions and features from London including some of London’s most recognisable landmarks, an expanded and reimagined retail mall and 350 luxurious new suites,” the company said as it announced earnings for the three months ending September 30.
The company said the market in Macau “continues to recover” as mass and VIP gaming volumes outpaced overall growth in the market in the gambling hub. Hotel occupancy and retail mall revenues were also higher during the period.
Net profit for Sands China rose 24.4 per cent year on year to $403m in the three months to September 30 and revenue climbed 12.2 per cent to $1.93bn.
Macau is the world’s largest gambling centre and the only location on Chinese soil where casino gambling is legal, but revenues declined sharply from 2014 when it was hit by an anti-corruption crackdown in mainland China. Gaming revenues now appear to have turned the corner and have posted 14 consecutive months of growth.
Sands China shares were down 0.7 per cent against a 0.2 per cent fall for the benchmark Hang Seng index.
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