Sands Londoner IR Project in Macau is Set to Revitalize Cotai Strip Amid Corona RecoveryPublished December 10, 2020 by Lee R
Macau's reliance on gaming will be offset thanks to Sands China Londoner project.
The construction of a key IR development central to Macau's recovery s well underway.
Sands China’s Londoner Macau's target opening date of February seeks to capitalize on the anticipated resurgence of traffic to the world's top gambling mecca.
The Project Scope
Sands China President Wilfred Wong announced to local media that major construction on the $2 billion revitalization project for Sands Cotai is complete, and after minor pending completions is set to house 6,000 guest rooms across four hotels while preserving its 450 table games and 2,000 slots.
Schedule Pushed Back
Prior to the pandemic-based disruptions, the Parliament architecture themed Londoner venue was originally scheduled to come online this year and gather momentum into 2021.
Sands Presence Expands
The Sands project will add some two million square feet of luxury accommodations to the Cotai Strip, where project owner Las Vegas Sands has the largest current presence with five integrated resorts.
Reducing Dependence on Gaming
The Londoner offering is part of the operator's current goals to add more non-gaming attractions to Macau, as an economic solution consistent with the local political agenda to reduce Macau's dependence on casino revenue before the next round of licensing renewals in 2022.
Wong revealed that the re-construction and transformation of Londoner Macao will unveil a concert hall and various dining venues as consistent with express organisational goals of “diversification and non-gaming elements.”
Signs of Life
The first signs of Macau's rebound from the already infamous corona winter that reduced GGR by some 90% for many months are already visible.
In October postings, most Macau operators posted break-even earnings before interest, taxes, deprecation and amortization (EBITDA) while trending positive for this month.
New Economic Stimuli
Positive economic factors include restoration of travelers' ability to attain individual visit scheme (IVS) visas via self-service kiosks, which will bring back travelers promptly and eliminate once extensive approval periods; coronavirus vaccine and enhanced testing capabilities; the reopening of the Hong Kong/Macau border and elimination of the quarantine policy between the autonomous regions.
The Londoner project's Big Ben Clock Tower looking down on the Cotai Strip may be the most benevolent sign of profits for Macau's future for years to come..