The performance of the Londoner Macao will determine if the Las Vegas Sands Corp. invests additional billions in its other “world-capital” resorts in the Chinese territory, the Venetian and the Parisian.
So said Sands Chairman and CEO Rob Goldstein at Bernstein’s recent Annual Strategic Decisions Conference.
Goldstein previously said the U.S.-based company is willing to invest $10 billion more in Macau after spending $2 billion to turn the Sands Cotai Central into the Londoner. According to GGRAsia, the renovation turned a 1,200-room Holiday Inn into a 600-suite hotel. Sands added 370 suites on the new London court. With its luxury appointments and British theming, the resort complex is aimed at the lucrative premium mass segment.
“I hope we do so well at Four Seasons and Londoner that we want to go back and spend more money and capital,” Goldstein said at the June 2 conference. “Parisian is a pretty successful product. Could it be better? Things can always be better.
“If Londoner blows the doors down and the Four Seasons does its job, I’d love to go back and rethink how to make the Venetian better. Although a product that made $6 billion before Covid was not a bad little hotel, we can always enhance it and do better.
“And at the Parisian there are always things you can do too, so let’s see if we are right about our optimism, and if we’re right about it we’d like to go back and spend more money in Macau. It’s still the best land-based market in the world.”
Goldstein says the Londoner has all the ingredients necessary for success.
“It’s at the epicenter of Macau, it has almost 6,000 keys,” he said. “The Londoner product could be awfully good.”
Sands President and COO Patrick Dumont echoed that sentiment. “When Macau returns, our gearing will be better to actually produce better cash flow with a better mix of customers than we’ve ever had before, because of the quality of the product, the results in the room product and all the amenities around it.”
