sands gambles on new londonthemed resort in macau
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Sands gambles on new London-themed resort in Macau

Arab Today, arab today

Arab Today, arab today Sands gambles on new London-themed resort in Macau

Casino giant Las Vegas Sands launched its mega resort
Hong Kong - AFP

It has already created a replica Venice and copycat Eiffel Tower in Macau -- now US gaming giant Sands has announced it will bring London to the southern Chinese gambling enclave.

The firm, run by billionaire Sheldon Adelson, will invest more than US$1.1 billion in Macau over the next three years, most of which will be spent turning its current casino resort Sands Cotai Central into The Londoner. 

The new concept will include "some of London's most recognisable landmarks", a statement from Sands said.

It comes as Macau undergoes a renaissance, with gaming revenues bouncing back after being hit hard by a Beijing corruption crackdown launched by China's President Xi Jinping in 2012. 

The Londoner will stand a stone's throw from the firm's sprawling Venetian and Parisian resorts. 

Sands will also expand its Four Seasons Hotel on the Cotai strip, opening an additional 295 new suites.

"While we have invested over US$13 billion in Macao since 2002... we see tremendous future opportunity in the Macau market as it continues to grow and evolve," the statement said.  

Semi-autonomous Macau is the world's largest gambling hub, dwarfing Las Vegas. It is the only part of China where casino gambling is legal and is a favourite haunt of mainland big spenders.

But many VIPs cashed out due to Xi's war on graft -- the enclave has a reputation as a money laundering centre for illicit cashflows out of China. 

The crisis was compounded by a growth slowdown on the mainland. 

Macau has also come under pressure from Chinese authorities to diversify away from gambling. 

In response, major players poured their resources into "integrated resorts" offering everything from fine dining to theme park rides as they looked to compensate for the fall in high rollers.

The appeal to mass market has helped stabilise revenues and some big spenders have also returned. 

Monthly gaming revenue in Macau has been on the up for more than a year, rising 16 percent in September.

Sands' announcement came as part of its third quarter results which charted year-on-year net profit of $403 million, up 24.4 percent on the same period in 2016. Revenue climbed 12.2 per cent to $1.93 billion.

Sands China stocks dipped 1.5 percent to HK$37.2 ($4.8) in morning trading.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sands gambles on new londonthemed resort in macau sands gambles on new londonthemed resort in macau

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sands gambles on new londonthemed resort in macau sands gambles on new londonthemed resort in macau

 



GMT 13:05 2017 Saturday ,25 November

OIC condemns North Sinai mosque attack

GMT 08:37 2017 Saturday ,30 December

S.Africa's Zuma: Troubled leader heads towards exit

GMT 02:19 2017 Monday ,09 October

Saudi unemployment 12.8% in 2Q 2017

GMT 08:32 2017 Thursday ,09 February

Your baby is Thumb-sucking

GMT 17:24 2018 Wednesday ,19 September

Fifty Five years on: Why Oslo is not entirely "dead"

GMT 04:10 2018 Friday ,19 January

US admits Turkey owed explanation over Syria force

GMT 08:04 2017 Tuesday ,05 December

Syria govt still unsure on return to Geneva talks

GMT 19:33 2017 Wednesday ,18 October

Wallabies to host Ireland in 2018

GMT 01:01 2017 Wednesday ,06 September

Army discovers aerostat in Zghorta's Miziara outskirts

GMT 13:02 2016 Thursday ,29 September

Philippines President to End Joint US-Philippines Drills

GMT 14:55 2017 Wednesday ,12 July

Nigeria's Buhari 'recuperating very quickly'

GMT 18:14 2017 Friday ,17 March

Moroccan king appoints Othomani as new PM

GMT 07:56 2017 Wednesday ,12 April

Iran's Ahmadinejad registers to run for president

GMT 05:30 2017 Tuesday ,06 June

ECB to hint at end to easy money

GMT 04:59 2017 Tuesday ,26 September

China's Xi to meet Trump in MaraLago on April 67

GMT 11:02 2016 Monday ,15 August

Indonesia airlines cleared to fly to US

GMT 07:27 2017 Wednesday ,22 November

Yemen’s army achieve advance in both Sanaa and Taiz
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday