Sands China will spend US$1.1 billion renovating its properties including turning the Sands Cotai Central into a London-themed resort over the next three years. Renovation works will begin in the second quarter of 2018 and are expected to take between 18 and 24 months.
The property will be rebranded as The Londoner Macao and feature some of the English capital’s most recognizable landmarks, the company said Wednesday in a statement. The Four Seasons Macao will get 295 new suites in a separate tower. Sands China has invested over US$13 billion in Macau since it was the first U.S. company to open a casino in the city in 2002.
Overall gaming revenue in Macau rose 22 percent to MOP67 billion (US$8.34 billion) in the third quarter of 2017, the fifth in a row of year-over-year growth.
Total net revenues for Sands China increased 12.2 percent to US$1.93 billion in the third quarter of 2017, compared to US$1.72 billion in the third quarter of 2016.
Net income for SCL increased 24.4 percent to US$403 million in the third quarter of 2017, compared to US$324 million in the third quarter of 2016.
“Our Macao operations produced its best quarter since the fourth quarter of 2014, with adjusted EBITDA reaching US$652 million,” said Sheldon Adelson, CEO of Sands China in the statement. Adjusted EBITDA for Sands China rose 3.8 percent beating the US$641.3 million average of estimates compiled by researcher Consensus Metrix.