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Sands China (1928.HK)
13-05-2019, 07:53 PM.
Post: #1
Sands China (1928.HK)
Sands China to follow up The Parisian and The Venetian with The Londoner as part of US$2.2 billion Macau expansion plan
* Holiday Inn in Sands Cotai Central resort to make way for latest European city-based hotel
* Company to unveil larger expansion plan in phases

Ryan Swift   
Published: 10:00am, 13 May, 2019

Sands China last week unveiled plans to upgrade the 1,200-room Holiday Inn at Sands Cotai Central in Macau, rebranding it as The Londoner, a destination resort in line with its other European city-based brands, The Venetian and The Parisian.

The Londoner rebranding is part of a larger, US$2.2 billion expansion plan, to be unveiled by Sands China, which develops, owns and operates integrated resorts, retail malls and casinos, in stages. To start with, the Holiday Inn will make way for the 600-suite Londoner.

The Four Seasons Hotel and associated casinos operating under Sands China will also be renovated.

In the first quarter this year, Sands Cotai Central, an integrated resort operated by Sands China with four hotel brands, the St. Regis, the Conrad, the Sheraton Grand and Holiday Inn, reported US$577 million in revenue, up from US$549 million for the same period in 2018.

The Venetian reported US$897 million in the first quarter, while The Parisian brought in US$454 million, an increase of 26 per cent over the same period last year.

“It’s a pretty large redevelopment. It’s important to keep fresh – some of the Sands properties are getting a bit aged and you always need freshness in Macau,” said Vitaly Umansky, a gaming industry analyst at privately-owned investment manager Sanford C. Bernstein, noting Sands’ success in developing and promoting its city-branded properties.

An April 2019 research note from Sanford Bernstein maintains outperform ratings for Sands China and its Paradise, Nevada-based parent company, Las Vegas Sands. According to the note, Sands China’s Ebitda margin leads the industry average by about 480 basis points, and Umansky said the company was underlevered and should have no trouble financing the project.

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