By December 2024, the Londoner Macao casino complex will use the “Londoner Grand” brand at the location of the former Sheraton hotel. The parent business of Sands China Ltd., Las Vegas Sands Corp., disclosed this modification in their financial report for the second quarter.
The Pacifica casino at The Londoner Macao, which is now shuttered, will reopen under the “Londoner Grand” label, according to Robert Goldstein, chairman and CEO of Las Vegas Sands. A decrease in rooms and an increase in suites are part of the makeover. The Sheraton’s 3,968 rooms will be replaced with 2,405 rooms in the reopened Londoner Grand hotel towers; nevertheless, there will be an increase in suites from 360 to 1,500.
Grant Chum Kwan Lock, CEO of Sands China, explained that the second-quarter revenue shortfall at The Londoner Macao was due to the Sheraton towers being reduced to 2,500 keys from nearly 4,000 rooms, resulting in a loss of $15 million to $20 million. He noted that the ongoing renovation work would continue to impact earnings in the coming months.
Future Outlook and Market Conditions
Chum stated that the third quarter would see increased disruption, with available rooms dropping to an average of 1,300. This quarter will also experience a complete closure of the Pacifica casino, compared to 65% closure in the second quarter. Despite these challenges, Chum expressed optimism about the property’s future performance.
Addressing a broader market issue, Chum mentioned a slowdown in visitors from mainland China, particularly those from outside Guangdong province. He speculated on the reasons for this trend, acknowledging a “bifurcation” in visitor spending patterns. He noted, “The premium segments are still doing incredibly well,” while the lower price points, such as slots, also performed strongly. However, base mass tables, especially those catering to unrated players, saw weaker performance.
During the earnings call, Goldstein was asked about the demand at Marina Bay Sands in Singapore amid concerns about China’s economic growth. He stated, “We’ve not seen a slowdown [from] China. We just simply see the same as we see in the last couple of quarters, which is solid.” He emphasized the diverse customer base at Marina Bay Sands, attracting visitors from Vietnam, Japan, South Korea, Indonesia, and Malaysia.
Goldstein highlighted that seasonality generally affects the second quarter but maintained confidence in the property’s steady performance.
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