Sands China President and Chief Operating Officer Wilfred Wong says that final designs for transformation of its Cotai Strip property Sands Cotai Central into Londoner Macao are ongoing following the company’s recent announcement of a US$1 billion increase in its investment.
“There has been, as we plan for the refurbishment of Sands Cotai Central, an increase in the scope of the works,” he told Inside Asian Gaming following a panel session at MGS Summit on Wednesday.
“As we plan, we look at different public areas, different designs and we feel the need to upgrade some of these refurbishments in order for us to remain competitive. Don’t forget that it is still two years away before Sands Cotai Central turns into The Londoner so we’re really looking ahead and are very happy to invest in the future of Macau.”
Chairman and CEO Sheldon Adelson revealed in the company’s 3Q18 earnings call earlier this month that Sands would increase its total investment into the refurbishment of Sands Cotai Central, as well as the Four Seasons and St. Regis suites, from US$1.2 billion to US$2.2 billion. Those projects will start coming online from 2020, with Dr Wong confirming that work on the first projects would begin immediately after Chinese New Year in February 2019.
While the timeline puts Sands China’s new developments on a collision course with the first release of information on the upcoming Macau re-tendering process, due by no later than October next year, Dr Wong insisted he is “not going to speculate on what the tender requirements will be,” adding, “I have full faith in the Macau government to treat everyone fairly, so we’re confident.”
However, he did acknowledge potential challenges ahead for all Macau operators given recent trade tensions between the US and China.
“I think there are certain differences between the east and the west both in terms of their philosophy and their cultural background,” he observed. “And at a time when the western culture is dominating the world everyone follows the rules that are dictated by western culture.
“Now eastern culture is emerging – China, Japan – the eastern culture has emerged and therefore there are certain ways in which we think about a problem and how we look at the world order.
“That will lead to conflicts and challenges in trade, in military, in other areas and so I think this cultural difference has to be reconciliated in order for the world to reach a new world order.”
