A full renovation of all 2,900 hotel rooms and suites at The Venetian Macao is planned to be completed in time for Chinese New Year 2028, Sands China Ltd said Thursday, while reinvestment into the property will also include new premium gaming salons and facilities.
The update from Patrick Dumont, Chairman and CEO of parent company Las Vegas Sands Corp (LVS), was provided during the company’s 2Q26 earnings call in which the executive highlighted the importance of ongoing investment into the premium gaming segment.
With Sands China’s multi-billion renovation of The Londoner Macao having officially reached completion in Q2, Dumont confirmed attention had turned to The Venetian since March, noting that “luxurious suite product coupled with outstanding service levels are critical to success” in the highly competitive Macau gaming market.
“We are focused on investing in the highest return projects over the next three years in order to create the best opportunities to increase cash flow,” Dumont explained.
“Renovation of The Venetian rooms and suites commenced in March and work is progressing. While we have some product coming back into inventory across the work period, our target is to have all 2,900 rooms and suites completely refurbished and reintroduced by Chinese New Year 2028.
“We will also introduce new premium-focused gaming salons and related amenities as a component of The Venetian investment program. The meaningful patron and volume growth we have seen in The Londoner and Grand Suites of Four Seasons (since renovated product came back online) provide support for these investments.”
Sands China outlined in its 2Q26 earnings release this morning that extremely bad luck in its VIP rolling segment had been the single biggest factor in sequential declines in revenue and profit.
However, Dumont clarified on the earnings call that the June quarter represented the highest hold adjustment the company has ever seen – an indication that high-level VIP play, with all of its volatility, had returned to Macau.
Despite being “beat really bad this quarter,” he noted that the company has gained significant market share at the “very top end” since it announced plans last year to amp up its reinvestment strategy.
“We’ve come from a position where we were No 4 in the rolling segment a year ago and now we’re No 1 with 26% volume share,” he stated. And part of that share gain is coming from the super VIP segment. And then in terms of the premium mass, we all keep saying that Macau’s growth is driven by the premium segment in the current environment, and within that there is some very high-end premium mass play, which is available to capture. We’ve been capturing more than a fair share of that in the last six months.”
On Sands China’s current reinvestment and opex levels, Dumont added, “We have been optimizing reinvestment levels since the beginning of the year but wanted to highlight our approach to reinvestment has remained consistent over the last several quarters. Our approach has not changed.
“If you look at the metrics, reinvestment as a percentage of revenue did increase during this quarter … driven by changes in business mix and lower hold percentage on our non-rolling play. Our goal is to continue to remain consistent with our reinvestment strategy going forward and to achieve greater profitability as revenues grow in the future.
“With respect to operating expenses, we have elected over the last year to invest in additional table operating hours, increased sales, marketing and customer service personnel, and enhanced levels of customer service. The increased investment in operating expenses related to our efforts should begin to level off in the second half of 2026. These investments are critical to the achievement of our long-term objectives of being able to service our customers to the highest standards and to create unique and memorable hospitality experiences for our guests.”
