Sands China Awarded New 10-Year Gaming Concession
Sands China has been awarded a new 10-year gaming concession in Macao, announced by the Macao government on November 26, 2022. This provisional concession underscores Sands China's commitment to continuous investment in Macao's economy and community. The company plans to enhance non-gaming tourism and bolster local talent development, with over 90% of management roles held by locals. Leadership expressed gratitude to stakeholders, emphasizing the goal of transforming Macao into a premier international tourism destination.
- Awarded a new 10-year gaming concession in Macao, reinforcing long-term commitment.
- Plans for significant investment in non-gaming tourism amenities and attractions.
- Over 90% of management positions are filled by local talent, demonstrating strong community engagement.
- None.
Tender submission highlighted company's continuous investment in Macao
MACAO, China, Nov. 26, 2022 /PRNewswire/ -- The Sands China group has been awarded a new 10-year gaming concession in Macao, as announced by the Macao government Saturday. The concession is awarded on a provisional basis, subject to finalizing and entering into a new gaming concession contract with the Macao SAR.
Robert G. Goldstein, the chairman and chief executive officer of Sands China Ltd. (HKEx: 1928) and its parent company Las Vegas Sands Corp. (NYSE: LVS), said: "Our commitment to Macao has never wavered and we are honoured to continue the partnership we began with the government and people of Macao 20 years ago. In the coming decade and beyond, we will remain steadfast in our strategy of continuous investment in Macao – in its economy, its people and its community. Macao's future as an international tourism destination remains bright and we look forward to furthering our leadership role in helping it reach its full potential."
Dr. Wilfred Wong, president of Sands China Ltd., remarked: "The entire company is elated at the news of our successful bid for a new 10-year gaming concession. We are grateful to each of our 25,000 team members for their tireless support and dedication. Our gratitude also goes to the tender committee for its meticulous and thoughtful consideration of the tender submissions. We will do our utmost to further contribute to Macao's economic diversification and its continuing development into a world-class international tourism destination."
Sands China's tender submission in September highlighted the company's unprecedented level of investment in Macao, particularly in the area of non-gaming tourism amenities and attractions. It also detailed Sands China's plans to help broaden the appeal of Macao as an international tourist destination.
Other highlights of the submission included a summary of Sands China's industry-leading programmes for assisting and supporting local SMEs, the strong community outreach of the Sands Cares Ambassador volunteer programme, the company's robust charitable giving programme, and the award-winning training and development programmes that have nurtured team members to gain new skills and advance their careers.
Additionally, Sands China plans to strengthen many of its longstanding local talent development initiatives, including expanding the offerings of the Sands China Academy – aimed at creating additional opportunities for upward career mobility and further increasing the percentage of locals in management positions, which currently stands at over 90 per cent.
Dr. Wong added: "Sands China is thankful for the guidance of the Macao SAR government over the past 20 years and looks forward to being part of this next exciting chapter in Macao's history in the next decade and beyond. We are honoured to have the opportunity to continue contributing to Macao's integration into the overall development of the nation, investing in non-gaming, and to helping strengthen and promote Macao as the ultimate destination for both leisure and business travellers."
About Sands China Ltd.
Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company's integrated resorts on the Cotai Strip comprise The Venetian® Macao, The Plaza® Macao, The Parisian Macao and The Londoner® Macao. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company's portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at the Cotai Arena, The Venetian Theatre, The Parisian Theatre, the Londoner Theatre and the Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's Cotai Strip portfolio has the goal of contributing to Macao's transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).
For more information, please visit www.sandschina.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations. In addition, in certain portions included in this press release, the words "will," "anticipates," "believes," "estimates," "seeks," "expects," "plans," "intends" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments and other third parties, including government-mandated property closures, vaccine mandates, regular testing requirements, other increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; risks relating to the grant of any new concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, execute our previously announced capital expenditure programs and produce future returns; new development, construction and ventures; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; substantial leverage and debt service; benchmark interest rate transitions for some of our debt instruments; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loans receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other factors detailed in the reports filed by Sands China Ltd. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Sands China Ltd. assumes no obligation to update such statements and information.
Media contacts:
Corporate Communications, Venetian Macau Limited
Mabel Wu
Tel: +853 8118 2268
Email: mabel.wu@sands.com.mo
Jesse Chiang
Tel: +853 8118 2054
Email: jesse.chiang@sands.com.mo
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SOURCE Sands China Ltd.
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