Sands China Signs 10-Year Gaming Concession Contract

Rhea-AI Summary

Sands China recently finalized a 10-year gaming concession contract, having received a provisional concession from the Macao SAR government on November 26. CEO Robert G. Goldstein emphasized the company's commitment to investing in Macao's development and tourism. Sands China plans to enhance Macao's appeal as a tourist destination and support local SMEs and community initiatives. The press release also highlights significant investment in non-gaming sectors, aiming for a diversified tourist experience. The company is optimistic about its role in supporting Macao's economic growth.

Positive

• Finalization of a 10-year gaming concession contract indicates stability for future operations.
• Commitment to significant investment in non-gaming sectors to enhance Macao's tourism appeal.
• Support for local SMEs and community outreach initiatives reflects corporate responsibility.

Negative

• None.

MACAO, Dec. 16, 2022 /PRNewswire/ -- The Sands China group signed its finalised 10-year gaming concession contract Friday at a signing ceremony, after having been awarded a provisional concession by the Macao SAR government on Nov. 26.

Robert G. Goldstein, chairman and chief executive officer of Las Vegas Sands Corp. (NYSE: LVS) and Sands China Ltd. (HKEx: 1928), said: "On behalf of Las Vegas Sands and Sands China, the entire company is both honoured and eager to continue investing in Macao's development, its diversification, and its success. We look ahead today with the same confidence and enthusiasm in Macao's future that our founder Sheldon G. Adelson did two decades ago when he committed himself to the vision of the Cotai Strip. We are thankful for the continued trust of the Macao SAR government, for the spirit of service and excellence of our team members, and for the opportunity to participate in the success of one of the world's most unique leisure and business tourism destinations."

Dr. Wilfred Wong, president of Sands China Ltd., said: "Sands China is grateful to the Macao government for their trust and confidence in us to continue contributing to Macao's community, economy, and tourism industry – and we likewise reciprocate our trust and confidence in the guidance of the central and SAR governments, and in the future of Macao. We are excited and honoured to carry forward together with all stakeholders in supporting Macao's growth as a world centre of tourism and leisure, and to support and strengthen Macao's role in the Greater Bay Area. Whether in creating diversified non-gaming offerings, cultivating local talent, or supporting local SMEs, we remain committed and confident in our investment in Macao and in its future."

Sands China's tender submission in September highlighted the company's unprecedented level of investment in Macao, including in non-gaming areas, and detailed the company's plans to help broaden Macao's appeal as an international tourist destination. Other highlights included Sands China's support to local SMEs; its community outreach, volunteerism, and charitable giving; and its training and development programmes for team members.

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, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words "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 our current subconcession and the new concession, 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 in Singapore, 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; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; 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; legal proceedings, judgments or settlements that may be instituted in connection with the sale of our Las Vegas real property and operations; our ability to continue to have our securities traded in the U.S. securities market; and other factors detailed in the reports filed by Las Vegas Sands Corp. 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. Las Vegas Sands Corp. 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.

FAQ

What is the significance of Sands China's 10-year gaming concession contract signed on December 16, 2022?

The 10-year gaming concession contract ensures Sands China's operational stability in Macao and encourages further investment in tourism development.

What commitments has Sands China made regarding non-gaming investment after securing the concession?

Sands China plans to invest in non-gaming areas to broaden Macao's appeal as a tourist destination, including support for local SMEs.

How does the new gaming concession affect Las Vegas Sands Corp. (NYSE: LVS) and Sands China Ltd. (HKEx: 1928)?

The new gaming concession provides a framework for long-term operations, which is critical for both LVS and Sands China's future profitability and growth in Macao.