Sands China face a financial penalty after the government agreed to delay its next Cotai casino project. A filing made to the Hong Kong Stock Exchange detailed the agreement that will mean Parcel 3’s deadline is extended from April 2013 to April 17, 2016. The financial penalty has yet to be agreed and comes only days after analysts in the enclave predicted that they’d easily get the extension. Sands’ new venue is primarily looking to target the mass-market with “family-orientated” activities at the new resort. Design plans are still being finalized for the new venue, which is adjacent to the Four Seasons hotel-casino.
Mass-market gaming in Macau is continuing to outpace the VIP segment following another period of double-digit growth. Figures released over the weekend for the three months to June show that mass-market gaming revenue hit MOP22.24 billion – an increase of 30 percent compared to the previous year. This is in the stark contrast to the larger VIP sector that, although hitting MOP52.18 billion in revenue, only rose 7.5 percent.
These figures were released at the same time as an update on the number of live gaming tables in Macau. According to the release there are 5,498 tables currently – just two below the 5,500 cap, which is in place until next year. That would affect the aforementioned Sands China as the recently built Sands Cotai Central is supposed to have 200 new tables in its second-phase, due to open this September. COO David Sisk in the past said they were “essentially promised” the tables with the government not forthcoming as to whether they will or wont be allowed to include the tables.
