New | Launch of Sands Parisian in Macau delayed to 2016 – Sheldon Adelson
“We’re going to make every effort to get it done as quickly as possible but we don’t have an exact date yet” - Adelson
Macau casino operator Sands China’s new resort The Parisian will not be launched until next year, gambling tycoon Sheldon Adelson said as the company announced its fourth quarter adjusted EBITDA slid 14.9 per cent from a year ago to of US$711.2 million.
Revenue for the quarter ending in December fell 16.3 per cent to US$2.10 billion as profit composition shifted from higher end VIP gaming to mass and non-gaming business, part of a sector-wide trend.
Parent company Las Vegas Sands Corp achieved a record fourth quarter EBITDA of US$1.35 billion, an increase of 10.9 per cent, as a doubling of growth in Singapore made up for the shortfall in Macau.
“It’ll be sometime in 2016,” Adelson said on a conference call regarding the Parisian’s opening. “We’re going to make every effort to get it done as quickly as possible but we don’t have an exact date yet.”
Last October, senior management of Las Vegas Sands Corp said they expected to have a partial opening November or December followed by the launch of the full resort in March next year. Adelson will meet later this week with Macau’s new administration, which was installed last month, he said.
The opening of the US$2.7 billion Parisian resort, which includes a half-size replica of the Eiffel Tower, will double the firm’s retail offerings and is part of the company’s plan to diversify, in line with the Beijing and Macau governments’ wishes. Adelson also highlighted Sands China’s soon-to-be 15,000 square foot arena as a key draw in bringing back repeat visitors.