Sheldon Adelson, chairman and chief executive of well established Macau operator Sands China Ltd, expressed confidence that the company’s latest project in the hub would be as successful as its sister facility Venetian Macao.
The businessman said that he was certain that Parisian Macao would “replicate the success” of the operator’s iconic and must-see resort Venetian. Besides becoming a top destination for visitors of the city, Adelson pointed out that the property would expand “the overall business and leisure tourism appeal of Macau” as well.
These comments were part of Adelson’s statement given on Friday to shareholders of the company. During the event, Sands China 2015 results were announced as well; even though the numbers revealed a 43% net profit drop, the chairman highlighted that the group’s properties recorded a solid performance over the year.
Sands China used the occasion to confirm that Macau government granted the company a seven-month extension to finish the project, whose worth is set at $2.7 billion. Initially, Parisian Macao was supposed to be completed by April 2016, but now that deadline has been postponed to November, 2016. The resort will offer 3,000 hotel rooms, a casino floor and many amenities. The main attraction, which earned it the name, is expected to be the Eifell Tower replica that will include observation decks and a restaurant.
When Parisian Macao is officially opened, the total amount of money Sands China has invested in the gaming hub would reach $13.0 billion. According to Adelson, that was delivering on the group’s promise to diversify Macau and help it grow into a leading “business and leisure tourism destination” in Asia.
Despite the billionaire’s positive attitude, the gaming market in Macau has been constantly falling. In 2015, the GGR fell for 34.4% compared to 2014.