Las Vegas Sands will invest in a major refurbishment of The Venetian Macau as part of its strategy to strengthen its premium offering, despite reporting lower second-quarter earnings affected by softer VIP hold and reduced high-end visitation during the FIFA World Cup.
The operator plans to renovate all 2,900 hotel rooms and suites at The Venetian Macaouby Chinese New Year 2028, while also introducing new premium gaming salons and upgraded guest amenities.
Speaking during the company’s second-quarter earnings call, Chairman and CEO Patrick Dumont said the investment reflects Las Vegas Sands’ focus on projects capable of generating the strongest long-term returns and supporting growth in the premium mass and VIP segments.
Las Vegas Sands’ Macau operations generated EBITDA of US$430m during the quarter. Dumont said EBITDA would have reached approximately US$517m under normal hold conditions, with results impacted by exceptionally low VIP rolling hold and fewer premium visitors during the World Cup.
Despite those headwinds, underlying operating metrics remained positive. Rolling chip volume increased 73 per cent year-on-year, non-rolling drop rose 15 per cent, while slot and electronic table game handle climbed 30 per cent.
Sands China reported an eight per cent increase in mass gross gaming revenue, outperforming the wider Macau market, while total gross gaming revenue increased four per cent during the quarter.
Sands China President and CEO Grant Chum said previous investments, including upgrades at The Londoner Macao and the Grand Suites at Four Seasons, had already demonstrated how refurbishment programmes can drive revenue growth and market share gains.
Renovation work at The Venetian Macau will be carried out in phases to minimise disruption. Chum said between 400 and 500 rooms are expected to remain out of inventory each quarter through 2027, with the first benefits of the refurbishment expected to become visible during 2027 as renovated rooms return to service.
The company also expects its entertainment programme to remain an important driver of visitation, despite growing competition across Asia for major live acts. Chum said Sands China had seen positive momentum from events during the first half of the year and expects a stronger calendar in the coming months, including major events through August, September and NBA games scheduled for October.
Looking ahead, Dumont reaffirmed the company’s long-term objective of achieving quarterly Macau EBITDA of US$700m, saying the latest results reflected short-term volatility rather than any change in the group’s long-term growth strategy.
Las Vegas Sands will invest in a major refurbishment of The Venetian Macau as part of its strategy to strengthen its premium offering, despite reporting lower second-quarter earnings affected by softer VIP hold and reduced high-end visitation during the FIFA World Cup. The operator plans to renovate all 2,900 hotel rooms and suites at The