Sands China focuses on entertainment, partners with Tencent
Sands China this week announced a partnership with Tencent Video and movie ticketing company Maoyan Entertainment to bring new forms of entertainment to Macau.
Tencent Video is the world's fourth-largest streaming service after Netflix, Amazon Prime Video and Disney+. The platform is owned by Tencent Holdings, a Chinese media conglomerate that controls video game giant Tencent Games.
Maoyan is a Chinese online movie ticket website that also produces and distributes movies.
Sands China said the three will work together to bring new forms of entertainment to Macau. Macau is one of China's two special administrative regions alongside Hong Kong.
"The three parties will leverage their respective strengths to promote comprehensive and in-depth cooperation, including holding large-scale offline events, creating life and entertainment program content, and online marketing and advertising," read Sands' press release on the strategic partnership with China.
Las Vegas Sands Corporation holds 70% of Sands China, which is listed on the Hong Kong Stock Exchange.
Non-Game Focus
Macau's government is trying to diversify its economy away from gambling as its six casino operators accounted for about 80 cents of every tax dollar it received before the pandemic.
Last year, Sands China pledged to invest 27.8 billion patacas ($3.45 billion) in its casino resorts in exchange for a new 10-year gaming license from the Macau SAR government through non-gaming projects. Sands' five competitors in Macau - Galaxy Entertainment, Wynn China, MGM China, SJM Resorts and Melco Crown Resorts - have made similar pledges.
Sands appears to be focusing on entertainment as part of its non-gaming commitment. Sands China plans to partner with Tencent Video and Maoyan to host a series of special events for the entertainment industry. Examples include movie and TV premieres, variety shows, sports and cultural events, and other live events.
"These initiatives will continue to support the diversification of Macau's tourism industry and further solidify the city's position as a premium tourist destination," Sands officials said.
Sands China certainly has the space to host such an event. Entertainment venues in Macau include the 15,000-seat Cotai Arena, the 6,000-seat London Arena, the 1,800-seat Venetian Theatre, the 1,700-seat London Theater and the 1,200-seat Parisian Theatre.
Sands China owns and operates five integrated resort casinos in Macau, including The Venetian, The Parisian, Sands Macao, The Paragon and its newest, The Londoner.
New Game Market
The gaming industry in Macau is very different today than it was just a few years ago. This is mainly because China is cracking down on the flow of money from the mainland to the tax haven of Macau.
Beijing has placed heavy scrutiny on VIP entertainment groups that bring mainland high rollers to Macau, the only place under Chinese control where casinos are allowed. The junket industry is now just a remnant of its former offerings, so casinos focus more on the mass and high-end mass crowd.
Las Vegas Sands and Sands China Chairman and CEO Robert Goldstein said after receiving a new 10-year casino license a year ago this month that diversification will only strengthen the company's commitment to Macau's future. enthusiasm.
“With the support of the government and the extraordinary commitment of Sands China, Macau has become a truly international leisure and business travel destination. We believe that Macau will further develop, as we have proven since establishing operations there, and we will continue to support and invest in Macau to consolidate its position as one of the world’s top tourist destinations.”
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Source: www.casino.org
