CLAIMS TO FAME
- Experienced government and political operator with mainland China connections
- Extensive work in property development
Many wondered whether Dr Wilfred Wong – Sands China’s long-time President – would stick around once he had helped ensure the company won a new 10-year Macau concession, achieved in late 2022.
Certainly, his role has changed, with rising star Grant Chum promoted to President and CEO in January, but as Executive Chairman, Dr Wong maintains the company’s close connections with Beijing – an important string to its bow in these uncertain political times.
Originally a public servant, Dr Wong began his career in the British Hong Kong government in 1975, moving up the civil service ladder and by 1985 becoming a member of key bodies associated with Hong Kong’s 1997 handover. He worked with mainland counterparts on key issues including the Basic Law governing the relationship between the city and the mainland and the mechanics of the handover.
Following Hong Kong’s transition, Dr Wong served as a deputy to China’s National People’s Congress from 1997 to 2013.
Prior to joining Sands China in 2015, Dr Wong held positions in top management at K. Wah International Holdings – the parent company of Macau rival Galaxy Entertainment Group – under Lui Che Woo; at Henderson China Holdings, a privately owned, Hong Kong-based company engaged in property development and management in the PRC; at Shui On Group, whose holdings include property development, construction and construction materials in Hong Kong and on the mainland; and at Synergis Holdings, a Hong Kong-listed subsidiary of Hsin Chong specializing in property management and maintenance.
That’s quite the resume and one that Robert Goldstein, the Chairman and CEO of Sands China’s parent company Las Vegas Sands, knows doesn’t come along every day,
Sands China, meanwhile, remains a behemoth, boasting five Macau properties in The Venetian, Londoner, Parisian, Plaza and peninsula outlier Sands Macao. Between them they boast 3.2 million square meters of buildings including 12,000 hotel rooms, two arenas, four theaters, over 700 retail outlets and more than 150 F&B outlets.
Incredibly, it generated revenues of US$1.77 billion and income of US$268 million in 3Q24 alone, despite having a good chunk of its 4,000-room Sheraton and adjacent Pacifica casino – now called Londoner Grand Casino – offline throughout the quarter.
It will be interesting to see what it does for the company’s revenues and market share – traditionally sitting around the 25% mark – once all renovation work on Londoner is complete in early 2025.
On the downside, Sands China has been slower than at least three of its Macau counterparts in resuming dividend payments, although analysts expect this will be remedied by the middle of next year and once full operations are resumed.
In a recent note discussing Sands China’s short-term prospects, Seaport’s Vitaly Umansky stated, “Sands’ competitive advantage in Macau in the long run is its scale (the largest casino operation, the largest number of hotel rooms, retail and F&B offerings, diversified product inventory) along with a revamped and more premium positioned Londoner product.
“Once the redevelopment is completed, and in a market that continues to grow, The Londoner could generate EBITDA similar to Venetian, which did US$1.4 billion in 2019.”
Future developments in Macau include an expansion of Cotai Expo with a new hotel to match, showing that Sands China isn’t slowing down anytime soon.
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