CLAIMS TO FAME
- Experienced government and political operator with mainland China connections
- Extensive work in property development
Overseeing the Macau operations of a corporate giant like Sands is no easy task. Between its five Macau properties – The Venetian, Londoner, Parisian, Plaza and peninsula outlier Sands Macao – Sands China Ltd boasts 3.2 million square meters of buildings including 12,000 hotel rooms, two arenas, four theaters, over 700 retail outlets and more than 150 food and beverage outlets.
And, as the company’s President Dr Wilfred Wong noted during an interview with IAG in June, only 4% of that space is dedicated to gaming.
This last point sits at the heart of Dr Wong’s work these days. Having played a key role in securing a new 10-year concession in December, he is now responsible for guiding Sands China’s non-gaming initiatives – a key requirement under its concession – having promised to invest MOP$27.8 billion (US$3.5 billion) or 92% of its total MOP$30.2 billion (US$3.8 billion) investment over the next 10 years into non-gaming.
“We are now facing a new challenge where we have to invest more in non-gaming,” Dr Wong told IAG. “Over 90% of our future investment is in non-gaming. So, what I’m now busy doing is really pointing to the future of the non-gaming aspect utilizing my background in arts and culture and movies. I help the team decide what to bring to Macau, what initiatives we should be looking at and really using the money meaningfully to do so. This is my current engagement.”
The early signs are positive: Sands China reported during its 2Q23 earnings call that 22% of group-wide revenues were attributable to non-gaming, a phenomenal figure in a city that has typically struggled to exceed 10%.
Also in the works is a substantial expansion of The Venetian Macao’s Cotai Expo, including development of a new hotel tower, as part of the company’s commitment to grow the local MICE industry.
Separately, CSR requirements will see Sands contribute to the revitalization of the city by upgrading the Iec Long Firecracker Factory and its surrounding areas, specifically by introducing the site’s “historical story”.
None of these projects come cheap, but then it hasn’t taken Sands China’s gaming floors to pick up where it left off before the pandemic hit in early 2020. The company reported net revenues of US$2.9 billion through the first six months of the year, reversing a US$915 million loss in 1H22, including net casino revenues of US$2.16 billion – up 281% year-on-year.
This, it revealed recently, was enough to drive Adjusted EBITDA of US$939 million, with US$175 in pure profit also reversing the US$760 million loss recorded a year earlier.
Enough to ensure Dr Wong, who at 70 years of age is celebrating eight years at Sands China, has plenty of runway to realize his non-gaming ambitions.
For the full list of 2023 Asian Gaming Power 50 winners, click here.
