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In Macau and the Sands China Limited subsidiary of casino operator Las Vegas Sands Corporation has reportedly renewed the shared services agreement it holds with its giant American parent.
According to a report from Inside Asian Gaming, the fresh arrangement is due to see Las Vegas Sands Corporation continue to provide its subordinate with marketing services targeted at international premium and VIP casino players until the end of 2023. The source detailed that the three-year extension will moreover cover associated management, leasing and advertising facilities for the Hong Kong-listed operator’s 850-strong collection of retail shopping venues including those within its Sands Macao, The Venetian Macao, The Plaza Macao, The Parisian Macao and Sands Cotai Central developments.
Las Vegas Sands Corporation holds around 70% of the shares in Sands China Limited while the contract extension is to also reportedly cap the associated annual amount it receives from its affiliate for next year at $10.2 million before this ceiling rises to $11.2 million and $12.2 million for 2022 and 2023 respectively.
Sands China Limited additionally owns the Cotai Expo and Cotai Arena facilities in Macau alongside the nearby 1,200-seat Parisian Theatre, the luxury 1,800-seat Venetian Theatre and the under-construction Sands Cotai Theatre. The firm will now purportedly furthermore be able to continue providing premium players and members of the Sands Rewards Club scheme with access to a range of special company-wide incentives and promotions.
Reportedly read a statement from Sands China Limited…
“The shared services agreement regulates the relationship of the group and Las Vegas Sands Corporation with respect to the provision of the shared services between the group and Las Vegas Sands Corporation. The reason for and the benefits of entering into the renewal agreement is to renew the term of the shared services agreement for a period of three years ending on December 31, 2023, and is in line with the growth of the company’s separate business units.”
Source: Worldcasinodirectory, Worldcasinonews