Sands China Announces Winners of 'Entrepreneurship Recruitment Programme for Rua das Estalagens'

Rhea-AI Summary

Sands China has announced the winners of its Entrepreneurship Recruitment Programme for Rua das Estalagens, part of the company's ongoing Community Revitalisation Series. The programme aims to fund innovative business proposals from Macao residents to revitalize the historic street's economy. Out of 128 applications, seven business plans were selected to receive subsidies up to twice their initial capital investment, capped at MOP 1 million. The selected projects cover various categories including dining, retail, and cultural industries. Sands China collaborated with government bodies, businesses, and NGOs for this initiative, which aligns with the Macao SAR government's development strategy. The company plans to launch a second phase based on the neighborhood's situation and store operations.

Positive

• Sands China received 128 applications for the Entrepreneurship Recruitment Programme, indicating strong interest
• Seven innovative business plans were selected to receive subsidies up to MOP 1 million each
• The programme aligns with the Macao SAR government's revitalisation strategy
• Sands China plans to launch a second phase of the project based on initial results

Negative

• None.

News Market Reaction

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Part of company's ongoing Community Revitalisation Series

MACAO, July 25, 2024 /PRNewswire/ -- Sands China Ltd. disclosed the results of its Entrepreneurship Recruitment Programme for Rua das Estalagens, part of the company's ongoing Community Revitalisation Series, at a results announcement ceremony at The Londoner^® Macao Thursday.

The programme's goal is to fund innovative entrepreneurial proposals from Macao residents interested in starting businesses on Rua das Estalagens – thereby reviving the economy in the neighbourhood and assisting in revitalising the historic street and unleashing its past vibrancy.

The project received 128 applications, with 120 meeting the eligibility requirements, covering categories such as dining, takeout, retail, cultural and creative industries, and performance. The programme involves communication with people from all walks of life, including the government, business community, and NGOs, resulting in cross-sector and cross-departmental cooperation.

Three rounds of rigorous evaluations were conducted by a group of judges over four days. The selection process considered factors such as innovation, feasibility, uniqueness, attractiveness, and sustainable business models. Seven business plans were then selected to receive subsidies from Sands China, in support of the Macao SAR government's revitalisation strategy. Disbursed in four stages, the awarded subsidies are up to twice the enterprises' initial capital investment, capped at MOP 1 million, in order to encourage their sustainable development.

Dr. Wilfred Wong, executive vice chairman of Sands China Ltd., said: "We received an overwhelming response and support from all walks of life after the announcement of the project. Judges from various professions carefully selected seven exceptional projects to establish their businesses at Rua das Estalagens. We hope that this group of aspiring and creative local residents will use the energy and enthusiasm of youth to bring a new atmosphere to the neighbourhood. This project belongs to the people of Macao, and it brings together the power of government, business, and the community, and holds hope for the future. Every step that we take shoulders the important mission of revitalising the old district. With common beliefs and goals, combined with practical actions, we are working together to reactivate the vitality of Rua das Estalagens and mobilise the economic energy in the neighbourhood in pursuit of sustainable development."

Programme applicants needed to have a minimum of MOP 300,000 in capital to embark on the entrepreneurial journey based on their own ability and ideas, and establish their businesses on Rua das Estalagens.

After Sands China announced the programme at an April 8 press conference, the company held seven related activities, including seminars, an open day, and entrepreneurship training courses on marketing writing and pitching. The activities attracted more than 600 participants over the 72-day period leading up to the final review date. After the selected projects successfully settle in the neighbourhood, Sands China plans to launch the second phase of the project based on the actual situation of the neighbourhood and store operations.

Cheang Kai Meng, acting president of the Cultural Affairs Bureau of the Macao SAR (IC), said: "With the launch of the Entrepreneurship Recruitment Programme for Rua das Estalagens, Sands China has made great efforts in showcasing the uniqueness of the historic street while attracting Macao residents to start their businesses in a bid to rejuvenate the neighbourhood. The programme is a testament to the company's unwavering commitment to revitalising Macao's old district and boosting the city's economic diversification – in line with the Macao SAR government development strategy. The programme also truly reflects Sands China's dedication in addressing the actual situation of the street by fostering cooperation between all sectors of society, in which we can also see the boundless potential of Macao itself and its own industries. The Cultural Affairs Bureau will continue our effort in enhancing the environmental conditions by optimising the supporting facilities in the districts that need to be revitalised – with an aim of creating a diversified and sustainable future."

Fred Ma Chi Ngai, president of the Board of Directors of the Macao Chamber of Commerce, said: "The Entrepreneurship Recruitment Programme for Rua das Estalagens aims to encourage small and medium enterprises (SMEs) in Macao to establish themselves in Rua das Estalagens. In addition to providing a platform for innovative entrepreneurs, the initiative helps revitalise Macao's historic district. The programme not only enhances the entrepreneurial skills of participants but also boosts their visibility. Throughout this process, Sands China actively collaborates with governmental bodies, businesses, and other stakeholders to pool resources while rendering comprehensive, professional support to the entrepreneurial teams that opt to settle here. The company is committed to combining investments with community revitalisation efforts, effectively contributing to community revitalisation, economic growth, and support for SMEs."

The awardees of the Entrepreneurship Recruitment Programme for Rua das Estalagens are:

Distinctive Project	Business Concept
Café Fantart	A local creative cafe specialising in puff pastries and various baked goods alongside main courses. The founding team hopes to make an innovative breakthrough on the culture of egg tarts rooted in Hong Kong and Macao.
Little Port	A Portuguese specialties and souvenirs retail shop with the ambition to establish an impactful Portuguese specialties brand and transform the structure of the traditional souvenir market.
OLÁLÁ	A Macanese snacks takeaway shop seeking to establish an innovative and iconic Macanese light-meal brand. Combining Chinese and Western ingredients to make Pastéis de Bacalhau (fried salted cod fritters) and successfully producing various signature products, tourists are able to learn about the Macanese culture.
Catfee Macau	A pet souvenir store with the theme of cats and Macao that combines the charity concept of rescuing stray cats with artistic display, offering a special café experience and promoting the "adopt, don't shop" mentality. Customers can also enjoy the view of Rua das Estalagens from the rooftop, bringing a unique culinary experience.
Travessa Gelato	Introducing a new Italian ice cream shop to the street, their team members studied gelato making in Italy and obtained certifications, and bring fresh combinations of flavours to surprise and satisfy customers.
PanPan	The name comes from the Portuguese word "pão," which means bread. A bakery that presents a fusion of Japanese and French classic baking techniques through a series of high-quality sourdough bakery products, the founder is Le Cordon Bleu accredited.
Voyage Thai Kitchen	Founded in 2013, Voyage Thai Kitchen has become one of Macau's signature brands. The Thai restaurant will develop specialty catering based on more affordable pricing and adopt some nostalgic elements, offering a catering space that integrates leisure, music, local culture, and sharing sessions, all under one roof.

In addition to the Macao SAR government encouraging businesses to settle on Rua das Estalagens, Future Bright Holdings took the initiative to open the Yeng Kee Snoopy Store on the street, which has become a photo-worthy attraction after just one month since its opening. For this reason, Sands China presented a special Leading Role-model Enterprise for Community Revitalisation award to Future Bright Holdings in recognition of introducing various business elements to the neighbourhood and setting a role model for other potential entrepreneurs.

Representatives of project partners at Thursday's ceremony were Ao Ieong U, secretary for Social Affairs and Culture of the Macao SAR; Fred Ma Chi Ngai; Sun Yaohua, director of the Economic Affairs Department of the Liaison Office of the Central People's Government in the Macao SAR; Cheang Kai Meng; Tai Kin Ip, director of the Economic and Technological Development Bureau of the Macao SAR (DSEDT); José Maria da Fonseca Tavares, chairman of the Administration Committee on Municipal Affairs of the Municipal Affairs Bureau of the Macao SAR; Cheong Kin Hong, president of the Administrative Committee of the Cultural Development Fund of the Macao SAR; Jennifer Si Tou, head of the Tourism Product and Events Department of the Macao Government Tourism Office (MGTO); Ip Sio Kai, president of the Macau Association of Banks; Bernie Leong Wa Kun, chairman of the Executive Committee of Companhia de Electricidade de Macau – CEM, S.A.; Nacky Kuan Sio Peng, executive director of Macao Water Supply Company Limited; Gao Ming, chairman of ICBC Macau; Chen Xiao Bo, general manager of the Inclusive Financial Department of BOC Macau; Tou Kei San, executive director of Banco Nacional Ultramarino S.A.; Lok Hei, president of Macau Artist Society; Leong Hong Sai, vice president of the General Union of Neighbourhood Associations of Macau (UGAMM); Dr. Wong; and Grant Chum, chief executive officer and executive director of Sands China Ltd.

Additionally, Dr. Wong and Chum presented certificates of appreciation at the ceremony to representatives of project partners and a panel of judges from the banking sector, IC, MGTO, DSEDT, Macao Chamber of Commerce, and UGAMM, extending sincere thanks to them.

Rooted in Macao for more than two decades, Sands China upholds the business philosophy of growing with SMEs. The company introduced its pioneering F.I.T. programme in 2017, which offers Financial Support, Invitational Matching, and Training and Development to local SME suppliers, targeted at three types of local businesses: local small and micro suppliers; "Made in Macao" companies; and Macao young entrepreneurs. In 2023, Sands China established the Sands Resorts Incubation Centre under the umbrella of the F.I.T. programme, dedicated to discovering and supporting local innovative enterprises with development potential. The Entrepreneurship Recruitment Programme for Rua das Estalagens is an extension of those two successful programmes.

The Entrepreneurship Recruitment Programme for Rua das Estalagens is part of Sands China's revitalisation efforts in cooperation with the Macao SAR government, which include the revitalisation and optimisation plan of the areas around the Iec Long Firecracker Factory, the Taipa Houses, Pátio da Eterna Felicidade, Rua das Estalagens, and Macao Cultural Centre Square.

Since September 2023, when the government entrusted integrated resort operators with promoting community revitalisation, Sands China has launched various projects, including the first interactive A.I. photo booth in Macao, festive celebrations and animal-themed installations, large-scale marching band performances, string ensemble concerts, a large-scale bouquet art installation, and parent-child workshops.

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About Sands China Ltd.

Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company's integrated resorts on the Cotai Strip comprise The Venetian^® Macao, The Plaza^® Macao, The Parisian Macao and The Londoner^® Macao. The Company also owns and operates Sands^® Macao on the Macao peninsula. The Company's portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at the Cotai Arena, The Londoner Arena, The Venetian Theatre, The Parisian Theatre, the Londoner Theatre and the Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's Cotai Strip portfolio has the goal of contributing to Macao's transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).

For more information, please visit www.sandschina.com.

Media contacts:

Corporate Communications, Venetian Macau Limited
Mabel Wu
Tel: +853 8118 2268
Email: mabel.wu@sands.com.mo 

Jesse Chiang
Tel: +853 8118 2054
Email: jesse.chiang@sands.com.mo

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SOURCE Sands China Ltd.

FAQ

What is the Entrepreneurship Recruitment Programme for Rua das Estalagens by Sands China (SCHYY)?

It's a programme launched by Sands China to fund innovative business proposals from Macao residents to start businesses on Rua das Estalagens, aiming to revitalize the historic street's economy.

How many winners were selected for Sands China's (SCHYY) Entrepreneurship Recruitment Programme?

Seven business plans were selected out of 128 applications to receive subsidies from Sands China for the Entrepreneurship Recruitment Programme.

What is the maximum subsidy amount offered by Sands China (SCHYY) for the selected projects?

Sands China offers subsidies up to twice the enterprises' initial capital investment, capped at MOP 1 million, for the selected projects in the Entrepreneurship Recruitment Programme.

What types of businesses were selected for Sands China's (SCHYY) Rua das Estalagens programme?

The selected businesses cover various categories including dining, takeout, retail, cultural and creative industries, and performance.