Sands Strong Macau Brand Displayed as Solid Parisian Opening Doesn’t Cannibalize Existing Properties
Sands’ new Parisian casino in Macau (opened September 13) had a solid opening that tracked in line with our 2016 and 2017 revenue forecast, but with initial EBITDA margins in the high-20% versus our low-20% existing estimate. While we are encouraged with the Parisian update, we found the lack of cannibalization at existing properties as the real positive surprise. We believe this supports our view that Sands has the leading resort position in Macau, which is driven by five properties interconnec...Las Vegas Sands is a developer of destination properties (Integrated Resorts) that feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, restaurants and other amenities. The company owns and operates Integrated Resorts in Asia and the United States. Through its ownership of Sands China Ltd., the company owns and operates properties including The Venetian Macao Resort Hotel, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao. In Singapore, the company owns and operates the Marina Bay Sands. The company's Las Vegas Operating Properties includes The Venetian Resort Las Vegas and the Sands Expo Center.
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