Narrow-moat Sands China is best positioned to benefit from robust mass-market segment growth.
We estimate that Sands China’s fourth-quarter adjusted EBITDA (normalized for VIP win rate) per table per day increased 18% sequentially and 28% year over year, indicating higher productivity per table. Adjusted EBITDA margin with a normalized VIP win rate improved to 35.1% in the quarter from 32.7% in the third quarter and 31.9% in fourth-quarter 2016. During the fourth quarter, we saw a sharp 52% year-over-year and 33% sequential jump in premium mass win per table per day for the group to USD ...
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