Sands' brand intangible advantage supported by Macau's attractive long-term growth.
Las Vegas Sands’ narrow-moat intangible asset was on display in the fourth quarter as the company reported strong results at its resorts in Macau (60% of total EBITDA), where it is one of only six operators with a gaming license. The company’s Singapore resorts (30%) were a bit mixed, while its U.S. facilities (10%) were in line.Sands Macao's mass table win (where the company gets roughly 50% of its profits in the region) was up 27% in the fourth quarter, above the 18% mass win the market expe...
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