Quick Take of the Parisian’s Opening Positive; Sands China’s FVE of HKD 34.00 Per Share Remains
We took a self-guided tour of the Parisian on 13 September and our impression was positive, especially given the capital expenditure including land premiums of only USD 2.7 billion, lower than some other properties’ capital expenditure, such as Wynn Place’s USD 4.1 billion. The feel of the property is somewhat similar to the Venetian, obviously the style is very European. We maintain our fair value estimates at HKD 34.00 per share, the shares are fairly valued at this point. Our narrow moat rati...Sands China and its subsidiaries are principally engaged in the operation of casino games of chance or games of other forms, the development and operation of integrated resorts which contain not only gaming areas but also meeting space, convention and exhibition halls, retail and dining areas and entertainment venues and other ancillary services including ferry operations and other related operations in the Macao Special Administrative Region of the People's Republic of China.
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