Sands China Shows Steady Mass Gain, Worsening VIP Segment, Hold-Adjusted EBITDA/Table/Day Increase
Narrow-moat Sands China's first-quarter adjusted EBITDA was 28% of our full-year estimate, broadly in line with historical seasonality. We have no plan to change our Macau gross gaming revenue forecasts and thus maintain our fair value estimate of HKD 36 per share. The stock is fairly valued, in our view. We estimate that Wynn Macau’s higher-end positioning and stronger focus on VIP is one of the reasons for VIP volume loss at Sands China. We think Sands China is not able to capture the highest ...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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