Sands China’s FVE Maintained at HKD 42 Per Share; Solid VIP and Mass Growth in 1Q
On a hold-normalized basis, parent Las Vegas Sands’ Macau adjusted property EBITDA margin improved to 36.4% in the first quarter from 32.9% in the year-ago period and 35.1% in the fourth quarter, helped by higher customer spending power, operating leverage, and cost control. ÂHold-normalized adjusted property EBITDA was up 29% year over year and 1% sequentially to USD 767 million, reaching the level of the most recent bull market in 2014. We maintain our fair value estimate of HKD 42 per share f...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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