Sands China’s Quarterly Result Troubled by Low Mass Hold; Parisian and Venetian Performance Strong
In the December quarter, narrow-moat Sands China’s hold-normalized adjusted EBITDA was up 2% year over year and flattish sequentially at USD 566 million. The hold-normalized adjusted EBITDA margin in the quarter was 31.6%, versus 34.2% in the year-ago quarter and 34.7% in the prior quarter. We have not seen a year-over-year decline in this margin since the third quarter of 2015. The main reason for this is that the casino played unluckily in the mass segment. The hold-normalized adjusted EBITDA ...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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