Slightly Weaker Mass Drop Offset by Solid VIP Volume in Sands China’s 1Q Result
Sands China’s first-quarter revenue and adjusted EBITDA were 27% and 28% of our full-year estimates. We do not plan to make changes to our 2019 estimates and maintain our fair value estimate at HKD 45 per share. Sands China’s parent company Las Vegas Sands, estimated the Macau market’s VIP gaming revenue declined 11% year-over-year in the quarter, versus a 13% decline by DICJ and 28% decline for Sands China. The group’s VIP rolling chip volume was up 1.2% year over year, which we think is decent...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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