The Londoner Will Be Another Growth Driver for Sands China
We are making no change to our HKD 45 fair value estimate for narrow-moat Sands China. Although fourth-quarter revenue and adjusted EBITDA were better than our expectation, we expect earnings to deteriorate as a result of a slowing economy in China. On a U.S. GAAP basis, Sands China’s hold-normalized adjusted property EBITDA margin was 34.8% in the fourth quarter versus 35.0% in the third quarter and 36.0% in the fourth quarter last year. The weaker margin this quarter was due to higher-margin V...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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