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<Research>UBS: SANDS CHINA LTD (01928.HK) 1Q24 EBITDA Miss Dragged by Renovations
Recommend 5 Positive 15 Negative 10 |
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UBS highlighted in a report that SANDS CHINA LTD (01928.HK) logged property EBITDA of US$610 million in 1Q24, with adjusted property EBITDA lower than market expectations, mainly due to the impact of the refurbishment of Londoner Phase 2 and Cotai Arena. Mass GGR remained flat QoQ, reaching about 95% of the 1Q19 level, while VIP volume declined around 10% QoQ. According to the broker, SANDS CHINA's controlling shareholder Las Vegas Sands Corp. (LVS.US) said 500 to 600 rooms are currently out of service during the renovations, and more rooms are expected to be taken out of service in 2Q and 3Q, with the situation becoming more pronounced during the summer months. The refurbishment of rooms at Sheraton Tower 1 is expected to finish by the end of this year, with that of Tower 2 to be completed by Chinese New Year next year. Cotai Arena is estimated to reopen in November 2024. In addition, Las Vegas Sands completed the purchase of US$250 million of SANDS CHINA shares, increasing the parent's ownership interest to approx. 71%, and noted that it continued to see value in raising its ownership interest in SANDS CHINA. AAStocks Financial News |
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