Published:
Sands China's property earnings rose to US$630m
Just a tad 1% higher.
According to Nomura, property EBITDA came in at USD630mn (+1% q-q), in line with our forecast of USD632mn but shy of the Street’s estimate of ~USD640mn.
The addition of new rooms and tables was instrumental in boosting q-q mass revenue growth (+13% q-q, vs sector average of +6% q-q).
Here's more from Nomura
However, a more normalised win rate and lower non-gaming contributions reduced the q-q growth in overall EBITDA.
Net EBITDA margin remained steady at 32%; the strong performance in mass was offset by a seasonal decline in non-gaming rental income.
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