Macau casino operator Sands China Ltd says its adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) more than doubled in the first three months of 2021 from the preceding quarter, mostly due to a rebound in premium-mass revenue.
The Macau unit of United States-based gaming group Las Vegas Sands Corp saw its adjusted property EBITDA hit US$100 million in the first quarter, compared to US$47 million in fourth-quarter 2020. The first-quarter figure was 49.3-percent higher than a year earlier.
Hong Kong-based analyst Andrew Lee of Jefferies LLC, said in a Thursday note that Sands China’s EBITDA had improved sequentially in the first quarter, to the “highest level since the pandemic started, and higher than both our and consensus estimates”.
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The Londoner Macao – a revamped and rebranded Cotai casino property that had its first-phase launch on Monday, just ahead of Chinese New Year – is designed to bring new customers to the Macau gaming-resort market, rather than eat into the share of consumers that already come to the city, said Wilfred Wong Ying Wai (pictured), president of the venue’s promoter, Sands China Ltd.
A “soft opening” – over the Christmas and calendar-new-year period – of the Londoner Macao, a British-themed resort, indicated it appealed to tourists that might not otherwise visit Macau, Mr Wong told reporters on the sidelines of the launch.
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