• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 28 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Sands China to exceed 2019 EBITDA by 2023: Bernstein

Ben Blaschke by Ben Blaschke
Thu 17 Feb 2022 at 04:56
Visitation on the rise in September but Macau recovery slower than other jurisdictions
26
SHARES
644
VIEWS
Print Friendly, PDF & Email

Sands China is tipped to exceed its 2019 EBITDA in 2023, and grow considerably more by 2025, as Macau’s COVID-19 recovery hits top gear.

According to a Wednesday note from brokerage Bernstein, Sands will exceed EBITDA of US$3.3 billion, rising to US$4.1 billion but possibly as high as US$5 billion by 2025.

“Sands China is the largest gaming investor in Macau, having invested US$14.5 billion over the last 20 years and holding over 30% market share,” said Bernstein analyst Vitaly Umansky. “With the significant historical investment [and] limited capex commitment over the next few years, we expect Sands China’s Net debt/EBITDA to drop back to 2019 levels by 2024 and [the company to] restart dividends.

“The long-term fundamentals in Macau and Sands’ positioning are positive, our thesis on secular growth in Mass is intact and Sands is well placed to succeed in the premium mass and mass driven market.”

The encouraging outlook also extends to Singapore, where Las Vegas Sands is in the midst of a US$4.3 billion redevelopment of Marina Bay Sands (MBS), comprising US$3.3 billion for a new hotel tower and US$1 billion to upgrade existing facilities.

Umansky said gross gaming revenue at MBS should fully recover to 2019 levels by 2024 with EBITDA of US$1.74 billion by 2024 and US$1.9 billion by 2025.

“Marina Bay Sands was the single most profitable casino asset globally in 2019 and generated the highest EBITDA both in dollars and margin, and can revert to those levels over the next two years as Singapore travel resumes,” he said.

“We expect MBS to maintain its lucrative positioning in the future, especially long-term on the back of its large-scale renovation and expansion.

“While much will depend on the timing of recovery in Macau and Singapore (largely driven by the timing of reopening of travel), over the longer term, we expect recovery and growth in both markets.”

Bernstein has raised its target price for Las Vegas Sands from US$53 to US$56. Shares closed at US$47.50 on Wednesday (US time).

RelatedPosts

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

Citi: Macau GGR jumped 16% week-on-week to US$85 million per day

Tue 27 May 2025 at 19:08
Marine attraction Singapore Oceanarium to open at Resorts World Sentosa on 23 July

Marine attraction Singapore Oceanarium to open at Resorts World Sentosa on 23 July

Mon 26 May 2025 at 14:40
Macau welcomes record 993,117 visitors during seven-day Golden Week holiday

CLSA: Macau’s diversification push seeing more leisure tourists, lower spend per visitor

Mon 26 May 2025 at 05:50
Jumbo responding to Asian market demands with release of four jackpot link series

Jumbo responding to Asian market demands with release of four jackpot link series

Mon 26 May 2025 at 05:24
Load More
Tags: Bernsteincovid-19EbitdaLas Vegas SandsMacauSands ChinaSingapore
Share10Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

by Ben Blaschke
Wed 28 May 2025 at 06:58

Leading international integrated resort operators Galaxy Entertainment Group, Melco Resorts & Entertainment and Wynn Resorts will join prominent opposing voices of Thailand’s efforts to legalize casino gaming for an event unlike any other – the Thailand Entertainment Complex Roundtable (TECR)...

Kangwon Land GGR up 3.8% year-on-year on higher VIP play

Kangwon Land to support local SMEs in entering global slot machines and gaming technology market

by Newsdesk
Wed 28 May 2025 at 06:09

Kangwon Land, the only casino in South Korea at which locals are permitted to gamble, has launched an SME support program through which it will work with domestic suppliers to develop casino technology, including slot machines. The program, titled the...

Mindslot-e leads first Philippines slot machine deployment for AGS with debut of “Lion Cash”

Mindslot-e leads first Philippines slot machine deployment for AGS with debut of “Lion Cash”

by Newsdesk
Wed 28 May 2025 at 06:08

US supplier AGS will deploy its slot machines into the Philippines for the first time with its “Lion Cash” title set to roll out across several of the country’s top casinos. The company’s Asian distributor, Mindslot-e, said “Lion Cash” will...

Scientific Games among two new lottery suppliers granted UAE vendor licenses

Scientific Games among two new lottery suppliers granted UAE vendor licenses

by Newsdesk
Wed 28 May 2025 at 06:06

Global lottery giant Scientific Games is one of two companies named as the UAE’s latest gaming-related vendor licensees by the General Commercial Gaming Regulatory Authority (GCGRA). The regulator updated its list of approved licensees this week, with Scientific Games International...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English