Las Vegas Sands’ main Macau operations are ailing as China doubles down on zero-Covid. Yet Sands’ New York shares rose nearly 6% on Thursday after results revealed it is having better luck in Singapore. The Lion City now accounts for three quarters of Sands’ top line, up from 22% in 2019. The Marina Bay resort’s adjusted EBITDA of $343 million in the three months to September was the highest since the onset of the pandemic. By contrast, in Macau, formerly the world’s largest gaming hub, Sands suffered a loss of $152 million, as gaming revenue sunk to around 10% of 2019 levels. Rival Genting is also on track to deliver quarterly EBITDA of around 78% of its pre-pandemic levels, thanks to its Sentosa property, according to Citi. Singapore’s resurgence is surprising, given volume...
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