Good morning! LVS posted 3Q22 results showing a ramped-up recovery path for MBS Singapore. Not so much back home, where recovery timings are uncertain and Macau remains unappealing to Mainland visitors.
What you need to know
- Las Vegas Sands 3Q22 EBITDA loss was in line with estimates but Macau recovery is still dependent on China’s COVID policy: Jefferies.
- Marina Bay Sands, on a ramped-up recovery path, generated $343m EBITDA, carrying Las Vegas Sands through the $158m loss for 3Q22.
On the radar
- Venetian Las Vegas getting a $1B refresh.
- Crown Barangaroo bets on Asian tourism.
AGB Intelligence
MACAU
Sands 3Q22 in line, recovery, timings, uncertain: Jefferies
Sands 3Q22 EBITDA loss was broadly in line with estimates but Macau recovery is still dependent on China’s COVID policy. The quarantine period for non-Mainland China inbound tourists continues to ease but still includes seven days of medical observation, which means Macau is still an unattractive overseas destination, Jefferies argues. The brokerage tweaked its Macau gaming revenue assumptions with 2022 GGR at 14 percent pre-pandemic levels.
Industry Updates
- PAGCOR turns over P19.5 million of financial aid.
- Innovative Technology reports successful G2E Las Vegas.
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