Sands China sinks to 20-month low after results, Macau rivals dip

Sands China

25/07/2024 05:14

** Shares of Sands China  1928.HK  fall 3.7% to HK$14.92,
lowest since November 2022, after controlling shareholder Las
Vegas Sands (LVS)  LVS.N  missed Wall Street Q2 profit estimates
    ** Stock on track for the biggest one-day pct drop since
April 19; down 32.2% YTD  
    ** Stock fifth biggest pct loser on Hang Seng Commerce &
Industry Index  .HSNC , which falls 1.8%
    ** "Visitation to the (Macao) market remains well below the
levels reached prior to the pandemic" - LVS CEO Robert Goldstein
    ** Sands China's adjusted property EBITDA up 3.7% Y/Y;
EBITDA margin for Macao portfolio down 80 basis points Y/Y at 
32.1% - LVS COO Patrick Dumont
    ** Shares of Las Vegas Sands fell 2% on Wednesday
    ** Macau rivals also dip; SJM  0880.HK , Galaxy
Entertainment  0027.HK , Melco International  0200.HK , MGM
China  2282.HK  and Wynn China  1128.HK  down between 1.2% and
2.2%      
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both fall 1.4% %
    
  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))