Investment Rating - The investment rating for Sands China Ltd. is maintained as "Buy" with a target price of HKD 21.20 [1][10]. Core Views - The recovery of Gross Gaming Revenue (GGR) for Sands China is lagging behind the industry average, with GGR at USD 1.72 billion, reflecting a year-on-year increase of 0.3% and a quarter-on-quarter increase of 6.5%, recovering to 81% of the levels seen in Q2 2019, compared to the industry average of 83% [1][4]. - The company is overly reliant on hotel hardware appeal, which has affected performance due to insufficient customer incentives [1][4]. - The management is optimistic about the refurbishment of The Londoner, which is expected to enhance business through improved customer incentive mechanisms [1][5]. - The parent company has increased its stake in Sands China to 73.4% and plans to gradually restore dividends to pre-pandemic levels, with a projected total dividend of HKD 0.50 in 2025 [1][10]. Summary by Sections Financial Performance - Sands China's adjusted EBITDA for Q2 2025 was USD 566 million, a year-on-year increase of 1% and a quarter-on-quarter increase of 6%, recovering to 74% of the levels seen in Q2 2019 [5]. - The company’s revenue forecast for 2025-2027 has been adjusted downwards to HKD 578 billion, HKD 622 billion, and HKD 653 billion respectively [10]. Market Dynamics - The recovery of VIP and mass market segments is below industry standards, with VIP gross revenue at USD 156 million, recovering to only 28% of 2019 levels, while mass market revenue is at USD 1.376 billion, recovering to 99% of 2019 levels [4][10]. - The company has seen strong visitor traffic to Macau, but increased market competition and insufficient customer incentives have hindered performance [4][6]. Non-Gaming Initiatives - Sands China is expanding its non-gaming offerings, including hosting concerts and events to attract diverse customer demographics, with notable performances scheduled for the second half of 2025 [5][32]. - The introduction of various entertainment events is expected to enhance customer engagement and drive GGR recovery [6][32].

Investment Rating - The investment rating for Sands China Ltd. is maintained as "Buy" with a target price of HKD 21.20 [1][10]. Core Views - Sands China's gross gaming revenue (GGR) recovery is lagging behind the industry average, with the company relying heavily on hotel hardware attractiveness, which has impacted performance. The management acknowledges insufficient customer incentives [6][7]. - The renovation of The Londoner is expected to enhance customer attraction and improve business performance in the second half of 2025 [8][9]. - The company is anticipated to resume dividends, with a total payout expected to reach HKD 0.50 in 2025, following a HKD 0.25 dividend in 2024 [6][10]. Financial Performance Summary - For the fiscal year 2024, the projected revenue is HKD 55,224 million, with a year-on-year growth of 19.33%. The net profit attributable to the parent company is expected to be HKD 8,340 million, reflecting a significant increase of 43.87% [5]. - The adjusted EBITDA for Q2 2025 is reported at USD 566 million, showing a year-on-year increase of 1% and a quarter-on-quarter increase of 6% [8]. - The company’s earnings per share (EPS) for 2025 is projected at HKD 0.90, with a return on equity (ROE) of 59.35% [5]. Market and Competitive Position - Sands China's GGR for Q2 2025 was USD 1.72 billion, a year-on-year increase of 0.3%, but below the industry average of 83% recovery to pre-pandemic levels [6][7]. - The company’s VIP revenue recovery is at 28% compared to 2019, significantly lower than the industry average of 47% [7]. - The company is positioned as a leading player in the Macau gaming sector, with expectations of valuation premium due to its market leadership [10].

Investment Rating - The report maintains a "Buy" rating for Sands China (1928) with a target price of HKD 25.31, representing a potential upside of 36.1% from the current stock price of HKD 18.60 [3][5]. Core Insights - The report highlights that the second quarter of 2025 showed a net income growth of 2.3% year-on-year and a 5.3% quarter-on-quarter increase, reaching USD 1.79 billion, which is 84% of the levels seen in 2019. The VIP segment saw a decline, while the mass market segment showed growth [6]. - The report anticipates that the company's EBITDA will reach USD 2.7 billion in the near term, with significant contributions expected from the Venetian Macao and Londoner properties [6]. - The report emphasizes the positive impact of increased foot traffic, new project launches, and popular non-gaming products on the overall performance of the industry [6]. Financial Summary - For the fiscal year ending December 31, 2023, Sands China reported revenues of USD 6.534 billion, with a projected increase to USD 7.436 billion by 2025, reflecting a growth rate of 8.4% [4][7]. - The EBITDA for 2023 was USD 2.225 billion, with expectations of reaching USD 2.354 billion in 2025, indicating a growth of 4.7% [4][7]. - The net profit for 2023 was USD 692 million, projected to increase to USD 1.063 billion by 2025, showing a significant growth of 51% [4][7]. Operational Performance - The adjusted EBITDA for the second quarter of 2025 was USD 566 million, recovering to 74% of the levels seen in 2019, with an EBITDA margin of 31.6% [6]. - The hotel occupancy rate was reported at 96.2%, with an average room rate of USD 226 [6]. - The report notes that the company has repurchased USD 179 million worth of shares, increasing its ownership stake to 73.4% [6].

Investment Rating - The report does not explicitly state an investment rating for Sands China (1928 HK) Core Insights - In 25Q2, Sands China reported a net revenue of USD 1.79 billion, a year-on-year increase of 2.5%, while adjusted EBITDA reached USD 566 million, up 0.9% year-on-year, with an adjusted EBITDA margin of 31.6% [10] - The overall gaming gross revenue (GGR) in Macau increased by 8.3% year-on-year and 6.0% quarter-on-quarter, reaching MOP 61.115 billion in 25Q2 [2] - The Londoner Macao showed impressive performance with a net revenue increase of 44.6% year-on-year, benefiting from the completion of its renovation [3] Summary by Sections Financial Performance - In 25Q2, Sands China achieved a net revenue of USD 1.79 billion, with contributions from gaming and non-gaming segments at USD 1.347 billion and USD 0.447 billion respectively, reflecting increases of 1.4% and 5.2% year-on-year [3] - The adjusted property EBITDA for the first half of 2025 was USD 1.101 billion, down 6.0% year-on-year, with a margin of 31.5% [10] Property Performance - The performance of various properties under Sands China varied significantly, with Venetian and Londoner showing contrasting results; Venetian's net revenue decreased by 3.4%, while Londoner's increased by 44.6% due to renovations [3] - The net revenue breakdown by property for 25Q2 was as follows: Venetian at USD 663 million, Londoner at USD 642 million, and Parisian at USD 194 million [3] Gaming Operations - Total betting volume for Sands China in 25Q2 was MOP 155.9 billion, a decline of 5.3% year-on-year, with VIP betting down 23% [4] - The gaming gross revenue reached USD 1.71 billion, a slight increase of 0.2% year-on-year, with VIP gaming revenue declining by 14.1% [4] Capital Expenditure - The total capital expenditure for Sands China in 25Q2 was USD 286 million, including USD 138 million for construction, development, and maintenance activities in Macau [6] Shareholder Returns - LVS purchased 87 million shares of Sands China at an average price of HKD 16.00, increasing its ownership stake to 73.4% as of July 23, 2025 [5]

金沙中国有限公司在港交所公告，于2025年6月11日（美国时间），所有未偿付二零二五年票据 （1,800,000,000美元5.125%二零二五年到期的优先票据和1,786,475,000美元5.125%二零二五年到期的优 先票据）已根据二零二五年票据契约之条款及条件被全部赎回。因此，不再有未偿付二零二五年票据。 公司已向香港联交所申请撤销二零二五年票据的上市。有关撤销上市预期将于2025年6月20日营业时间 结束时生效。 ...

Financial Performance - The total net revenue for the year ended December 31, 2024, was $7,080,000,000 (HK$54,990,000,000), an increase of 8.4% compared to $6,530,000,000 (HK$51,060,000,000) for the year ended December 31, 2023[8]. - The profit for the year ended December 31, 2024, was $1,050,000,000 (HK$8,120,000,000), representing a significant increase of 51.0% from $692,000,000 (HK$5,410,000,000) in the previous year[8]. - The adjusted property EBITDA for the year ended December 31, 2024, was $2,330,000,000 (HK$18,090,000,000), which is a 4.7% increase from $2,230,000,000 (HK$17,390,000,000) for the year ended December 31, 2023[8]. - The net revenue from the gaming segment was $5,350,000,000, up 10.4% from $4,840,000,000 in the previous year, primarily due to increased visitor volume[144]. - The total revenue from the hotel segment was $774,000,000, reflecting a 1.7% increase from $761,000,000, driven by higher occupancy rates[149]. - The non-gaming revenue from food and beverage increased by 8.3%, reaching $260,000,000, up from $240,000,000[143]. - Operating expenses rose to $5.714 billion, a 7.6% increase from $5.309 billion in 2023, attributed to higher business volumes across most categories[157]. - The average daily room rate for The Venetian Macao was $203, a decrease of 2.4% from $208 in 2023[151]. - The revenue per available room (RevPAR) for The Venetian Macao was $199, a 1.5% increase from $196 in the previous year[151]. Visitor Statistics - The company attracted a total of 95,000,000 visitors in 2024, averaging approximately 260,000 visitors per day[13]. - The number of visitors to Macau in 2024 was approximately 35,000,000, compared to 28,000,000 in 2023 and 6,000,000 in 2022[61]. - The company hosted approximately 652,000 visitors for incentive travel events in Macau, with around 580,000 attending 30 exhibitions and trade fairs[18]. - Total visitor numbers to Macau reached approximately 24,500,000 for the year ending December 31, 2024, an increase of about 28.6% compared to 2023[135]. - The Venetian Macao recorded approximately 31.6 million visitors in 2024, an increase from 30.3 million in 2023[118]. - The Londoner Macao had approximately 25.6 million visitors in 2024, up from 22.5 million in 2023[125]. - The Parisian Macao had a total of approximately 13,500,000 visitors in 2024, up from about 11,600,000 in 2023[127]. Investments and Developments - The company has invested approximately $17,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business travel destination[63]. - The company plans to invest about $4,500,000,000 in capital and operational investments in Macau during the current gaming license period from 2023 to 2032[63]. - The company has made significant progress on the post-completion works of The Londoner Macao, with a capital investment project expected to be completed in the second quarter of 2025[62]. - The company has committed to invest at least MOP 35,800,000,000 (approximately USD 4,480,000,000) in Macau, with a focus on non-gaming projects[187]. - The investment plan includes projects aimed at attracting foreign visitors, hosting exhibitions, entertainment performances, sports events, and enhancing Macau's reputation as a culinary capital[98]. - The company plans to expand its conference and exhibition capabilities by constructing a state-of-the-art venue connected to the existing Cotai Expo[102]. - A unique garden-themed attraction is planned to be developed next to The Londoner Macao, featuring a signature greenhouse and themed green spaces[102]. Corporate Governance and Management - The company has a board of directors consisting of eight members, with four being independent non-executive directors[30]. - The Chairman and non-executive director, Robert Glen Goldstein, has held various senior positions within the company since 2014, including CEO from January 2021 to January 2024[30]. - The Executive Vice Chairman and executive director, Wilfred Wong, has extensive experience in property development and has held senior management positions in several listed companies in Hong Kong[33]. - The CEO and president, Zheng Junuo, has been with the company since 2013 and previously worked at UBS Investment Bank for 14 years, overseeing various roles[37]. - The company has a strong focus on governance, with various committees including the remuneration committee and capital expenditure committee led by experienced directors[33]. - The company emphasizes the importance of financial management expertise within its board, ensuring compliance with regulatory standards[44]. - The company has a commitment to corporate governance, as evidenced by the roles of independent directors in various committees[42][44][49]. Legal Matters - The claim amount from Asian American Entertainment Corporation against the company is approximately $375 million, based on alleged breaches related to a joint bidding agreement[192]. - The claim amount was later increased to approximately $12.06 billion, covering lost earnings from 2004 to 2018, with rights reserved for further claims until 2022[194]. - The Macau Court ruled in favor of the company in April 2022, stating that the claims were malicious[196]. - The company continues to actively defend against the litigation and believes that it will not have a significant adverse effect on its financial condition or cash flow[199]. - The Macau Intermediate Court dismissed the plaintiff's appeal based on procedural defects, reaffirming the malicious nature of the claims[198]. - Management remains confident that the ongoing litigation will not materially affect the company's financial performance[199]. Market Position and Strategy - The company ranked first in market share for sold hotel rooms on major platforms including Ctrip, Alibaba's Fliggy, and Meituan in Macau[15]. - The company’s non-room revenue market share for dining and attraction tickets ranked first, with Meituan leading in dining product market share[15]. - The company is positioned to benefit from Macau's projected gross gaming revenue of MOP 226.78 billion (approximately USD 28.35 billion) in 2024, an increase of 23.9% from 2023[76]. - The company focuses on high-margin mass gaming operations, which accounted for 76% of market revenue in 2024, according to the Gaming Inspection and Coordination Bureau[79]. - The company continues to innovate its gaming product offerings to capture a larger market share across all customer segments in Macau[79]. - The company has established a significant presence in the retail sector with approximately 770 stores across 2.1 million square feet of retail space[71]. Awards and Recognition - The company received multiple awards in 2024, including the Best Integrated Resort in Asia Pacific from Travel + Leisure for the Macau Sands Resort[23]. - The company has been recognized as the best luxury hotel in Macau by the 2024 TTG China Travel Awards[27]. - The company has a platinum rating for its restaurant, 紫逸軒, in the 2024 Ctrip Reputation List for luxury restaurants[27]. - The company received multiple awards in 2024, including the "Best Luxury Hotel" in Macau from Travel + Leisure and a five-star rating from Forbes Travel Guide for the Four Seasons Hotel Macau[27]. Transportation and Visitor Experience - The company has invested in transportation networks to enhance visitor experience, including the "Cotai Water Jet" ferry service, which has been operational since November 2007[87]. - The "Cotai Water Jet" ferry service operates high-speed vessels with a capacity of over 400 passengers, with a maximum speed of approximately 42 knots[87]. - The company provides a fleet of over 110 luxury cars for its "Cotai Limousine" service, ensuring round-the-clock availability for VIP clients[89]. - The company operates 150 shuttle buses, including 34 owned and 116 leased, to facilitate transportation between its properties and key locations[90].

Financial Performance - The total net revenue for the year ending December 31, 2024, was $7,080,000,000, an increase of 8.4% compared to $6,530,000,000 for the year ending December 31, 2023[6]. - The profit for the year ending December 31, 2024, was $1,050,000,000, representing a 51.0% increase from $692,000,000 in the previous year[6]. - Adjusted property EBITDA for the year ending December 31, 2024, was $2,330,000,000, up 4.7% from $2,230,000,000 in 2023[6]. - The net revenue from gaming operations was $5,346,000,000, reflecting a 10.4% increase from $4,841,000,000 in the previous year, driven by increased visitor volume[21]. - The operating profit for the year ended December 31, 2024, was $1,366 million, compared to $1,225 million in 2023, reflecting improved operational efficiency[63]. - The company reported a net profit attributable to equity holders of $1,045 million for 2024, up from $692 million in 2023, marking an increase of approximately 50.9%[98]. - Basic earnings per share increased to $12.91 in 2024 from $8.56 in 2023, reflecting a growth of approximately 50.9%[98]. Visitor Statistics and Tourism - The number of visitors to Macau in 2024 was approximately 35,000,000, compared to 28,000,000 in 2023, marking a significant recovery in tourism[7]. - The total number of visitors from mainland China to Macau reached 24,500,000, an increase of approximately 28.6% compared to 2023[75]. Capital Investments and Projects - The company has invested approximately $17,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business travel destination[9]. - The company plans to invest about $4,500,000,000 in capital and operational investments in Macau during the current gaming license period from 2023 to 2032[11]. - The company is making significant progress on the Londoner project in Macau, with completion expected in the second quarter of 2025[8]. - The Londoner Macao will open on September 26, 2024, featuring 2,405 newly renovated rooms and suites, with a total estimated project cost of $1,200,000,000[19]. - The company announced the opening of The Londoner Macao's second phase on September 26, 2024, which will feature 2,405 rooms and suites, with an estimated total project cost of $1,200 million expected to be completed in the first half of 2025[58]. Revenue Breakdown - The gross gaming revenue in Macau for the year ending December 31, 2024, was approximately $28,350,000,000, an increase of about 23.9% compared to the previous year[15]. - The Venetian Macao's gaming revenue totaled $2,282,000,000, a 6.1% increase from $2,151,000,000, with non-rolling chip drop increasing by 6.8%[23]. - The Londoner Macao's gaming revenue reached $1,462,000,000, up 14.0% from $1,283,000,000, with a 16.2% increase in non-rolling chip drop[23]. - The Parisian Macao reported gaming revenue of $740,000,000, a 13.0% increase from $655,000,000, with a significant 28.8% rise in non-rolling chip drop[23]. - The total revenue from meetings, ferries, retail, and other sources was $207 million, a 15.6% increase from $179 million, attributed to higher visitor numbers[32]. Operating Expenses and Financial Metrics - Operating expenses for the year ended December 31, 2024, were $5.71 billion, a 7.6% increase from $5.31 billion, primarily due to increased expenses in gaming and other operational areas[33]. - The total loss on disposal of properties and equipment was $32 million, up from $12 million, mainly due to increased demolition costs related to renovations[34]. - Depreciation and amortization expenses decreased to $754 million, down 6.8% from $809 million, primarily due to reduced accelerated depreciation related to specific assets[33]. - The net cash generated from operating activities for the year ended December 31, 2024, was $2,070 million, a decrease from $2,290 million in 2023, primarily due to a $63 million cash outflow from working capital changes and $11 million in income tax payments[50]. - The net cash used in investing activities for the year ended December 31, 2024, was $810 million, mainly due to capital expenditures of $871 million, offset by $62 million in interest received[52]. - The net cash used in financing activities for the year ended December 31, 2024, was $658 million, primarily due to the repurchase of $174 million in outstanding principal of 2025 senior notes and interest payments of $398 million[53]. Debt and Financing - Net financing costs for the year ended December 31, 2024, were $424 million, down 20.3% from $532 million for the year ended December 31, 2023, primarily due to a decrease in average borrowing balances and average interest rates[39]. - The average interest rate decreased from 5.4% for the year ended December 31, 2023, to 4.9% for the year ended December 31, 2024, due to credit rating upgrades and changes in interest payment options[39]. - The company maintained a maximum debt to adjusted EBITDA ratio of 4.00 times and a minimum adjusted EBITDA to net interest expense ratio of 2.50 times throughout the financing period[46]. - The 2024 SCL credit facility provides HKD 19,500 million (approximately $2,510 million) in unsecured revolving credit financing, available until September 24, 2029[45]. - The 2024 SCL credit facility also includes HKD 12,950 million (approximately $1,670 million) in unsecured term loan financing, available until August 31, 2025, for repaying outstanding amounts under the 2025 senior notes[46]. Shareholder Information - The board proposed a final dividend of HK$0.25 per share for the year ended December 31, 2024, amounting to an estimated total of approximately $260 million[60]. - The proposed final dividend is expected to be paid on June 20, 2025, if conditions are met[123]. - The company will suspend share transfer registration from May 19, 2025, to May 22, 2025, to determine eligible shareholders for the annual general meeting[125]. - A second suspension of share transfer registration will occur on May 30, 2025, to identify shareholders eligible for the proposed final dividend[125]. Asset and Equity Position - The total assets as of December 31, 2024, were $11,169 million, an increase from $10,258 million in 2023, indicating growth in the company's asset base[67]. - The company reported a total equity of USD 1,031 million, compared to a loss of USD 4 million in the previous year[70]. - The total liabilities decreased slightly to USD 10,138 million from USD 10,262 million year-over-year[70]. - The total assets minus current liabilities amounted to USD 8,176 million, down from USD 8,886 million in the previous year[70]. Operational Developments - The newly renovated Venetian Theatre has reopened with a capacity of 14,000 seats, designed for large-scale live entertainment events[19]. - The company operates a total of 1,680 gaming tables and 3,700 slot machines across its properties[19]. - The total retail space across all properties is 2,127,000 square feet, with 769 retail outlets[18]. - Room revenue for the year ended December 31, 2024, was $774 million, an increase of 1.7% compared to $761 million for the year ended December 31, 2023, primarily due to increased occupancy rates[25]. - Total shopping center revenue decreased to $493 million, down 3.9% from $513 million, mainly due to a reduction in excess rent[28]. - Dining revenue increased to $260 million, an 8.3% increase from $240 million, driven by increased visitor volume and the addition of new dining establishments[32].

Investment Rating - The report maintains a "Buy" rating for Sands China (1928) with a target price of HKD 24.45, representing a potential upside of 41.5% from the current price of HKD 17.28 [2][4]. Core Insights - The fourth quarter of 2023 results met expectations, with net revenue of USD 1.76 billion, recovering to 79% of 2019 levels. The group's performance is expected to improve with the second phase of The Londoner project [4]. - The company demonstrated strong management capabilities and a popular product offering, which is expected to drive revenue and profit margin growth as the second phase of The Londoner is launched [4]. - The group holds approximately USD 1.97 billion in cash, with net debt reduced to USD 6.04 billion, indicating a solid financial position [4]. Financial Summary - Revenue for 2022 was USD 1.605 billion, with a projected increase to USD 6.534 billion in 2023, reflecting a 307.1% year-on-year growth. Forecasts suggest continued growth, reaching USD 8.539 billion by 2026 [3][5]. - EBITDA for 2022 was negative at USD 323 million, but is expected to turn positive in 2023 at USD 2.225 billion, with a projected EBITDA margin improvement over the next few years [3][5]. - Net profit is projected to recover from a loss of USD 1.582 billion in 2022 to a profit of USD 692 million in 2023, with further increases expected in subsequent years [3][5]. Operational Performance - The VIP segment saw a significant decline of 39.6% quarter-on-quarter, while the mass market segment grew by 2.1%. Retail operations also showed positive trends with an 8.8% increase in gross revenue [4]. - Hotel occupancy rates reached 98.9%, with an average room rate of USD 236, indicating strong demand in the hospitality sector [4]. - The group has launched new high-end gaming areas and additional hotel rooms, enhancing its competitive position in the market [4].

Investment Rating - Buy (Maintained) [1] Core Views - Sands China's 3Q24 performance slightly exceeded market expectations, with net revenue reaching $1.77 billion, slightly above the expected $1.74 billion, and recovering to 83.1% of the same period in 2019 [2] - The company's adjusted property EBITDA for 3Q24 was $590 million, in line with market expectations, recovering to 77.5% of the same period in 2019 [3] - The disruption from the Londoner Phase II renovation project is expected to peak in 4Q24, with 3,100-3,200 rooms temporarily closed, but the company remains confident in the recovery of EBITDA margins by 2025 [4] Financial Performance - Sands China's total gaming revenue in 3Q24 was $1.68 billion, recovering to 82.6% of the same period in 2019, with VIP and mass market (including slot machines) gaming revenues recovering to 40.4% and 94.2% of 2019 levels, respectively [1] - The company's gaming and non-gaming revenues in 3Q24 were $1.34 billion and $430 million, respectively, recovering to 80.2% and 97.3% of 2019 levels [2] - The adjusted property EBITDA margin in 3Q24 was 33.0%, down 2.7 percentage points from the same period in 2019, primarily due to the impact of the Londoner renovation and slower recovery in mass market gaming [3] Renovation Impact - The Londoner Phase II renovation project affected approximately 2,500 rooms in 3Q24, representing 63% of the Sheraton Grand Macao's rooms and 20% of the company's total room inventory [4] - The company expects the renovation disruption to peak in 4Q24, with 3,100-3,200 rooms temporarily closed, and only around 300 new suites remaining open [4] Future Outlook - Sands China's management is confident in the recovery of EBITDA margins by 2025, driven by the completion of the Londoner Phase II renovation in 2Q25 and the expected rebound in visitor numbers to Macau, particularly in the mass market segment [3] - The company's 2024-2026 revenue forecasts are maintained at $7.11 billion, $7.90 billion, and $8.39 billion, respectively, with adjusted property EBITDA forecasts of $2.27 billion, $2.75 billion, and $3.12 billion [4] - The current stock price implies 2024-2026 EV/EBITDA multiples of 9.6x, 7.9x, and 7.0x, respectively, with a target price of HKD 25.5, implying 2024-2026 EV/EBITDA multiples of 11.6x, 9.6x, and 8.5x [4]

Investment Rating - The report maintains a "Buy" rating for Sands China (1928 HK) with a target price raised to HKD 24.70, corresponding to a 2025 EV/EBITDA of 12x [2][7]. Core Views - The completion of renovations is imminent, which is expected to recover lost market share as previously diverted customers return. The Sheraton hotel will be transformed into the first luxury hotel under the Marriott brand (Londoner Macao), offering 2,405 new rooms and suites, enhancing synergy with the other two Londoner hotels. The entertainment venue, Galaxy Macau, will also reopen after renovations in December [2][3]. - The company may restart dividend payments earlier than expected, with a potential dividend of around HKD 1 for 2025 if the previous payout ratio of approximately 5% is maintained [4]. - The recent performance of the stock has been affected by low allocation from funds, indicating a potential need for reallocation in the future [2]. Summary by Sections Renovation and Market Recovery - The imminent completion of renovations is expected to enhance Sands China's capacity to attract customers, recovering market share lost during the renovation period. The reopening of the entertainment venue and the transformation of the Sheraton hotel into a luxury Marriott property are key factors in this recovery [3][4]. Dividend Expectations - With the business returning to normal post-pandemic, there is an expectation that dividends may be reinstated sooner. Historically, Sands China paid an annual dividend of HKD 1.99 per share from 2014 until the pandemic, and if this trend resumes, the 2025 dividend could be around HKD 1 [4][5]. Financial Projections - The report provides financial forecasts indicating significant revenue growth from HKD 51,057 million in 2023 to HKD 72,806 million by 2026, with a projected EBITDA of HKD 21,032 million in 2025 [6][12]. - The report also highlights a structural shift in the Macau gaming market, moving from high-end to mid-tier customers, which may influence future revenue streams [4][5].