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]