Core Insights - Sands China (1928 HK) reported a strong performance in Q3 2025, with adjusted EBITDA exceeding expectations, reaching USD 601 million, a year-on-year increase of 3% and surpassing market forecasts by 7% [1][2] - Total net revenue for Sands China grew by 7.5% year-on-year to USD 1.9 billion, driven by the successful renovation of "The Londoner," which saw net revenue increase by 49% to USD 686 million and adjusted property EBITDA surge by 77% to USD 219 million [1][2] - The overall gaming revenue for the industry increased by 9% year-on-year, with Sands China's market share recovering to 23.6%, although it still lags behind the industry average growth rate [2] Company Performance - Sands China's total gaming revenue reached USD 1.8 billion in Q3 2025, reflecting a 9% year-on-year growth, while the industry average was 13% [2] - The mass market segment showed robust performance with a 12% increase in gaming revenue to USD 1.5 billion, benefiting from an 8% rise in betting amounts and a 0.7 percentage point improvement in win rates [2] - VIP gaming revenue, however, declined by 16% year-on-year to USD 148 million, despite a slight improvement in win rates [2] Market Position - Sands China's market share has shown a quarter-on-quarter recovery, indicating a positive trend since the low point in Q1 2025 [2] - The company has implemented a more aggressive reinvestment strategy since Q2 2025, which has contributed to the stable performance of its mass market operations [2] - The stock is projected to have an EV/EBITDA of 10 times for 2026, suggesting potential for future growth [2]

Financial Performance - Sands China reported a 2.5% year-on-year increase in net revenue to $1.8 billion in Q2 2025, but net profit fell by 13% to $214 million[1] - Adjusted EBITDA remained flat at $566 million, with the Londoner property contributing significantly to performance recovery[1] - The Londoner’s EBITDA doubled year-on-year to $205 million, outperforming market expectations[1] Market Trends - Total gaming revenue in Q2 2025 was flat at $1.7 billion, while the industry grew by 8%, indicating Sands China's growth lagged behind the market[2] - Sands China's market share decreased by 2 percentage points year-on-year to 22.5%[2] - VIP gaming revenue fell by 13% to $155 million, contrasting with a 13% industry growth, despite a slight increase in win rate[2] Operational Insights - The Londoner’s renovation has positively impacted performance, with a total of 10,800 hotel rooms post-renovation, maintaining the largest room count among Macau's six licensed operators[3] - The Venetian's EBITDA declined by 10% to $236 million, primarily due to poor gaming win rates[1] - Sands China is focusing on high-end mass market growth while consolidating its base mass market share[6]