Investment Rating - The report maintains an "Outperform" rating for Sands China [2][6] Core Insights - The company achieved net revenue of USD 1.91 billion in Q3 2025, representing a year-on-year increase of 7.6% [3][10] - Adjusted property EBITDA reached USD 601 million, up 2.7% year-on-year, with an adjusted property EBITDA margin of 31.5% [3][13] - The market share of Sands China increased to 23.7% in Q3 2025, up from 22.7% in Q2 2025 [5][14] Financial Performance Summary - Revenue projections for 2025-2027 are USD 7,395 million, USD 7,907 million, and USD 8,325 million, with year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [6][15] - Gaming gross revenue is expected to be USD 7,034 million, USD 7,471 million, and USD 7,864 million for the same period, with growth rates of 4.2%, 6.2%, and 5.3% [6][15] - Adjusted property EBITDA is forecasted at USD 2,327 million, USD 2,601 million, and USD 2,784 million, with margins of 31.5%, 32.9%, and 33.4% [6][15] Property Performance Breakdown - The performance of individual properties varied, with The Londoner showing a net revenue increase of 49% year-on-year, while The Venetian and The Parisian experienced declines [3][11] - The net revenue contributions from properties were as follows: The Venetian and The Londoner at USD 690 million each, The Parisian at USD 220 million, Plaza at USD 210 million, and Sands at USD 70 million [3][11] Market Share and Competitive Position - Sands China continues to hold the leading market share in Macau, benefiting from its large-scale casinos and convention centers [6][15] - The company’s gaming gross revenue reached USD 1.84 billion, up 9.2% year-on-year, although this growth was below the industry average of 12.5% [4][12]