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<Results>SANDS CHINA LTD (01928.HK) 1Q24 Adj. Property EBITDA Hikes 53% YoY
Las Vegas Sands Corp., the controlling shareholder of SANDS CHINA LTD (01928.HK), announced its financial results for the first quarter ended 31 March 2024. On a US GAAP basis, tot...
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<Results>SANDS CHINA LTD (01928.HK) 1Q24 Adj. Property EBITDA Hikes 53% YoY
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Las Vegas Sands Corp., the controlling shareholder of SANDS CHINA LTD (01928.HK)  +0.150 (+0.719%)    Short selling $74.25M; Ratio 12.013%   , announced its financial results for the first quarter ended 31 March 2024.

Dividend History
Announce DateEventParticular
2024/02/16FinalNo Dividend
2023/08/11InterimNo Dividend
2023/02/17FinalNo Dividend
2022/08/12InterimNo Dividend

On a US GAAP basis, total net revenues for SANDS CHINA hiked 42% YoY to US$1.80 billion for 1Q24. Net income reached US$297 million for the quarter, compared to a net loss of US$10 million in 1Q23. Adjusted Property EBITDA was US$610 million during 1Q24, lifting 53.3% compared to US$398 million for 1Q23.

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SANDS CHINA's interest expense, net of amounts capitalised, was US$182 million for 1Q24, compared to US$218 million in 1Q23. Its weighted average borrowing cost was 5.0% during 1Q24, compared to 5.4% during 1Q23. The effective income tax rate for 1Q24 was 2.8%, compared to 25.6% in 1Q23. The income tax rate for 1Q24 was primarily driven by a 17% statutory rate on its Singapore operations and favourably impacted by the finalization of tax agreements in Macao.

Capital expenditures during the first quarter totalled US$196 million, including construction, development and maintenance activities of US$90 million in Macao.

For Venetian Macao, net revenues elevated 38.2% YoY to US$771 million in 1Q24, with Adjusted Property EBITDA lifting 49.5% to US$314 million. Net revenues from Londoner Macao surged 98.6% YoY to US$562 million, with Adjusted Property EBITDA soaring 2.1x. Net revenues from Parisian Macau inclined 32.2% YoY to US$230 million and Adjusted Property EBITDA hiked 54.3% to US$71 million.

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Net revenues from Plaza Macao declined 17.4% YoY to US$142 million and Adjusted Property EBITDA crumpled 52% to US$36 million. Net revenues from Sands Macao incremented 2.7% YoY to US$76 million and Adjusted Property EBITDA rose 20% to US$12 million.

Las Vegas Sands has completed the previously announced purchase of US$250 million of SANDS CHINA's shares, which increases the parent's ownership interest in the Macao subsidiary to approximately 71%. Las Vegas Sands also continues to see value in increasing its ownership interest in SANDS CHINA.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-17 16:25.)

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