Sands China 1928

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SANDS CHINA LTD (01928.HK) cut to In-Line, as gaming table increase hasn't been approved - Stanchart

SANDS CHINA LTD (01928.HK) has still not been approved to increase new gaming tables, the upside potential was limited, Standard Chartered said in a report.

The rating was reduced from Outperform to In-Line.

The stock price has risen 25% so far this year. The target price was lifted from $27.29 to $29.1, indicating only 6% of upside potential.

The Bank recommends investors not to buy at the current price.


Source: AAStocks Financial News

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<Research Report>SANDS CHINA LTD (01928.HK) maintained Buy with TP lifted to $35 by Citi

SANDS CHINA LTD (01928.HK) at present has a market share of 27% in Macau's mass market, said Citigroup, who pointed out mass market income of the casino operator jumped 18% last quarter.

Citigroup raised its 2012-14 earnings forecast for SANDS CHINA LTD, which was maintained Buy with target lifted to $35 from $33.

Source: AAStocks Financial News

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<Blue Chip Results>SANDS CHINA LTD (01928.HK) 3Q NP advances 16.8% YoY

SANDS CHINA LTD (01928.HK)'s total net revenue for the third quarter ended September grew 36.3% year-on-year to US$1.628 billion; adjusted EBITDA increased 24.1% to US$485 million; net revenue gained 16.8% to US$328 million, representing earnings per share of US$4.08.

Excluding pre-opening expenses related to Sands Cotai Central, adjusted profit increased 25.8% year-on-year to US$367 million.

In the first three quarters, total net revenue soared 28% to US$4.549 billion; net profit dipped 6.4% to US$768 million, representing earnings per share of US9.54 cents.


Source: AAStocks Financial News

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Macau casino operator Sands China Ltd to raise about HK$10 billion ($1.29 billion) via share placement, to fund its third project on Macau's Cotai, sources said.

Source: HONG KONG ECONOMIC JOURNAL

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SANDS CHINA LTD (01928.HK) approved to set up 200 more gaming tables

SANDS CHINA LTD (01928.HK) obtained the approval from the Macau government, to set up 200 more gaming tables, according to chief executive officer Edward Tracy.

Construction of the Parisian hotel, to be located at the third phase of Sands Cotal Central, will begin next quarter with total investment amount of US$2.8 billion.


Source: AAStocks Financial News

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SANDS CHINA LTD (01928.HK) rated Buy by Citi
2013-02-01

SANDS CHINA LTD (01928.HK)'s net profit and adjusted property EBITDA leaped 50% and 44% year-on-year, respectively, in the fourth quarter to US$1.934 billion and $622 million, general in line with estimate.

Citigroup slightly lifted its 2012-14 earnings forecasts for SANDS CHINA LTD, which was maintained Buy with target raised to $45.5 from $45.

Source: AAStocks Financial News

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Sands China share move maps outlook on gaming

Sands China (1928) shareholder Waddell & Reed said it has sold its entire stake in the Macau casino operator for US$1.38 billion (HK$10.76 billion) and plans to use the proceeds to buy shares in the US parent company.

The move suggests Macau's gaming business may have peaked for now. Sands China shares fell 2.06 percent yesterday, to HK$57.05. Waddell & Reed sold its shares at HK$55.45 each, or at a 4.8 percent discount to the closing price, according to a term sheet obtained by Bloomberg News.

Shareholders including Waddell & Reed are selling their holdings in the Macau casino operator for a stake in its parent, Las Vegas Sands, which also operates casinos in Singapore and is planning projects in Japan outside its US home base.

Sands China, whose revenue accounted for more than 60 percent of the group, reported a 50 percent increase in first-quarter earnings.

The investors are swapping the stakes because of the greater market liquidity of Las Vegas Sands compared with Sands China. They continue to have a positive view on the investment outlook of Las Vegas Sands and its ability to generate revenue in China and elsewhere around the world.

Chairman Sheldon Adelson said in February that Las Vegas Sands is ready to invest US$10 billion in Japan - projected to become Asia's second-largest casino market.

Japan currently bars casinos in the country and lawmakers are pushing to open up the market.

Citibank released a report on Tuesday, saying Japan's opening of the casino market will benefit Las Vegas Sands as it can be one of the first operators to get a license.

Citibank gave Las Vegas Sands a target price of US$97. The shares were trading around US$76 early yesterday. It also said Sands China still carries potential if it can offer more hotel rooms, but the recent negative news on Macau's gaming sector is an excuse for investors to switch to its parent.

Source: BLOOMBERG

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SANDS CHINA LTD (01928.HK) mall expanded by 70%

Shoppes Cotai Central, under SANDS CHINA LTD (01928.HK), announced the opening of newly added 0.15 million sq ft, increasing the mall operational size by 70%, Macao Daily reported.

A total of 34 new retail stores are being opened during June in Shoppes Cotai Central, which attracted over 8.5 million visitors in 2013 with sales value of over US$260 million. The new participants include Marks & Spencer and Zara Home.

Source: AAStocks Financial News

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Former Macau partner sues Las Vegas Sands for $5 billion By Farah Master

(Reuters) - A former Macau business partner of Las Vegas Sands Corp accused the casino operator of misappropriating trade secrets and is suing Sands for at least $5 billion in profits that it says are owed via their joint ownership of copyright related to a casino license bid.

Asian American, headed by Taiwanese businessman Marshall Hao, filed the complaint in U.S. District Court in Nevada on Wednesday. The case is in addition to two separate, ongoing legal actions in Macau over an alleged breach of contract.

Las Vegas Sands, run by Chief Executive Sheldon Adelson, and Asian American jointly submitted a bid for a gaming concession in 2002 in Macau, which has since become the world's largest gambling hub. But during the process, Sands switched partners, teaming up instead with Hong Kong group Galaxy Entertainment.

The Sands-Galaxy combination went on to win a license in the former Portuguese colony over a decade ago, beating contenders that included MP Entertainment Company Limited, MGM-Grand Macau Limited, and Macau Star Limited, a subsidiary of Malaysia's Genting Bhd.

Asian American alleges in its latest filing that after Sands terminated its joint venture, the company submitted a near-identical replica of its previous submission with new partner Galaxy.

"This is an action for money damages arising out of profits owed to plaintiff by LVSC for use and benefit of the work which ultimately led to the Las Vegas Sands enterprise securing a Macau concessions contract," the company said in the complaint.

A Sands spokesman declined to comment on the lawsuit.

The case is the latest in a string of court cases that involve Las Vegas Sands' earlier dealings in Macau. Sands was forced to pay $70 million to Hong Kong businessman Richard Suen last year, after he sued the company claiming it had failed to make good on a promise to pay him for helping it get permission to operate a Macau casino.

Macau, on China's southern coast, is the only part of the country where citizens are legally allowed to gamble in casinos. With $45 billion in revenue last year, seven times that of Las Vegas, it has proved a gold mine for operators.

Asian American argues that Las Vegas Sands' record earnings were in large part due to its Macau resort and claims that Sands is guilty of disclosing information to Galaxy which was so sensitive that the parties "hired bodyguards" to protect the documents.

Details included the cost of the project, its impact on Macau, the construction of a Venetian-style resort casino and a partnership with Jerde Partnership International. Adelson's Macau unit, Sands China, is now the world's second largest gaming company by market capitalization, behind its Las Vegas parent.

Asian American's Macau lawyer Jorge Menezes said the Nevada and Macau lawsuits have different causes of actions.

"Suing in Nevada does not hinder the Macau lawsuit's progress," he told Reuters.

Another case plaguing Sands is a long-running legal tussle with former employee Steven Jacobs, who is suing for wrongful termination of his contract.

Investigations by the U.S. Department of Justice and the Securities and Exchange Commission are examining whether Sands has violated federal anti-corruption laws.

Despite the ongoing legal cases, Sands is building a new casino resort in Macau called the Parisian, a replica of the Eiffel Tower expected to open in the next two years.

Source: Reuters

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1H 2014

We generated an all-time half year record of US$1,737.4 million (HK$13,467.1million) of adjusted EBITDA, an increase of 35.7% compared to US$1,280.1 million (HK$9,931.3 million) in the first half of 2013.

Total net revenues for the Group increased 24.7% to US$5,075.3 million (HK$39,340.2 million) in the first half of 2014, compared to US$4,070.3 million (HK$31,578.2 million) in the first half of 2013.

Profit for the Group increased 45.7% to US$1,370.4 million (HK$10,622.4 million) in the first half of 2014, compared to US$940.5 million (HK$7,296.6 million) in the first half of 2013.