Sands share of Macau revenue rises to 19pc
Gaming giant's chairman says all is in place for company's fortunes to keep soaring, with more rooms and giant new project in the pipeline
Sands China is expected to build a bigger stake in Macau's gaming market after gaining market share and posting better-than-expected profits in the third quarter.
The Hong Kong-listed firm's share of gross gaming revenue in Macau rose to 19.3 per cent in the third quarter from 14.3 per cent last year, which translates to 35 per cent growth in market share, said Sheldon Adelson, the chairman of Sands China and its New York-listed parent, Las Vegas Sands.
"Our industry-leading scale and infrastructure investments are creating impressive results in the largest and most profitable gaming market in the world. Our quarterly results in Macau reflect company records in virtually every category and we expect our momentum to continue in the quarters ahead."
Deutsche Bank analyst Karen Tang expects Sands' share of the Macau gaming market to expand from 19.3 per cent in the third quarter to 23 per cent by 2014. In a research note, she expressed a positive view on Macau's mass gaming market, to which Sands has high exposure.
Adelson said that since April, Sands had opened 3,660 new hotel rooms and two casinos in Macau.
"We will open 2,000 new hotel rooms in January 2013. That's growth," he said.
