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MPEL and LVS going in opposite directions. Is this still the most important Macau metric, Mr. Adelson?

 

It’s time for an update on Sheldon Adelson’s favorite Macau metric: EBITDA share.  He may not want to put this quarter in the marketing brochure, however.  Sands China lost 4% in EBITDA share QoQ to 26.4% (lowest to date), as opposed to share gains for MPEL and Galaxy.  The opening of Galaxy Macau boosted the parent's share.  MPEL improved its share the most at 4.7% QoQ to 15.8%, partly due to high hold.  Q2 was a record high for MPEL as cost improvements and stellar volume share growth contributed to the strong quarter.

2Q MACAU EBITDA SHARE - ebitda