Another bad hold Q in Singapore shouldn’t overshadow a hold adjusted beat, accelerating share repurchases, 40% sequential hike in the quarterly dividend, and growing enthusiasm for retail mall monetization.




  • Non-gaming also did well in Macau
  • Raised dividend to $2 for 2014
  • Led market by far in mass market and premium mass
  • More people visiting Macau and LVS properties on Cotai
  • Mainland visitation up 15% in 2013
  • Macau average length of stay still below Hong Kong's 
  • Table productivity will get better
  • 4Q:  17.4MM visits to Macau property portfolio (8MM visits to Venetian Macau)
  • MBS:  
    • Record for mass win/table/day:  $4.63MM
    • ADR: $425 occu: 97%
  • Parisian:  remain on budget and on schedule.  Target a late 2015 opening.
  • Japan:  pursuing IR opportunity
  • Korea:  increased activity in that market
  • Returned $700MM to Sands China shareholders
  • Sands China Limited 2014 dividend increased by 31% to HK$0.87; HK$0.77 special dividend will be paid in February
  • $1.4 BN repurchase program left.  Will repurchase at least $75MM per month.
  • Comfortable with 2.0x-3.5x gross leverage ratio; current leverage ratio is at 2.0x


Q & A

  • Hold adjusted MBS margin: little north of 47%
  • MBS:  seeing increased volume in slot and mass business especially premium portions- margin remains low 60s
  • MBS hold:  2.7% - 3.0% is achievable
  • $12-14BN- monetizable retail mall sales opportunity:  commencing process for final approval from Macau govt
  • Macau:  infrastructure improvements in Southern China
  • 3 properties opening in 2015:  Galaxy Macau (PH2), MSC and the Parisian; Parisian may open before at least one of them.
  • MPEL doing quite well in premium mass- but LVS catching up
  • Got ok for Four Seasons Co-op sale.  Got ok for sale of St. Regis tower.
  • SCC:  rooms are biggest driver of mass/VIP.  Still in the infancy stage of growth.
    • Can hit 15-16k on mass win/table/day from current 13k
  • Don't want to be in position where they owe money
  • Japan:  1st legislation has been passed; 2nd legislation should be passed in June (location/ bidding information/licensing); everyone they spoke to believe the 2nd piece of legislation will be passed.  Some major Japanese conglomerates have expressed interest. 
    • In a favored position; MBS often talked about as the IR model in Tokyo; 22% of conventions had Japan ties
  • Macau - 800 games generating $8-9k win per day
  • Been putting in more ETGs in SCC and Venetian
  • Chimelong resort on Henquin will benefit LVS 
  • S'pore VIP market:  junket structure not in discussion; pure mass play disappearing (S'pore locals); sees a flat market in the near-term, not much VIP RC growth in future; want to focus on margins; real growth resides in non-rolling chip segment
  • Vegas:  2014 convention business in good shape (rates moving up a little bit)
  • Commissions higher at Venetian.  Mix between premium direct and junket affected the number. 
  • SCC:  will see 44%-46% margins on non-rolling segment.  Pure mass margins will tick up. 
  • S'pore low hold:  not as much dollar volume as Macau; betting less in ties in baccarat; very volatile play
  • Expect $60MM VIP RC for MBS annually

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