Sands China raises transport budget

Sands China has increased its cap to US$10.8m.

Macau.- Sands China has revised its annual cap for transport services, increasing the maximum amount from US$8.8m to US$10.8m, according to a disclosure submitted to the Hong Kong Exchange. The amendment is due to increased business, spurred by the lifting of travel restrictions in Macau and China in late December 2022 and early January 2023.

In the third quarter, adjusted property EBITDA was US$631m, a 16.6 per cent increase from the preceding three-month period. Net revenue reached US$1.78bn, a 9.9 per cent rise.

Robert G. Goldstein, Sands China CEO and chairman said: “Our future growth in Macao is tethered to these powerful assets which have all the variables necessary to drive growth in the years ahead. Whether it’s rooms, gaming capacity, retail, entertainment or food and beverage, we have stellar assets. 

“There is speculation about the future growth of Macao. The relevant question is can the market grow to US$30bn, US$35bn, US$40bn gross gaming revenue and beyond? We are firm believers that it will. It may very will happen in a shorter timetable than anyone realizes. This underscores our confidence in the returns that will be generated by our capital investment programs in our portfolio. We are staunch believers in the growth of the Macao market in the near and long term.”