Sands China ups caps for some services provided by parent

Nov 23, 2023 Newsdesk Latest News, Macau, Top of the deck  

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Macau gaming operator says it has raised the annual cap set for transportation, logistics and technical services provided by its parent company, U.S.-based casino developer Las Vegas Sands Corp.

The cap for the year ending December 31 has been raised to US$10.8 million, from US$8.8 million, Sands China stated in a filing to the Hong Kong Stock Exchange.

The company said the rise was “due to the increased business volume” in its operations in Macau, “following the elimination of travel restrictions in late December 2022 and early January 2023”.

The amendment agreement also broadened the scope of the services provided to Sands China by its parent.

These services cover the use of all forms of transportation “owned by or available” to the Las Vegas Sands group, and the amounts payable by Sands China “are calculated on a cost basis,” according to the filing.

Sands China runs a number of resorts in Macau’s Cotai district, including the Venetian Macao, the Parisian Macao, and the Londoner Macao. It also operates casino hotel Sands Macao on the city’s peninsula

Sands China’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at US$1.57 billion in the first nine months of 2023, compared with a negative figure of US$273 million in the prior-year period.

The company’s net revenue for the period was US$4.70 billion, up 297.0 percent year-on-year.

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