Sands China (1928) said its adjusted property earnings before interest, taxes, depreciation and amortization in the last quarter of 2023 swung to a profit of US$654 million (HK$5.1 billion) from a loss of US$51 million in 2022.
Management changes were also announced.
Total adjusted property EBITDA last year was US$2.22 billion from a loss of US$324 million for 2022. And total revenue increased 307 percent yearly to US$6.53 billion.
The Venetian Macao gained the most casino revenue of US$607 million among all its casinos in 2023 while the Sands Macao had the highest occupancy rate of 98.9 percent.
The Macao market could grow to US$40 billion in the future, said Robert Glen Goldstein, chairman and chief executive of Las Vegas Sands, the controlling shareholder of Sands China.
Meanwhile, Grant Chum Kwan-lock has been appointed chief executive and president of Sands China, replacing Robert Glen Goldstein.
And three executive vice presidents have been appointed. They are Wilfred Wong Ying-wai, chief financial officer Dave Sun Min-qi and general counsel and company secretary Dylan James Williams.
Jefferies slashed its target price for Sands China to HK$37 from HK$41 per share but maintained a buy rating. The bank said its valuation was still at a trough level, while economic headwinds in the mainland may slow down the sector's recovery.
Shares of Sands China edged down 0.23 percent to HK$ 21.50 in Hong Kong yesterday, defying the rise of the overall market.
