Sands China's Leadership in Mass Market Well-Positioned for Demand Recovery in 2023

Sands China is a strong contender in the Macao gaming sector with a strong presence in mass, retail, and non-gaming facilities and in Cotai. The company has a majority of its gaming tables located in Cotai, a popular tourist destination with a critical mass of world-class integrated resorts that continue to take market share from casinos in the Peninsula. Sands China used to place lower priority on the lower-margin VIP segment, which better positions it amid the regulatory risk on the VIP segment. To catch up to the rising demand from the premium mass segment, Sands Cotai Central was renovated, expanded, and rebranded to the Londoner in phases through 2022. This will help defend its market share from its biggest competitor, Galaxy’s phase 3 and 4 that are expected to open in 2023 and 2024, respectively.