Sands China's earnings soared 53.2% to

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According to Barclays Research, Sands China reported 2Q13 EBITDA of US$657mn, +4.3% q/q and +53.2% y/y. 

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This was in line with our estimate of US$652mn, and Bloomberg consensus estimate of US$659mn. Mass table revenues were the strongest driver at +7% q/q and +61% y/y to US$930mn. VIP revenues were down 3% q/q and +24% y/y.

Slot revenues were flat q/q and +24% y/y. By property, Sands Cotai Central performance was better than we anticipated and Four Seasons fell short of our expectations.

Sands Cotai Central ramp-up was strong: 2Q13 EBITDA was US$146mn, +11% q/q and +182% y/y. Hold adjusted EBITDA would have been US$170mn if not for the lower VIP hold rate.

Ramp-up was strong across VIP and mass segments. VIP volumes were +5% q/q and +110% y/y, although was negatively impacted by a lower hold rate. Mass revenues were +21% q/q and +224% y/y.

Slot performance was weaker with revenues -1% q/q. The company continues to expect Sands Cotai Central to become a US$1bn EBITDA property, although not until some time 2014. There was a small drop in occupancy during the quarter to 67.5% vs 1Q13’s 70.5%, which we believe is partly due to seasonality. We believe the eventual ramp of hotel stays will continue to drive more casino play at the property.

Venetian EBITDA mass table growth remains the driver: 2Q13 EBITDA was US$361mn, -5% q/q and +15% y/y. Mass table revenues were +5% q/q and +44% y/y. VIP volumes were +1% q/q and +6% y/y, but q/q saw a slightly lower hold rate. Slot revenues were -2% q/q and +19% y/y.

Four Seasons growth weaker than we expected: 2Q13 EBITDA was US$62mn, this was a +15% q/q improvement, although still down 19% y/y. VIP revenues were +39% q/q and +4% y/y.

Mass table drop was +68% q/q and +104.5% y/y, but revenues were down 22% q/q on a lower hold rate. The company expects that as they eventually turn this property into more of a premium mass property, and also as the co-op sale of the Four Seasons apartments brings in more premium mass and direct VIP customers, performance at the property should improve.