Sands China's Q4 earnings jumped 43% to a record US$622m

All segments grew strongly.

According to CIMB, Sands China’s 4Q EBITDA was stronger than market expectations, up 43% yoy driven by continued operational efficiencies, strong growth in the higher-margin mass gaming segment and the ramp-up of Sands Cotai Central.

Las Vegas Sands reported 4Q earnings this morning and provided 4Q operational data for Sands China. Sands China’s 4Q adjusted EBITDA reached a record US$622m, up 43% yoy and 28% qoq. Strong growth was recorded in all segments (rolling chip up 37%, mass table win up 53% and slot win up 55%). 

Here's more from CIMB:

Sands Cotai Central (SCC) continued to see strong ramp-up with EBITDA increasing 100% qoq and the EBITDA margin rising from 18% to 22%. SCC also broke even for the first time with an operating income of US$48m.

Sands China’s 4Q12 gross gaming revenue rose 51% yoy, easily outpacing sector growth of 10%, while overall gaming market share increased to 20% vs. 15% in 4Q11. 

Sands China should continue to benefit from the growing mass gaming segment in Macau. 200 new gaming tables will be added in 1Q13 in addition to 2,100 new Sheraton rooms at SCC.

Based on average win per table per day, we estimate that the 200 tables can potentially add up to another US$400m of EBITDA per year. The Parisian (to be opened in late-2015) will also add to Sands’s strength in mass gaming.