📊 Topic

Mass-market gaming

2 stories · First covered Apr 23, 2026 · Latest Jul 23
Related: Sands China 2 Macau 1 Singapore 1 VIP Gaming 1 Hold Variance 1 Capital expenditures 1 Marina Bay Sands 1 EBITDA margin compression 1 The Venetian 1 The Londoner 1 Macau hotel market 1 Las Vegas Sands Corporation 1
Mass-market gaming Coverage
LVS Lost $87 Million to Bad Luck in Macau. The Volume Underneath Tells a Different Story.
Operations
Jul 23

LVS Lost $87 Million to Bad Luck in Macau. The Volume Underneath Tells a Different Story.

Las Vegas Sands posted a quarter that looked ugly on the surface... earnings missed by 30%, stock dropped 5%, and Macau EBITDA fell 24%. But strip out the hold variance and what you find underneath is a company that grew gaming volumes 30-73% while everyone else in the market stayed flat.

MS
Mike Storm 2 min read · Jul 23
Sands China's Net Income Jumped 45%. The Stock Dropped. Check Again.
REITs
Apr 23

Sands China's Net Income Jumped 45%. The Stock Dropped. Check Again.

Sands China posted $294 million in Q1 net income and 18.3% EBITDA growth, and the market responded by selling. The gap between the earnings report and the stock price tells you what investors actually think about where Macau's recovery ceiling is.

JC
Jordan Chen 2 min read · Apr 23