HK Stock Market Move | Sands China (01928) is currently down over 4%, Macau's gaming revenue in January may decline year-on-year, and the renovation project is causing disruptions to the company's operations, reaching its peak in Q4.

Sands China (01928) is currently down over 4%, as of the time of writing, it is down 3.99% at HK$17.82, with a turnover of HK$1.99 billion. J.P. Morgan released a report stating that Macau's gaming revenue momentum remains strong in the new year, with gaming revenue in the first 12 days of January reaching around MOP 7.8 billion, meaning a daily average revenue of MOP 650 million. This represents an 11% and 4% increase in daily revenue compared to December last year and the fourth quarter of last year, with mass market gaming revenue reaching about 115% of pre-pandemic levels, and recovering to around 110% compared to the fourth quarter of last year. The bank expects Macau's gaming revenue to decline by 5% to 7% year-on-year in January, reaching MOP 18 billion to MOP 18.3 billion; to increase by 0% to 5% year-on-year in February, reaching MOP 18.5 billion to MOP 19.5 billion; and to remain flat year-on-year for the first two months. Soochow (Hong Kong) previously pointed out that Sands China's non-gaming business recovery in the third quarter was slow, mainly due to the increasing impact of the ongoing refurbishment project of the Londoner Phase 2 on the company's operations. In the 3Q24 refurbishment project, approximately 2,500 rooms are temporarily closed (accounting for about 63% of the total rooms at the Sheraton Hotel and 20% of the company's total rooms), and the Pacifica gaming area is also closed. The company's management expects that in Q4, 3,100-3,200 rooms will be closed, with only about 300 new suites remaining open, and the disruption to operations from the refurbishment project will peak.