Macao Market Growth: The Macao gaming market shows steady growth, with gaming revenue increasing by 6% YoY in Q4 2024. Sands anticipates the gross gaming revenue in Macao will exceed $30 billion by 2025, driven by strong asset quality and market positioning. Mass gaming revenue specifically grew by 5% in the same period, showcasing robust recovery in consumer spending.

Londoner Impact and Ramp-Up: The Londoner Grand Casino opened in September 2024 but operated with a reduced room inventory, limiting revenue potential. Sands is on track to complete renovations by May 2025, which is expected to significantly enhance EBITDA and improve margins as more rooms become available, with a projected increase of 47% more rooms compared to current availability.

Singapore Performance and Potential: Marina Bay Sands (MBS) generated $537 million in adjusted EBITDA and $746 million in mass gaming revenue, reflecting 71% growth compared to Q4 2019 and 28% YoY. The positive trend is attributed to strategic capital investment and high-value tourism. The ongoing capital reimbursement program is expected to further bolster growth through enhanced offerings.