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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CREDIT UPDATE
- Sands China's total net revenues increased 8% y/y to US$1.75b, while net income was US$246 million, up 31.6% YoY, adjusted property EBITDA was US$561 million, up 3.7% YoY while capital expenditures totaled US$285 million.
- 2Q earnings missed market expectations as hotel renovations had a bigger impact than anticipated they noted "The disruption will peak in 3Q, but such renovations will give Sands newer and better assets to gain market share into 2025 and beyond"
- According to DSEC visitor arrivals to Macau have yet to reach pre-covid levels.
- SANLTD bonds traded 5-10bps lower post the announcement with MGMCHI bonds looking to benefit from the results.
Macau Gaming Universe - BBG
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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