itch forecasts Sands China to exceed its 2013 forecast for the market due to its sizeable capacity and the additional allocation of table games that the company expects by early 2013, which “would bring its total mass market tables above 1,000”.
Fitch says that Sands China is well positioned in Macau with approximately 92,903 sqm of gaming space in the market. “This gaming space plus an extensive complement of amenities and hotel rooms allows Sands China to freely adjust to the demands of the market, which Fitch believes will skew towards the mass market in the near-to-medium term,” the ratings agency writes.
“The gaming space permits Sands China to move the tables that it is allocated by the government between mass and VIP business as conditions warrant without making major reconfigurations or structural changes to the gaming space, a luxury that most other operators do not have.”
Fitch also notes that the space permits Sands China “to more heavily utilise electronic tables games and slots, which is becoming a more meaningful segment in Macau and for which there are no unit restrictions.”