Deutsche Bank sees Macau mass-market share shaping Sands’ 2025 outlook
Deutsche Bank said Las Vegas Sands’ Macau mass-market revenue share would be a key factor in its 2025 performance. Analyst Carlo Santarelli estimated Sands had a 28% to 29% share in 2024, compared with 32.8% in 2019, and said each 100 basis points of additional share could add $85 million to $125 million in EBITDA, assuming 5% market growth.
Sands’ share gains could affect its Macau EBITDA outlook and the bank’s assessment of its shares.