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Macau casino operator running the Venetian Macao and other integrated resorts, majority owned by Las Vegas Sands.
Macau casino operator running the Venetian Macao and other integrated resorts, majority owned by Las Vegas Sands.
Earns from gaming win, the casino's share of what is bet, paid out after Macau's high gaming tax, with the mass market rather than high-stakes VIP rooms now carrying the business. Rent from its Shoppes malls and hotel rooms add to income. It operates under a Macau concession renewed for ten years from 2023, and Las Vegas Sands owns most of it.
In one line: Las Vegas Sands' Macau subsidiary.
Moat: wide (regulatory licence, scale). One of only six Macau gaming concessions, with the largest resort footprint on the Cotai Strip.
Headquarters: Macau, China · Founded: 2002 · Employees: 27,875
Size Sands China (1928.HK) is a Hong Kong Consumer Discretionary company (Casinos/Gaming) with a market value of $11.4B, the 152nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$11.03 on 6 Nov 2026.
Performance Over six months the shares fell 30.5%, against -10.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 16 in its peer set.
Growth Revenue grew 8.7% over the last twelve months (peer median +4.0%); the operating margin is 26.2% (peer median 20.9%).
Valuation It trades at 12.9× forward earnings against a peer median of 13.0× (8th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +34%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.5 points above its cost of capital (8.5% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$37.0B | HK$35.7B | HK$34.2B | HK$32.3B | HK$8.54B |
| Revenue growth | — | +4% | +6% | +278% | — |
| Gross profit | HK$18.8B | HK$18.5B | HK$18.3B | HK$16.3B | -HK$7.13B |
| EBITDA | HK$15.9B | HK$16.2B | HK$16.7B | HK$16.1B | -HK$3.23B |
| Net income | HK$6.88B | HK$6.99B | HK$8.15B | HK$5.42B | -HK$12.4B |
| Free cash flow | HK$10.9B | HK$9.49B | HK$6.51B | HK$13.3B | -HK$8.04B |
| Capital expenditure | HK$3.00B | HK$4.23B | HK$6.73B | HK$1.68B | HK$1.75B |
| Total debt | n/a | HK$55.2B | HK$63.4B | HK$65.0B | HK$79.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sands China 1928.HK | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% |
| Galaxy Ent 0027.HK | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% |
| MGM China 2282.HK | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | $1.79B | -16% | +6% | 12% | 7.5× | -6.2% |
| SJM 0880.HK | $974M | -49% | -16% | 6% | n/a | n/a |
| Wynn Macau 1128.HK | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1928.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.1% | +7.8% | 2nd lowest of 16 |
| 6-month return | -30.5% | -10.6% | lowest of 16 |
| Distance from 52-week high | -48.2% | -36.8% | 2nd lowest of 16 |
| Revenue growth (TTM) | +8.7% | +4.0% | 6th highest of 16 |
| Operating margin | 26.2% | 20.9% | 6th highest of 16 |
| Forward P/E | 12.9× | 13.0× | 8th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 2.5% | 0.8% | 7th most demanding of 15 |
| Growth delivered (Del g) | +34.0% | +26.8% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -31.6 pp | -22.2 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +6.5 pp | +6.6 pp | 8th lowest of 16 |
| EV / EBITDA | 8.4× | 8.5× | 8th cheapest of 16 |
| Net debt / EBITDA | 2.8× | 2.8× | 8th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| Flutter Entertainment FLUT | United States | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% | +23.7% |
| Wynn Resorts WYNN | United States | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% | +27.8% |
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
| Galaxy Ent 0027.HK | Hong Kong | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% | +28.7% |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| Las Vegas Sands LVS | United States | $25.5B | -23% | +11% | 22% | 14.2× | -2.5% | +34.7% |
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| Aristocrat Leisure ALL.AX | Australia | $26.9B | +27% | -1% | 32% | 24.8× | 9.5% | +8.8% |
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |