GLONGHUI, April 18 | Jeffrey said that Sands China's adjusted EBITDA for the first quarter fell 7% quarterly, lower than the bank's and market expectations. The lower profit was mainly due to renovation by the Londoners in Macau, the closure of the Londoner's Coliseum, and lower profits at the Macau Paragon and Sands Hotel Macau. As the renovation work continues this year, it is expected that it will continue to affect profits. The Londoner Coliseum is expected to reopen in November, and the second phase of the Londoner renovation project is expected to be completed during the 2025 Lunar New Year. Profit margins are expected to continue to be pressured due to lower entertainment activities and hotel stays. The bank gave Sands China a “buy” rating, with a target price of HK$37.