Glonghui, April 19 | Huatai Securities announced that Sands China's revenue recovery in the first quarter of this year fell short of the industry. The bank reduced the company's gross gaming profit from 2024 to 2026 to HK$54.7 billion, HK$63.4 billion and HK$74.6 billion, respectively, equivalent to 82%, 95% and 111% in 2019; adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were HK$20.6 billion, HK$24.1 billion and HK$29.3 billion; EBITDA margins were 34%, 34.8% and 36.6%. The bank's target price for the company is HK$28.5, giving it a “buy” rating. According to the report, the closure and renovation of the Cotai Arena began in January 2024. Coupled with the phased renovation of the Sheraton room, the performance of the peak Lunar New Year season was damaged. The Londoner's Coliseum can only accommodate 6,000 people, which is less than 15,000 people in the Cotai Coliseum. LVS guides the reopening of the Cotai Arena in November of this year, and the Sheraton renovation will be completed by the end of this year. At that time, Sands China's reception capacity is expected to improve, but performance may be disrupted during the renovation period.