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Sands China's revenue aligns with expectations, but limited upside (~10%) suggests a balanced risk-reward at current levels, recommending waiting for stronger tourism or macro recovery. Positive factors include Macau's tourism recovery, expansion of integrated resorts, and improved liquidity and deleveraging. Concerns include Macau's reliance on Chinese tourists, regional competition from Singapore, Malaysia, the Philippines, and potential threats from Thailand.

Grant Chum, CEO of Sands China shares his views on Macao's effort to diversify its economy and potential growth in tourism, beyond the gaming industry.
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