The Macau subsidiary of LVS, Sands China Ltd., priced today in Hong Kong.  The good news is that the IPO was fully subscribed.  The less good news was that it priced at the bottom of the range.

The “low” pricing, at 13.5x anticipated earnings for next year, is understandable, for two reasons:

–the high end would have Sands China trading at a substantial p/e premium to Wynn Macau, which is, I think, a better-run company, and

–Wynn Macau itself is trading at about 20% below its October 9th high, and almost 10% below its IPO price.

Trading for Sands China starts on November 30th.

Here’s a link to my original Sands China post.