Citi released a research report stating that while Macau's gaming industry EBITDA is expected to have increased by 14% year-on-year in the fourth quarter of last year, Sands China's (01928) EBITDA during the period is estimated to have grown by only 8%. This is primarily attributed to additional operational expenses incurred from the NBA China Games in October and the National Games in November of last year.

Citi believes that Sands China's potential EBITDA growth falling below the industry average may lead to a decline in its stock price in the short term. The firm maintains a "Buy" rating on the stock with a target price of HK$24.25, but has included it in a 30-day downside catalyst watchlist.