Sands China has lower risk of losing its Macau casino concession than its existing concession peers under the government’s re-tender process due to the company having invested the most, being the largest employer in Macau gaming and generating the highest percentage of revenue from non-gaming, according to investment bank Morgan Stanley.

In a note examining explaining why Sands China remains their preferred pick among Macau gaming stocks, analysts Praveen Choudhary and Gareth Leung point out that the company founded by Sheldon Adelson has spent a massive US$61 billion in the SAR since 2007, based on the metrics of cumulative staff costs, capex and tax paid.