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Las Vegas Sands Corp LVS

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Stock XNYS Rating as of
$45.55 −0.29 (0.63%)
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As of Delayed Price Post-Trading: $45.75 0.00
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Company Report

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Las Vegas Sands Earnings: Near-Term Renovation Disruption Supports Long-Term Competitive Advantage

Dan Wasiolek

Our main takeaway from narrow-moat Las Vegas Sands’ first quarter is that near-term investments in its Macao properties are causing near-term sales share loss. In this vein, Sands’ Macao revenue grew 42% from last year in the quarter, compared with industry gross gaming revenue growth of 65%. At the heart of Sands’ $1.2 billion ongoing Macao portfolio investment this year was the decision to close its 15,000-seat Cotai arena in January, as it spent the next several months upgrading the facility. As a result, only 12 shows took place in the quarter versus 31 a year ago. Also, the firm is renovating its Sheraton hotel rooms, taking a few hundred keys off the market this year.

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Price vs Fair Value

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LVS is trading within a range we consider fairly valued.
Price
$46.01
Fair Value
$25.00
Uncertainty
High
1-Star Price
$52.82
5-Star Price
$58.80
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Sands is well positioned to exploit growth opportunities in the attractive Asia casino market with a dominant position in Singapore (around mid-60s EBITDA share) and China (around mid-30s EBITDA share).

Bears

The Chinese government has full control over labor, table allocations, and travel visas and is regulating VIP play at casinos, which can result in volatile periods of growth for the region.

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News

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Trading Information

Previous Close Price
$45.84
Day Range
$45.49–46.21
52-Week Range
$43.77–65.58
Bid/Ask
$45.60 / $45.75
Market Cap
$33.94 Bil
Volume/Avg
5.2 Mil / 4.6 Mil

Key Statistics

Price/Earnings (Normalized)
19.67
Price/Sales
3.11
Dividend Yield (Trailing)
1.31%
Dividend Yield (Forward)
1.75%
Total Yield
2.79%

Company Profile

Las Vegas Sands is the world's largest operator of fully integrated resorts, featuring casino, hotel, entertainment, food and beverage, retail, and convention center operations. The company owns the Venetian Macao, Sands Macao, Londoner Macao, Four Seasons Hotel Macao, and Parisian Macao, as well as the Marina Bay Sands resort in Singapore. We expect Sands to open a fourth tower in Singapore toward the end of 2028. Its Venetian and Palazzo Las Vegas assets in the U.S. were sold to Apollo and VICI in 2022. With the sale of its Vegas assets, the company generates all its EBITDA from Asia, with its casino operations generating the majority of sales.
Sector
Consumer Cyclical
Industry
Resorts & Casinos
Stock Style Box
Mid Growth
Total Number of Employees
38,700
Website
https://www.sands.com

Competitors

Valuation

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Metric
LVS
CZR
WYNN
Price/Earnings (Normalized)
 19.6793.0024.45
Price/Book Value
 8.641.80—
Price/Sales
 3.110.711.68
Price/Cash Flow
 10.584.398.79
Price/Earnings
LVS
CZR
WYNN

Financial Strength

Metric
LVS
CZR
WYNN
Quick Ratio
 1.260.601.85
Current Ratio
 1.310.761.93
Interest Coverage
 2.820.971.15
Quick Ratio
LVS
CZR
WYNN

Profitability

Metric
LVS
CZR
WYNN
Return on Assets (Normalized)
 8.04%3.43%3.39%
Return on Equity (Normalized)
 42.17%27.28%—
Return on Invested Capital (Normalized)
 11.69%13.64%7.57%
Return on Assets
LVS
CZR
WYNN
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Resorts & Casinos Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
GXYEF
Galaxy Entertainment Group Ltd—Xqvlr$19.5 Bil
GXYYY
Galaxy Entertainment Group Ltd ADR—Zrhjbc$19.5 Bil
SCHYF
Sands China Ltd Shs Unitary 144A/Reg S—Cwycg$19.1 Bil
SCHYY
Sands China Ltd ADR—Ktqll$19.1 Bil
MGM
MGM Resorts InternationalTyljwswrMxrd$13.5 Bil
WYNN
Wynn Resorts LtdSwvrzrpfVgfrdy$10.9 Bil
CZR
Caesars Entertainment IncPlgqgnmfhSngt$8.3 Bil
MLCO
Melco Resorts and Entertainment Ltd ADRDzjbjnhwTybthl$2.8 Bil
PENN
PENN Entertainment IncMvcdchvqCjbkc$2.7 Bil

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