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Las Vegas Sands Corp LVS Stock Quote

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Morningstar‘s Stock Analysis LVS

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Is it the right time to buy or sell?

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Economic Moat


Capital Allocation


Las Vegas Sands' Shares Near Fair Value After Favorable License and Easing of Pandemic Restrictions

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We no longer see Las Vegas Sands' shares offering a compelling risk/reward, after appreciating more than 30% since late October. Sands' shares have reacted positively to recent news of a provisional 10-year gaming license renewal in Macao (66% of precoronavirus EBITDA), supporting the company’s regulatory intangible asset advantage, the source of its narrow moat, as well as some easing of travel restrictions in greater China (reopening of e-visa applications, and reduced quarantine and testing requirements).

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Key Statistics LVS

Company Profile LVS

Business Description

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, Four Seasons Hotel Macao, and Parisian in Macao, and the Marina Bay Sands resort in Singapore. Its Venetian and Palazzo Las Vegas in the U.S. asets were sold to Apollo and VICI for $6.25 billion in 2022. We expect Sands to open a fourth tower in Singapore in 2026. With the sale of its Vegas assets, the company generates all its EBITDA from Asia, with its casino operations generating the majority of sales.

3355 Las Vegas Boulevard South
Las Vegas, NV, 89109
T +1 702 923-9000
Industry Resorts & Casinos
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 44,700

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