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Las Vegas Sands Corp LVS

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Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Las Vegas Sands Seeing a Gradual Recovery in Macau, With an Eye to Reinvest Vegas Proceeds

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We don’t plan to meaningfully change our Las Vegas Sands $60 fair value estimate, as the Macao demand recovery that begin in March is set to continue, and the company’s investment grade balance sheet and proceeds from the sale of its Vegas assets allow it to invest back into its business, thereby supporting its regulatory intangible asset advantage (source of its narrow moat).

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Company Profile

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, Sands Cotai Central Londoner, Four Seasons Hotel Macao, and Parisian in Macao, the Marina Bay Sands resort in Singapore, and the Venetian and Palazzo Las Vegas in the U.S. (which it plans to sell to Apollo and VICI for $6.25 billion). We expect Sands to open a fourth tower in Singapore in 2025. After the sale of its Vegas assets, the company will generate all its EBITDA from Asia, with its casino operations generating around 80% of sales.

Contact
3355 Las Vegas Boulevard South
Las Vegas, NV, 89109
T +1 702 414-1000
Sector Consumer Cyclical
Industry Resorts & Casinos
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 46,000

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