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Las Vegas Sands Corp LVS

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Morningstar’s Analysis

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5-Star Price

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Economic Moat

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Capital Allocation

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Las Vegas Sands' Shares an Attractive Wager as Near-Term Pressures Give Way to Long-Term Growth

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We think temporary COVID-19 stringency measures and government oversight have presented an opportunity for investors to own narrow-moat Las Vegas Sands' leading asset position in the attractive Macao region. We think the shares are worth a wager, trading at over a 20% discount to our $52 fair value estimate.

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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 Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 46,000

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