{"id":139422,"date":"2020-06-22T11:35:31","date_gmt":"2020-06-22T18:35:31","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=139422"},"modified":"2020-06-22T13:07:57","modified_gmt":"2020-06-22T20:07:57","slug":"sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/","title":{"rendered":"Las Vegas Sands Earnings Estimates Trimmed, UBS Analyst Expects Macau License Rebidding Delays"},"content":{"rendered":"

Shares of Las Vegas Sands (NYSE:LVS) dipped Monday after UBS analyst Robin Farley pared her earnings before interest, taxes, depreciation and amortization (EBITDA) estimates on the operator, citing sluggish demand in Macau \u2013 the company’s most important market.<\/p>\n

\"UBS
Citing weak Macau visits, UBS analyst lowered 2020-22 EBITDA estimates on Las Vegas Sands. (Image: Bloomberg)<\/figcaption><\/figure>\n

Farley trimmed her 2020 EBITDA forecast for the Venetian Macau operator by 30 percent and the 2021 estimate by six percent, while reducing her 2022 outlook by a more modest one percent. Those reduced outlooks jibe with Farley’s previous views that gross gaming revenue (GGR) in the world’s largest casino center will tumble 44 percent<\/a> this year because of the coronavirus pandemic.<\/p>\n

\n

GGR in the special administrative (SAR) plunged 92.3 percent in May. That extends a string of staggering declines resulting from an array of now long-running travel controls limiting tourists’ ability to move between the gaming hub and Hong Kong, mainland China, and Taiwan.<\/p>\n<\/div>\n

Following a recent uptick in COVID-19 cases in Beijing, Macau is now requiring anyone entering the SAR from the Chinese capital to undergo a 14-day quarantine<\/a> that’s overseen by the Macau government. Previously, the SAR mandated two-week self quarantine policies for travelers coming from China, Hong Kong and Taiwan.<\/p>\n

M&A Chatter<\/h2>\n

On the company’s first-quarter earnings conference call in April, Chairman and CEO Sheldon Adelson overtly said LVS could be on the hunt for acquisition opportunities<\/a>, be it in the form of individual properties or an entire rival company.<\/p>\n

Farley doesn’t dispel that notion, but notes there are some moving parts that are relevant should Sands pursue bulking up in Macau.<\/p>\n

An entity can only own one concession, so any potential combination would likely mean turning one concession back over to the government, and operating all properties under the remaining concession,\u201d said the UBS analyst.<\/p><\/blockquote>\n

In a note out last month, Union Gaming analyst John DeCree floated the idea<\/a> of LVS possibly acquiring rival Wynn Resorts (NASDAQ:WYNN), although Wynn executives said they’re not interested in consolidation at the moment.<\/p>\n

While that marriage may seem like a far-flung concept, it’s sensible for Sands because Wynn Macau’s VIP clientele would augment LVS’s dominant market share of mass and premium mass players.<\/p>\n

Concession Renewal Delays<\/h2>\n

Another potential stumbling block created in Macau by way of COVID-19 is renewal of the six concessionaires’ gaming permits.<\/p>\n

With a change in leadership last year, it was expected the Macau government would ramp up the license renewal process in 2020 ahead of the 2022 deadline for license renewal. However, Farley sees that effort dragging into 2023 because of legislative hurdles caused by the coronavirus pandemic.<\/p>\n

Macau’s US-based concessionaires are LVS, MGM Resorts International, and Wynn. The other three are Galaxy Entertainment, Melco Resorts & Entertainment, and SJM Holdings.<\/p>\n

Farley has a \u201cneutral\u201d rating on LVS with a $53 price target. That implies upside of 13.2 percent from where the shares trade at this writing<\/strong>.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Las Vegas Sands (NYSE:LVS) dipped Monday after UBS analyst Robin Farley pared her earnings before interest, taxes, depreciation and amortization (EBITDA) estimates on the operator, citing sluggish demand in Macau \u2013 the company’s most important market. Farley trimmed her 2020 EBITDA forecast for the Venetian Macau operator by 30 percent and the 2021 […]<\/p>\n","protected":false},"author":46,"featured_media":139424,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62],"tags":[],"acf":[],"yoast_head":"\nSands EBITDA Estimates Cut as Analyst Sees Weak Macau Demand<\/title>\n<meta name=\"description\" content=\"A UBS analyst lowered three years worth of earnings estimates on Las Vegas Sands, citing slack demand in Macau, the company's biggest market.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sands EBITDA Estimates Cut as Analyst Sees Weak Macau Demand\" \/>\n<meta property=\"og:description\" content=\"A UBS analyst lowered three years worth of earnings estimates on Las Vegas Sands, citing slack demand in Macau, the company's biggest market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-22T18:35:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-22T20:07:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/macau4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1254\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/\",\"url\":\"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/\",\"name\":\"Sands EBITDA Estimates Cut as Analyst Sees Weak Macau Demand\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/macau4.jpg\",\"datePublished\":\"2020-06-22T18:35:31+00:00\",\"dateModified\":\"2020-06-22T20:07:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"A UBS analyst lowered three years worth of earnings estimates on Las Vegas Sands, citing slack demand in Macau, the company's biggest market.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/macau4.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/macau4.jpg\",\"width\":2000,\"height\":1254,\"caption\":\"Citing weak Macau visits, UBS analyst lowered 2020-22 EBITDA estimates on Las Vegas Sands. (Image: Bloomberg)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Asia Pacific Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/asia-pacific-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Las Vegas Sands Earnings Estimates Trimmed, UBS Analyst Expects Macau License Rebidding Delays\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Sands EBITDA Estimates Cut as Analyst Sees Weak Macau Demand","description":"A UBS analyst lowered three years worth of earnings estimates on Las Vegas Sands, citing slack demand in Macau, the company's biggest market.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Sands EBITDA Estimates Cut as Analyst Sees Weak Macau Demand","og_description":"A UBS analyst lowered three years worth of earnings estimates on Las Vegas Sands, citing slack demand in Macau, the company's biggest market.","og_url":"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-06-22T18:35:31+00:00","article_modified_time":"2020-06-22T20:07:57+00:00","og_image":[{"width":2000,"height":1254,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/macau4.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/","url":"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/","name":"Sands EBITDA Estimates Cut as Analyst Sees Weak Macau Demand","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/macau4.jpg","datePublished":"2020-06-22T18:35:31+00:00","dateModified":"2020-06-22T20:07:57+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"A UBS analyst lowered three years worth of earnings estimates on Las Vegas Sands, citing slack demand in Macau, the company's biggest market.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/macau4.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/macau4.jpg","width":2000,"height":1254,"caption":"Citing weak Macau visits, UBS analyst lowered 2020-22 EBITDA estimates on Las Vegas Sands. (Image: Bloomberg)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/sands-ebitda-estimates-cut-as-analyst-sees-weak-macau-demand\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Asia Pacific Gaming","item":"https:\/\/www.casino.org\/news\/asia-pacific-gaming\/"},{"@type":"ListItem","position":3,"name":"Las Vegas Sands Earnings Estimates Trimmed, UBS Analyst Expects Macau License Rebidding Delays"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/139422"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=139422"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/139422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/139424"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=139422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=139422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=139422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}