{"id":222708,"date":"2022-07-22T16:06:09","date_gmt":"2022-07-22T21:06:09","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=222708"},"modified":"2022-07-25T16:35:35","modified_gmt":"2022-07-25T21:35:35","slug":"las-vegas-sands-has-compelling-outlook-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/","title":{"rendered":"Las Vegas Sands: Lots to Like Long-Term, Says Analyst"},"content":{"rendered":"

Las Vegas Sands (NYSE:LVS) reported second-quarter earnings earlier this week, with the casino operator posting increasing losses. But signs of recovery in Singapore have analysts optimistic about the long-term case for the beleaguered shares.<\/p>\n

\"Las
Marina Bay Sands in Singapore. An analyst remains bullish on the long-term thesis for operator Las Vegas Sands. (Image: Marina Bay Sands)<\/figcaption><\/figure>\n

In a new note to clients, Macquarie analyst Chad Beynon reiterates an \u201coutperform\u201d rating on Las Vegas Sands, noting the long-term case for the stock remains sound. He has a 12-month price target of $45 on the Venetian Macau operator, implying upside of 15.3% from the July 22 close.<\/p>\n

We remain believers in the long-term LVS story, given our view that the company is best positioned in Macau to grow share and stomach any concession renewal requirements,\u201d wrote Beynon. \u201cCurrently, we see Macau as a coiled spring with significant pent-up demand waiting to be unleashed.\u201d<\/p><\/blockquote>\n

Among US-based companies that aren\u2019t a manufacturer of semiconductors, only a handful depend on China for a larger percentage of revenue than Sands<\/a>. Among gaming operators, only Wynn Resorts (NASDAQ:WYNN) derives a bigger chunk of its top line from China than does Sands.<\/p>\n

Singapore Sands\u2019 Salvation<\/h2>\n

Macau casinos are slated to reopen Saturday following a nearly two-week closure because of a surge in coronavirus cases. Analysts widely expect recovery in the world\u2019s largest gaming center to start next year. They anticipate the special administrative region\u2019s (SAR) gaming industry not beginning to look like its pre-pandemic self until 2024.<\/p>\n

\n

That\u2019s confirmation that Macau concessionaires need geographic diversity. Although it operates five venues in the SAR, LVS also runs Marina Bay Sands in Singapore. That integrated resort is a source of strength for Sands<\/a>\u00a0and by some estimates, represents roughly half the company\u2019s market capitalization.<\/p>\n<\/div>\n

\u201cHowever, LVS\u2019 2Q results highlight that Singapore, despite air capacity being at <50%, has recovered to 90% pre-pandemic mass market revenues,\u201d adds Beynon. \u201cWith arguably better spend\/visit (pent-up demand) than even the US, we believe this bodes well for a Macau recovery, which many may still doubt.\u201d<\/p>\n

Marina Bay Sands is one of just two gaming venues in the city-state. The other is Genting Singapore\u2019s<\/a> Resorts World Sentosa. The pair enjoy long-term duopoly protection from the local government.<\/p>\n

Las Vegas Sands Expansion Opportunities<\/h2>\n

The Sands portfolio consists entirely of the five Macau venues and Marina Bay Sands. The operator has no US footprint following the sale of its Las Vegas assets. Macquarie\u2019s Beynon believes the company is selectively evaluating expansion opportunities in other locations.<\/p>\n

\u201cLVS remains well-positioned for organic growth but remains focused on home-grown greenfield opportunities in Asia or selective markets in the US, including New York,\u201d concludes the analyst.<\/p>\n

Sands has also been tied to gaming expansion efforts in Florida and Texas in the US. In Asia, there\u2019s speculation the operator is in talks to bring an integrated resort to Thailand eventually. But the company hasn\u2019t publicly commented on that matter.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Las Vegas Sands (NYSE:LVS) reported second-quarter earnings earlier this week, with the casino operator posting increasing losses. But signs of recovery in Singapore have analysts optimistic about the long-term case for the beleaguered shares. In a new note to clients, Macquarie analyst Chad Beynon reiterates an \u201coutperform\u201d rating on Las Vegas Sands, noting the long-term […]<\/p>\n","protected":false},"author":46,"featured_media":222709,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nLas Vegas Sands Has Compelling Outlook, Says Analyst<\/title>\n<meta name=\"description\" content=\"Las Vegas Sands long-term thesis still strong, says Macquarie analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Sands Has Compelling Outlook, Says Analyst\" \/>\n<meta property=\"og:description\" content=\"Las Vegas Sands long-term thesis still strong, says Macquarie analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/\" \/>\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=\"2022-07-22T21:06:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-25T21:35:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/MBS-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"654\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/\",\"name\":\"Las Vegas Sands Has Compelling Outlook, Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/MBS-1.jpg\",\"datePublished\":\"2022-07-22T21:06:09+00:00\",\"dateModified\":\"2022-07-25T21:35:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Las Vegas Sands long-term thesis still strong, says Macquarie analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-has-compelling-outlook-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/MBS-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/MBS-1.jpg\",\"width\":1920,\"height\":654,\"caption\":\"Marina Bay Sands in Singapore. 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