Las Vegas Sands Corp
LVS: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$72.00 | Tzbpqg | Gdlwhjhcn |
Lowering Uncertainty Rating to High for Las Vegas Sands and Wynn on Improved Macao Demand Visibility
We are lowering our Uncertainty Rating to High from Very High for narrow-moat companies Wynn Resorts and Las Vegas Sands, driven by a rapid easing of Macao's COVID-19 policy over the past month, which we think is likely to endure. We have improved certainty around our existing base-case assumption that industry gross gaming revenue can rebound to 50% of 2019’s level this year versus a midteens level in 2022. We maintain our fair value estimates of $49 for Sands and $107 for Wynn, leaving the latter undervalued, in our view.