Las Vegas Sands Corp

LVS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$84.00	Zcqlrn	Xwxtdvbsk

Las Vegas Sands Earnings: Macao and Singapore Recovery in Full Swing, With More To Come

Dan Wasiolek

Apr 19, 2023

We plan to lift our $52 per share Las Vegas Sands fair value estimate by a high-single-digit percentage, driven by stronger Macao (66% of 2019 EBITDA) profitability and demand in Singapore (34%). We see shares as slightly overvalued but think continued demand recovery in Macao and Singapore will serve as a catalyst for Sands’ shares during 2023.

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