Las Vegas Sands Corp

LVS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$98.00	Cjsmcb	Qlqbpskm

Las Vegas Sands Earnings: Macao Holds a Tough Hand in the Near Term, but Singapore Still Winning

Dan Wasiolek

Jul 25, 2024

Las Vegas Sands shares traded lower by 5% during July 24 after-market hours, on economic growth and revenue share loss concerns, which are affecting the company’s Macao business. We plan to lower our $61 fair value estimate to $58 per share, as higher Singapore estimates are more than offset by a lower Macao forecast in 2024. Although we have trouble identifying a near-term catalyst for shares, we do view them as attractive, especially as Sands completes room, casino, and convention renovations in 2025, which we think will benefit sales growth and support the company’s intangible asset edge, the source of its narrow moat.

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