Rising Sun on Japanese Gaming Opportunity Is Bright; Narrow-Moat Las Vegas Sands Best Positioned
Although there remain many variables to be decided, we see around a $25 billion Japanese integrated resort, or IR, opportunity ($19 billion in gaming and $6 billion in nongaming) with roughly 20% ROIC for facilities opening in 2024, assuming no major restrictions on local gambling. In our view, narrow-moat Las Vegas Sands is best positioned to win a gaming concession in the middle of 2019, due to its track record of managing global resorts with a strong balance sheet. Our $57 fair value estimate...Galaxy Entertainment is an investment holding company, engaged in operation in casino games of chance or games of other forms, as well as the provision of hospitality and related services in Macau. In addition, Co. manufactures, sells and distributes construction materials through its Construction Materials Division across Mainland China, Hong Kong and Macau. Co.'s segments include gaming and entertainment, and construction materials.
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