Report
Dan Wasiolek
EUR 101.80 For Business Accounts Only

Las Vegas Sands' 4Q Macau Results Showcase Favorable Long-Term Position in Region

Las Vegas Sands’ narrow-moat intangible asset was on display in the fourth quarter as the company reported strong results at its resorts in Macau (60% of total EBITDA), where it is one of only six operators with a gaming license. The company’s Singapore resorts (30%) were a bit mixed, while its U.S. facilities (10%) were in line.
Sands Macao's mass table win (where the company gets roughly 50% of its profits in the region) was up 27% in the fourth quarter, above the 18% mass win the market expe...
Underlying
Las Vegas Sands Corp.

Las Vegas Sands is a developer of destination properties (Integrated Resorts) that feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, restaurants and other amenities. The company owns and operates Integrated Resorts in Asia and the United States. Through its ownership of Sands China Ltd., the company owns and operates properties including The Venetian Macao Resort Hotel, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao. In Singapore, the company owns and operates the Marina Bay Sands. The company's Las Vegas Operating Properties includes The Venetian Resort Las Vegas and the Sands Expo Center.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Dan Wasiolek

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