Las Vegas Sands Intangible Asset Advantage Intact, As Our Long-Held Attractive Macau View Plays Out
Narrow-moat Las Vegas Sands first-quarter results highlighted a healthy Macau (60% of total EBITDA) environment with strong demand from travelers visiting from further away. This is aiding EBITDA margins, resulting in a planned lift of $1 to our existing $69 fair value estimate, leaving shares near fair value.Our long-held view that Macau will become a world destination resort was supported by the region’s first-quarter 15% overnight visitation growth. Sands commented that the increasing Macau ...
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.
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.
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