Report
Dan Wasiolek
EUR 101.80 For Business Accounts Only

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...
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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