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...SJM Holdings is an investment holding company based in Hong Kong. Co. is the holding company of Sociedade de Jogos de Macau and is engaged in the development and operation of casinos and related facilities in Macau Special Administrative Region, the People's Republic of China. Co.'s casinos are located in prime locations on the Macau Peninsula and Taipa Island. Gaming operations are comprised of VIP table gaming, Mass Market table gaming and slot machines. Co. is organized in two segments: Gaming Operations (operation of casinos and related facilities); and Hotel and Catering operations (hotel, catering and related services).
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