LVS - Embedded Expectations Analysis - 2020 02 07
Las Vegas Sands Corp. (LVS:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) Earnings, with a 19.6x Uniform P/E. At these levels, the market has somewhat bearish expectations for the firm, but management is confident about Macao revenue growth, their customer base, and their integrated resort building capabilitiesSpecifically, management is confident higher-margin Macao customer revenues should continue to grow and that their goal is to transition as many customers from base mass to premium. Moreover, they are confident they have the skill set to build an integrated resort in Osaka
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.
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