Las Vegas Sands Corp.

Las Vegas Sands delivered a highly disappointing result as it failed to meet Wall Street expectations in terms of revenues as well as earnings. The company reported wider-than-expected losses while it continued investments in the non-gaming segment, including food and beverage, retail, live entertainment, hotel suites, and MICE. The track record in the non-gaming, scale, and diversity makes Las Vegas Sands uniquely position to cater to all the segments of the market. The commitment towards developing non-gaming has been the core of its operating strategy and investment, whether marketing and sales in the overseas market, entertainment-themed destinations or attractions and MICE. In the quarter, Las Vegas Sands has seen some improvement in hotel occupancy, retail sales, gaming volumes, and property visitation. It stays positive on the investments at The Londoner & Four Seasons. We provide the stock of Las Vegas Sands with a ‘Hold’ rating with a revision in the target price.