Las Vegas Sands Corp.

Las Vegas Sands managed to exceed analyst expectations in terms of revenue as well as earnings. The recent quarter proved vital, with notable signs of market recovery and growth. June, in particular, stood out as the strongest month, demonstrating significant acceleration. As visitation in Macao increases, it is expected to raise gross gaming revenue (GGR). With its scale and substantial investment, Las Vegas Sands is well-positioned to benefit from this trend. The company’s margins have been upward due to optimized cost structures and a favorable shift in its business mix, with greater emphasis on non-gaming revenue sources. As the company continues to attract more visitors and sees further revenue recovery, the team remains confident in its ability to accommodate increased demand and capitalize on the market’s rebound. Las Vegas Sands’ focus on expanding its operating capacity and investing in its capabilities to serve more guests has contributed to overcoming labor shortages and impediments. The strong acceleration across various key metrics, along with the recovery in visitation levels, signifies the company’s resilience and adaptability in navigating the evolving market conditions and underscores its commitment to delivering positive results in the future. We give Las Vegas Sands Corp. a ‘Hold’ rating with a revised target price.