Las Vegas Sands Corp.


SKU: LVS Category:


This is our first report on Las Vegas Sands Corp, one of the largest operators of global resorts with integrated casinos, gaming, entertainment, and various amenities. The company has undergone a challenging period during and after the pandemic as travel restrictions continued to impact the financial results. Its revenues in the last quarter were above Wall Street expectations but its losses were wider than expected. There is progress in the recovery of the Singapore market. In Singapore, the relaxation of the virus-related restrictions and various source markets along with improvements in airlift has enabled improvement in the financial performance in the quarter. During the quarter, the recovery of the Marina Bay Sands continued. The $1 billion capital investment program of the company is currently underway as Sands introduced an exceptional, innovative suite of products in the premium segment. The operating environment remains difficult in Macau. However, in areas of relaxed restrictions, customer spending and demand have proved resilient at a premium mass level from both retail and gaming perspectives. The company continues to pursue opportunities for developing new land-based large-scale destination resorts in both Asia and the U.S. The investments of Sands in its Integrated Resort portfolio of property position it well to offer future growth as recovery in tourism and travel progresses and travel restrictions subside. We initiate coverage on the stock of Las Vegas Sands with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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