{"id":153133,"date":"2020-10-23T10:46:13","date_gmt":"2020-10-23T17:46:13","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=153133"},"modified":"2020-10-23T11:20:41","modified_gmt":"2020-10-23T18:20:41","slug":"las-vegas-sands-stock-could-benefit-as-macau-ggr-improves","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-sands-stock-could-benefit-as-macau-ggr-improves\/","title":{"rendered":"Sands Earns ‘Buy’ Rating as Analyst Sees Trough for Rough Macau Estimates"},"content":{"rendered":"

Las Vegas Sands (NYSE:LVS) stock is perking up in the wake of its third-quarter earnings report delivered earlier this week. One analyst believes there’s room for more appreciation, as Macau gross gaming revenue (GGR) estimates near a bottom.<\/p>\n

\"Venetian
The Venetian Macau seen here. An analyst remains bullish on Las Vegas Sands, saying the situation in Macau is improving. (Image: Asia Times)<\/figcaption><\/figure>\n

In a note to clients, Stifel analyst Steven Wieczynski reiterates a \u201cbuy\u201d rating on LVS, but lowers his price target on the name to $60 from $64. The newly lowered forecast still implies upside of about 20 percent from where the stock currently trades. LVS stock is up almost nine percent over the past week, a period including the Wednesday earnings report<\/a>.<\/p>\n

The operator noted it turned a surprise profit at the Marina Bay Sands (MBS) in Singapore during the September quarter, giving rise to a rally in the shares. Singapore is the company’s second-largest market after Macau.<\/p>\n

At this point, investor expectations around Macau remain muted, and we expect consensus near-term estimates to move sharply lower to account for a more prolonged recovery in Macau\/Singapore,\u201d said Wieczynski. \u201cThis, in turn, should allow investors to get more comfortable with Macau-centric names, as they won\u2019t have to endure multiple negative estimate reductions moving forward.\u201d<\/span><\/p><\/blockquote>\n

The analyst points out that if investors can get comfortable with the idea that the worst is behind Macau, a process that could be sped along by the October and November GGR updates<\/a>, \u201cnew money could emerge sooner than later.\u201d<\/span><\/p>\n

Macau Recovering Slowly\u00a0<\/span><\/h2>\n

LVS runs five integrated resorts in the special administrative region (SAR). It is the largest operator in the region. All concessionaires in the Chinese territory are being hindered by a sluggish tourist visa approval process and coronavirus testing requirements. But there are signs of life.<\/span><\/p>\n

\n

On its post-earnings conference call with analysts, Sands said it’s breaking even on an earnings before interest, taxes, depreciation and amortization (EBITDA) basis this month, adding that premium mass patronage is strong in October.<\/a><\/span><\/p>\n<\/div>\n

Beijing \u201cis trying to be as conservative as possible around COVID practices, which is a negative in the near-term for visitation\/spending trends. But ultimately, that should be a positive long-term, as they get COVID under control and the country returns to normal sooner than other parts of the world,\u201d said Wieczynski.<\/span><\/p>\n

The analyst adds the EBITDA improvement to start this month \u201cshould be another sign to investors that the bottom is near.\u201d<\/span><\/strong><\/p>\n

Bull Thesis Remains<\/span><\/h2>\n

In Singapore, the government is working on travel bubbles with nearby countries, which could lead to substantial visitation increases, in turn sparking upticks in spending at MBS.<\/span><\/p>\n

Overall, Sands is grappling with travel issues in its two marquee markets. But that’s factored into the stock at this point, and it’s reasonable for long-term investors to be encouraged by the operator’s potential.<\/span><\/p>\n

\u201cTo put it simply, we expect the company\u2019s dominant position in the world\u2019s most prolific gaming market (Macau), returns-focused management team, and superior balance sheet quality to produce sustainable outsized shareholder returns over the longer term,”<\/strong> <\/span>Wieczynski said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Las Vegas Sands (NYSE:LVS) stock is perking up in the wake of its third-quarter earnings report delivered earlier this week. One analyst believes there’s room for more appreciation, as Macau gross gaming revenue (GGR) estimates near a bottom. In a note to clients, Stifel analyst Steven Wieczynski reiterates a \u201cbuy\u201d rating on LVS, but lowers […]<\/p>\n","protected":false},"author":46,"featured_media":153134,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\nLas Vegas Sands Stock Could Benefit as Macau GGR Improves<\/title>\n<meta name=\"description\" content=\"Analyst Steven Wieczynski the worst is close to being behind Macau and that could be a catalyst for Las Vegas Sands stock.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Sands Stock Could Benefit as Macau GGR Improves\" \/>\n<meta property=\"og:description\" content=\"Analyst Steven Wieczynski the worst is close to being behind Macau and that could be a catalyst for Las Vegas Sands stock.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-sands-stock-could-benefit-as-macau-ggr-improves\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-23T17:46:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-23T18:20:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/VM2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-stock-could-benefit-as-macau-ggr-improves\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-stock-could-benefit-as-macau-ggr-improves\/\",\"name\":\"Las Vegas Sands Stock Could Benefit as Macau GGR Improves\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-stock-could-benefit-as-macau-ggr-improves\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-stock-could-benefit-as-macau-ggr-improves\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/VM2.jpg\",\"datePublished\":\"2020-10-23T17:46:13+00:00\",\"dateModified\":\"2020-10-23T18:20:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Analyst Steven Wieczynski the worst is close to being behind Macau and that could be a catalyst for Las Vegas Sands stock.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-stock-could-benefit-as-macau-ggr-improves\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-sands-stock-could-benefit-as-macau-ggr-improves\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-stock-could-benefit-as-macau-ggr-improves\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/VM2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/10\/VM2.jpg\",\"width\":1600,\"height\":1200,\"caption\":\"The Venetian Macau. 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