{"id":275763,"date":"2023-06-01T15:52:59","date_gmt":"2023-06-01T20:52:59","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=275763"},"modified":"2023-06-02T11:46:52","modified_gmt":"2023-06-02T16:46:52","slug":"las-vegas-sands-remains-top-macau-stock-idea","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-sands-remains-top-macau-stock-idea\/","title":{"rendered":"Las Vegas Sands Top Macau Stock Pick, Says Macquarie Analyst"},"content":{"rendered":"

As confirmed by May\u2019s gross gaming revenue (GGR) report, the Macau recovery continues. But analysts have their individual preferences among the related equities.<\/p>\n

\"Sands\"
Sands Cotai Central in Macau. Las Vegas Sands is an analyst’s top Macau stock idea. (Image: Sands China)<\/figcaption><\/figure>\n

In a note to clients on Thursday, Macquarie analyst Chad Beynon said Sands China parent Las Vegas Sands (NYSE: LVS) remains the firm\u2019s top Macau idea. He reiterated an \u201coutperform\u201d rating and a $70 price target on the stock. That implies upside of 26.2% from today\u2019s close.<\/p>\n

In Macau, LVS is well positioned given its critical mass of supply, recent investments (Londoner), industry market share (20-25%) and industry-leading margins,\u201d<\/strong> wrote Beynon.<\/p><\/blockquote>\n

Earlier Thursday, Macau authorities revealed the six concessionaires there combined to win $1.93 billion<\/a> in May, good for the gaming industry\u2019s best monthly tally in Chinese territory since January 2020. That report, coupled with Beynon\u2019s note, arrived none too soon for Sands as the stock tumbled nearly 13% over the past month.<\/p>\n

Room for GGR, EBITDA Growth in Macau<\/h2>\n

While the May GGR report was impressive, and some operators are surprising in terms of earnings before interest, taxes, depreciation, and amortization (EBITDA), there\u2019s still room for improvement and growth in Macau.<\/p>\n

\n

The May GGR number was 40% below the rate posted in May 2019. Beynon estimates Macau\u2019s 2023 GGR will be 29% below pre-pandemic levels, implying there\u2019s ample room for growth in 2024. He highlighted a preference for concessionaires with exposure to mass and premium mass players — segments that have long been Sands\u2019 bread and butter<\/a>.<\/p>\n<\/div>\n

\u201cAll operators have confirmed that they can reach pre-pandemic profitability levels without reaching pre-pandemic revenues, given lower labor and shift towards base\/premium mass,\u201d observed the analyst.<\/p>\n

In terms of the US-based operators with Macau exposure, Sands is the most dependent on the SAR in revenue terms, generating 57% of its sales there. Wynn Resorts (NASDAQ: WYNN) is next at 39%, followed by MGM China parent MGM Resorts International (NYSE: MGM) at 11%, according to Macquarie data.<\/p>\n

Las Vegas Sands Thesis Boosted by Singapore<\/h2>\n

Currently, Sands\u2019 only other venue outside of Macau is Marina Bay Sands in Singapore. That\u2019s a positive at a time when LVS Chairman and CEO Rob Goldstein believes that integrated resort could eventually deliver $500 million in EBITDA<\/a> in a single quarter.<\/p>\n

Singapore continues to be a bright spot and a reminder of the strong pent-up demand in the region once travel restrictions are eased. Management has further highlighted the long runway for growth at MBS as the market recovers and the company executes on its $3bn+ expansion plans,\u201d<\/strong> added Beynon.<\/p><\/blockquote>\n

In terms of future expansion plans, Las Vegas Sands is rumored to be leading the race to land one of three downstate casino licenses in New York. The operator is also monitoring gaming regulation developments in Thailand, but both of those endeavors are multiyear pursuits.<\/p>\n","protected":false},"excerpt":{"rendered":"

As confirmed by May\u2019s gross gaming revenue (GGR) report, the Macau recovery continues. But analysts have their individual preferences among the related equities. In a note to clients on Thursday, Macquarie analyst Chad Beynon said Sands China parent Las Vegas Sands (NYSE: LVS) remains the firm\u2019s top Macau idea. He reiterated an \u201coutperform\u201d rating and […]<\/p>\n","protected":false},"author":46,"featured_media":248930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nLas Vegas Sands Remains Top Macau Stock Idea<\/title>\n<meta name=\"description\" content=\"Las Vegas Sands preferred idea for playing Macau rebound, says analyst Beynon.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/las-vegas-sands-remains-top-macau-stock-idea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Sands Remains Top Macau Stock Idea\" \/>\n<meta property=\"og:description\" content=\"Las Vegas Sands preferred idea for playing Macau rebound, says analyst Beynon.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-sands-remains-top-macau-stock-idea\/\" \/>\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=\"2023-06-01T20:52:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-02T16:46:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/SM-e1680636798510.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1333\" \/>\n\t<meta property=\"og:image:height\" content=\"719\" \/>\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-remains-top-macau-stock-idea\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-remains-top-macau-stock-idea\/\",\"name\":\"Las Vegas Sands Remains Top Macau Stock Idea\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-remains-top-macau-stock-idea\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-remains-top-macau-stock-idea\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/SM-e1680636798510.jpg\",\"datePublished\":\"2023-06-01T20:52:59+00:00\",\"dateModified\":\"2023-06-02T16:46:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Las Vegas Sands preferred idea for playing Macau rebound, says analyst Beynon.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-remains-top-macau-stock-idea\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-sands-remains-top-macau-stock-idea\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-remains-top-macau-stock-idea\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/SM-e1680636798510.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/SM-e1680636798510.jpg\",\"width\":1333,\"height\":719,\"caption\":\"Sands Cotai Central in Macau. Operator Sands China is likely to focus on paring debt before restarting its dividend. 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