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Las Vegas Sands Corp. LVS

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The bet you're really making is that Chinese tourists keep flying to Macau and losing money at Sands' tables, and that Sands keeps taking a bigger slice of it than the other five casino operators there. You are betting on the ordinary gambler rather than the whale, because Sands' ordinary-gambler business grew 8% last quarter while the whole Macau market's grew 4%. Right now it is going well with one thing to watch: the Singapore resort is earning more than it ever has, while the high rollers stayed home during the World Cup and the company's own tables ran unusually cold. You pay about 16 times last year's profit, less than the stock has cost in any of the last twelve years the company made money.

Key data

Price$39.98
52-week range$39.73 to $70.45
P/E, trailing twelve months15.6x
EV/EBITDA8.2x

LVS · price with moving averages

Daily · 6MWeekly · 3Y
$29$40$50$61$71 Sep '23May '24Dec '24Jul '25Feb '26Sep '26 BID
EMAs82140

Source: market data.

The business

Sands runs six casino resorts in Macau and one in Singapore. It has no casino in Las Vegas any more, having sold the Venetian there in 2022, so the name is a historical artifact. Macau is roughly three quarters of the revenue and Singapore the rest.

Two kinds of customer walk in. The high roller plays for very large stakes and the house take on that money swings quarter to quarter on luck. The ordinary visitor plays tables and slots with his own money, loses a predictable share of it, and comes back. The second is worth more to an owner because his losses arrive on schedule. Sands rebuilt itself around him after the pandemic, which is why the Londoner was gutted and redone as a suites hotel rather than a high-roller club.

Inside the complete Company report

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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