Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

Genting Singapore Limited, through its subsidiaries, develops resort properties as well as operates casinos. The Company has casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom.

<ul>
<li>Parent Genting  Berhad Malaysia flagship properties doing well but many  of its global holdings spur questions about asset allocation strategy.</li>
<li>Genting Singapore, its integrated resort property Sentosa presents a strong buy story not only because it is  undervalued here but because its prospects post covid  are strong.</li>
<li>GB's US footprint by  contrast poses questions  about the  hurdle rate of those huge investments to date given the intense competitive pressures in  mature gaming  markets.</li>
</ul>


Parent Genting  Berhad Malaysia flagship properties doing well but many  of its global holdings spur questions about asset allocation strategy.
Genting Singapore, its integrated resort property Sentosa presents a strong buy story not only because it is  undervalued here but because its prospects post covid  are strong.
GB's US footprint by  contrast poses questions  about the  hurdle rate of those huge investments to date given the intense competitive pressures in  mature gaming  markets.


Genting Singapore: A Surprising Value Buy at $1.0l Sgd Driven by Post Covid Catalysts Ahead Die 2024

Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in the United States, Macau and Singapore. Las Vegas Sand Corp's casinos offer a wide range of gaming activities and entertainment as well as overnight accommodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities.

<ul>
<li>Adelson family interests have sold 10% of their LVS equity to acquire a pro basketball franchise. This triggered am 8.5% decline in the stock when it was actually  bullish.</li>
<li>The market has not yet grasped the magnitude of  the Asian  gaming  recovery arc which points to 2024 reaching baseline 2019 arrivals and GRR pace by mid-2024.</li>
<li>LVS has the scale and amenities to outperform peers but this  is  not  yet reflected in its trading  range dead pooled in  the $40s.</li>
</ul>


Adelson family interests have sold 10% of their LVS equity to acquire a pro basketball franchise. This triggered am 8.5% decline in the stock when it was actually  bullish.
The market has not yet grasped the magnitude of  the Asian  gaming  recovery arc which points to 2024 reaching baseline 2019 arrivals and GRR pace by mid-2024.
LVS has the scale and amenities to outperform peers but this  is  not  yet reflected in its trading  range dead pooled in  the $40s.


Las Vegas Sands: Our Case for This as a $70 Stock Is Strong but It Lingers in the 40s

Galaxy Entertainment Group / Equity Bottom-Up

Galaxy Entertainment Group Limited, through its subsidiary, operates casino, hotel and other entertainment facilities in Macau. The company also manufactures sells and distributes construction materials.

<ul>
<li>Our review of the  three stocks here reveals considerable run room ahead as revenue  recovery in Asia gaming is  outpacing  forecasts.</li>
<li>These companies  have proven   resilient after taking big hits during covid crisis.</li>
<li>Balance sheets are stronger, revenue  rising, margins  improved--much of  this not as yet  reflected in valuations.</li>
</ul>


Our review of the  three stocks here reveals considerable run room ahead as revenue  recovery in Asia gaming is  outpacing  forecasts.
These companies  have proven   resilient after taking big hits during covid crisis.
Balance sheets are stronger, revenue  rising, margins  improved--much of  this not as yet  reflected in valuations.


Our High Conviction Asia Based Gaming Stocks Signal Buy on the Dip Entry Points

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

<ul>
<li>Investors appear to be divided in  outlook  on Wynn. Some concern about post covid Las Vegas boom losing steam vs. exploding  Macau recovery beyond most early forecasts.</li>
<li>Wynn's Macau properties are particularly aimed at the all  important premium  mass segment which is already showing itself in dramatic casino win  games at  Wynn propeties.</li>
<li>The company still  benefits from the  vision  of  founder Steve Wynn in the properties developed before his controversial resignation in 2018.</li>
</ul>


Investors appear to be divided in  outlook  on Wynn. Some concern about post covid Las Vegas boom losing steam vs. exploding  Macau recovery beyond most early forecasts.
Wynn's Macau properties are particularly aimed at the all  important premium  mass segment which is already showing itself in dramatic casino win  games at  Wynn propeties.
The company still  benefits from the  vision  of  founder Steve Wynn in the properties developed before his controversial resignation in 2018.


Wynn: Market Has Not Caught on yet to Speed of Macau Recovery Making Current Entry Point Attractive

<ul>
<li>Our long held strong conviction on  LVS has not faltered despite its chronically undervalued.</li>
<li>Monthly gross gaming win trends do not reflect sagging China economy.</li>
<li>Imminent 3Q23  earnings release may well  hold upside surprises. We sense a beat.</li>
</ul>


Our long held strong conviction on  LVS has not faltered despite its chronically undervalued.
Monthly gross gaming win trends do not reflect sagging China economy.
Imminent 3Q23  earnings release may well  hold upside surprises. We sense a beat.


Las Vegas Sands: A Clear Cut Buy on the Dip Strategy as Asia Gaming Recovery Gains Strength

Casino Business Review LLC
Global Gaming and Casinos Industry

Genting Singapore: A Surprising Value Buy at $1.0l Sgd Driven by Post Covid Catalysts Ahead Die 2024

Genting Singapore has low debt, strong forward revenue recovery, a duology position in a robust, growing market but remains seriously...

Howard J Klein

Las Vegas Sands: Our Case for This as a $70 Stock Is Strong but It Lingers in the 40s

LVS is vastly undervalued due to outlier sentiment. Basics indicate a PT of $70 which we believer reflects a truer valuation given its recovery...

Howard J Klein

Our High Conviction Asia Based Gaming Stocks Signal Buy on the Dip Entry Points

Three Asia based gaming stocks we believe to be undervalued due to more rapid recovery in gross gaming revenues in Macau and e PHILIPPINES.

Howard J Klein

Wynn: Market Has Not Caught on yet to Speed of Macau Recovery Making Current Entry Point Attractive

The market has ignored a strong buy on the dip opportunity when Macau recovery is moving faster than all forecasts to date.

Howard J Klein

Las Vegas Sands: A Clear Cut Buy on the Dip Strategy as Asia Gaming Recovery Gains Strength

LVS has been chronically undervalued largely due to lingering concerns about Asia gaming recovery. The company is already ramping faster than ...

Howard J Klein