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

<ul>
<li>LVS just reported 1Q23 results showing a surging recovery of GGR and daily arrivals in Macau driving gains in revenue and profit profile.</li>
<li>Labor shortages that have limited availability of LVS' 12,000 rooms are beginning to subside. Golden Week just ahead expected to reach +90% room occupancy.</li>
<li>Stock has moved over 20% since our buy call at $53. Our PT is raised to $80.</li>
</ul>


LVS just reported 1Q23 results showing a surging recovery of GGR and daily arrivals in Macau driving gains in revenue and profit profile.
Labor shortages that have limited availability of LVS' 12,000 rooms are beginning to subside. Golden Week just ahead expected to reach +90% room occupancy.
Stock has moved over 20% since our buy call at $53. Our PT is raised to $80.


Las Vegas Sands: Starting a Run as Macau Recovery Gains Speed. Up 23% YTD.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Las Vegas Sands delivered a highly disappointing result as it failed to meet Wall Street expectations in terms of revenues as well as earnings.</li><li>The track record in the non-gaming, scale, and diversity makes Las Vegas Sands uniquely position to cater to all the segments of the market.</li><li>We provide the stock of Las Vegas Sands with a ‘Hold’ rating with a revision in the target price.</li></ul>

Las Vegas Sands delivered a highly disappointing result as it failed to meet Wall Street expectations in terms of revenues as well as earnings.The track record in the non-gaming, scale, and diversity makes Las Vegas Sands uniquely position to cater to all the segments of the market.We provide the stock of Las Vegas Sands with a ‘Hold’ rating with a revision in the target price.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Star Entertainment Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> will raise A$800 million with a fully underwritten 3:5 pro rata accelerated non-renounceable entitlement offer and institutional placement at A$1.20, a 13.6% discount to TERP.</li>
<li>The equity raise of A$800 million will maintain leverage within the targeted 2.0x-2.5x net debt/EBITDA long-term range in our fines high-case scenario.</li>
<li>Adjusting for the raise, Star trades at a discount to peers. While the shares will be under short-term pressure due to the raise, there is long-term value for the brave. </li>
</ul>



Star Entertainment Group (SGR AU) will raise A$800 million with a fully underwritten 3:5 pro rata accelerated non-renounceable entitlement offer and institutional placement at A$1.20, a 13.6% discount to TERP.
The equity raise of A$800 million will maintain leverage within the targeted 2.0x-2.5x net debt/EBITDA long-term range in our fines high-case scenario.
Adjusting for the raise, Star trades at a discount to peers. While the shares will be under short-term pressure due to the raise, there is long-term value for the brave. 


Star Entertainment (SGR AU): A$800m Highly Dilutive Raise to Fix the Balance Sheet

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> scored an own goal by failing to provide an update on the balance sheet in the update on 13 February. The results are next week.   </li>
<li>There is a whirlwind of uncertainty surrounding potential fines and Star is in desperate need to recapitalise its balance sheet to avoid breaching covenants. </li>
<li>Our leverage scenarios suggest an equity raise of A$250-500 million is required. Despite the share price fall, we would steer clear until the details of its equity raise are disclosed.</li>
</ul>



Star Entertainment Group (SGR AU) scored an own goal by failing to provide an update on the balance sheet in the update on 13 February. The results are next week.   
There is a whirlwind of uncertainty surrounding potential fines and Star is in desperate need to recapitalise its balance sheet to avoid breaching covenants. 
Our leverage scenarios suggest an equity raise of A$250-500 million is required. Despite the share price fall, we would steer clear until the details of its equity raise are disclosed.


Star Entertainment (SGR AU): Entertaining Known Unknowns

Credit

<ul><li>Las Vegas Sands Corp. is one of the largest operators of global resorts with integrated casinos, gaming, entertainment, and various amenities.</li><li>The company has undergone a challenging period during and after the pandemic as travel restrictions continued to impact the financial results.</li><li>The company continues to pursue opportunities for developing new land-based large-scale destination resorts in both Asia and the U.S.</li></ul>

Las Vegas Sands Corp. is 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.The company continues to pursue opportunities for developing new land-based large-scale destination resorts in both Asia and the U.S.

Las Vegas Sands Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

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.

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Las Vegas Sands (LVS US)

Las Vegas Sands: Starting a Run as Macau Recovery Gains Speed. Up 23% YTD.

LVS shares though up 23% ytd and showing robust iQ23 result remain undervalued because the market has not yet recognized speed of recovery ahead.

Howard J Klein

Las Vegas Sands Corp: Major Drivers

Las Vegas Sands delivered a highly disappointing result as it failed to meet Wall Street expectations in terms of revenues as well as...

Baptista Research

Star Entertainment (SGR AU): A$800m Highly Dilutive Raise to Fix the Balance Sheet

Adjusting for the raise, Star trades at a discount to peers. While the shares will be under short-term pressure due to the raise, there is long...

Arun George

Star Entertainment (SGR AU): Entertaining Known Unknowns

Our leverage scenarios suggest an equity raise of A$250-500 million is required. Despite the share price fall, we would steer clear until the...

Arun George

Las Vegas Sands Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report

Las Vegas Sands Corp. is one of the largest operators of global resorts with integrated casinos, gaming, entertainment, and various amenities. The...

Baptista Research

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