Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Bloomberg is reporting <strong><a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</a></strong> has been attracting suitors, including <strong><a href="https://www.smartkarma.com/entities/mgm-resorts-international" target="_blank" data-smartkarma-citation="entities:16227:1" rel="noopener">MGM Resorts International (MGM US)</a></strong>.</li>
<li>With Macau all-but emulating a Shanghai-style lockdown, including the recent shuttering of all casinos, large global casino operators will be looking to diversify their revenue base. </li>
<li>But with Singapore potentially emerging as Asia's go-to gaming destination going forward, it's unlikely the Lim family will exit their Genting flagship.</li>
</ul>


Bloomberg is reporting Genting Singapore (GENS SP) has been attracting suitors, including MGM Resorts International (MGM US).
With Macau all-but emulating a Shanghai-style lockdown, including the recent shuttering of all casinos, large global casino operators will be looking to diversify their revenue base. 
But with Singapore potentially emerging as Asia's go-to gaming destination going forward, it's unlikely the Lim family will exit their Genting flagship.


Punters Take A Gamble on Genting Singapore

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 is now entirely a balance sheet play in that its cash position vs. run rate assures good liquidity through the lingering covid crisis.</li>
<li>Maturities of its debt pose no problems for refis until '24,'25--and even minimal then.</li>
<li>Recurring sporadic covid outbreaks and Beijing policies impede GGR recovery. We are moving LVS from BUY to HOLD to reflect the value of its sustainability rather than growth.</li>
</ul>


LVS is now entirely a balance sheet play in that its cash position vs. run rate assures good liquidity through the lingering covid crisis.
Maturities of its debt pose no problems for refis until '24,'25--and even minimal then.
Recurring sporadic covid outbreaks and Beijing policies impede GGR recovery. We are moving LVS from BUY to HOLD to reflect the value of its sustainability rather than growth.


Las Vegas Sands:  Totally Asia Facing, It Is Valued on Financial Strength Amid Covid Challenges

<ul>
<li>DCF valuation now at $44.51 indicating stock could be 24% undervalued here.</li>
<li>Sentiment on Las Vegas asset sale has turned negative as to timing as some investors believe it was hasty given the recovery of the Vegas market.</li>
<li>Strong balance sheet provides long term solvency with current ratio of 2.1 as rumors of China lockdown easing persist since last week.</li>
</ul>


DCF valuation now at $44.51 indicating stock could be 24% undervalued here.
Sentiment on Las Vegas asset sale has turned negative as to timing as some investors believe it was hasty given the recovery of the Vegas market.
Strong balance sheet provides long term solvency with current ratio of 2.1 as rumors of China lockdown easing persist since last week.


Las Vegas Sands: Totally Asia Facing, Is Held Hostage to Travel Bans Remains Attractive at US$33.98

<ul>
<li>Non-Casino Thailand could be starting to get serious about legalizing casinos. Demos are solid if they make the move.</li>
<li>Las Vegas Sands, seems the prime candidate to become the first mover if that market does make the major legislative move.</li>
<li>LVS CEO Goldstein said last week that the company was engaged in serious talks with a possible third Asian nation on a major IR move there.</li>
</ul>


Non-Casino Thailand could be starting to get serious about legalizing casinos. Demos are solid if they make the move.
Las Vegas Sands, seems the prime candidate to become the first mover if that market does make the major legislative move.
LVS CEO Goldstein said last week that the company was engaged in serious talks with a possible third Asian nation on a major IR move there.


Thailand Casino Legalization Prospects Boost Las Vegas Sands Targeting of Its Third Asian Nation IR

<ul>
<li>LVS stock twitched slightly on news of debt downgrade which foreshadowed possible further downgrades ahead unless Macau recovery gains more momentum.</li>
<li>Closing of US$6.2b sale of Las Vegas assets will produce cash proceeds this year of $US$6.2m.</li>
<li>Trade at writing still does not bake in many positive signs that LVS shares are headed much higher as we revise our PT.</li>
</ul>


LVS stock twitched slightly on news of debt downgrade which foreshadowed possible further downgrades ahead unless Macau recovery gains more momentum.
Closing of US$6.2b sale of Las Vegas assets will produce cash proceeds this year of $US$6.2m.
Trade at writing still does not bake in many positive signs that LVS shares are headed much higher as we revise our PT.


Las Vegas Sands: S&P Downgrades Debt One Tier Below Investment Grade: Our Outlook Remains Bullish

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)

Punters Take A Gamble on Genting Singapore

I'd be buying here. Not on account of a possible takeover; but because Singapore's travel/gaming trajectory has greater clarity than that of Macau.

David Blennerhassett

Las Vegas Sands: Totally Asia Facing, It Is Valued on Financial Strength Amid Covid Challenges

The shares of LVS are priced close to DCF value. The continuing pandemic impedes recovery but the company's strong balance sheet is a reason to...

Howard J Klein

Las Vegas Sands: Totally Asia Facing, Is Held Hostage to Travel Bans Remains Attractive at US$33.98

LVS shares are trading below pandemic lows, its DCF valuation much higher--all due to travel bans and lockdowns which could ease and trigger a big...

Howard J Klein

Thailand Casino Legalization Prospects Boost Las Vegas Sands Targeting of Its Third Asian Nation IR

Thailand officials have raised prospects of casino legalization at the same time LVS SCEO Goldstein has publicly indicated the company is engaged...

Howard J Klein

Las Vegas Sands: S&P Downgrades Debt One Tier Below Investment Grade: Our Outlook Remains Bullish

The recent downgrade of LVS debt by S&P global does not square in our view of the intermediate and out years prospects of LVS both financially and...

Howard J Klein

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