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>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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Marriott International / Technical Analysis

<ul>
<li>While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.</li>
<li>Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.</li>
<li>The fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls.</li>
</ul>


While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.
Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.
The fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls.


Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

*Gaming Caught In The Crosshairs: Mainland China indicated that changes are afoot to gaming regulations, including the appointment of government officials to supervise the companies - just as Macau's lucrative gaming licenses come up for re-bidding in 2022; and*Financials Likely Next: There appears to be a genuine timeline for each sector in mainland China to be taken out to the woodshed. Now that the gaming industry is now being placed under firm control, it would appear to only be a matter of time when the financial sector will be re-configured to suit mainland China’s vision – likely ahead of the national elections in 2022.

*Gaming Caught In The Crosshairs: Mainland China indicated that changes are afoot to gaming regulations, including the appointment of government officials to supervise the companies - just as Macau's lucrative gaming licenses come up for re-bidding in 2022; and*Financials Likely Next: There appears to be a genuine timeline for each sector in mainland China to be taken out to the woodshed. Now that the gaming industry is now being placed under firm control, it would appear to only be a matter of time when the financial sector will be re-configured to suit mainland China’s vision – likely ahead of the national elections in 2022.

Mainland China – Here Comes The Rein Again

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: 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

Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

We are seeing encouraging signals that indicate improving risk appetites, including improvement within the Discretionary, Transports, and Materials...

Vermilion Research

Mainland China – Here Comes The Rein Again

FINANCIALS IN CROSSHAIRS: Mainland China is appointing government officials to supervise the gaming companies. There appears to be a genuine...

Thomas J. Monaco

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