Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

I am a 25+ year c-level executive of the casino industry in operations, marketing, international development and strategic planning. Currently, a consultant specializing in the casino space. Industry expert contributor and publisher of a subscription letter called "The House Edge". Extensive experience in marketing and development in the Asian gaming market while a senior executive at Caesars, Ballys Grand and Trump Taj Mahal.
Part of senior executive teams that valued acquisitions and mergers with companies in the casino, hotel, d entertainment rant  and restaurant space.

Global Gaming and Casinos Industry Specialist

🇨🇳🇭🇰 That Was The Week That Was • China/Hong Kong 22nd-27th July 2019 @Smartkarma

🇨🇳🇭🇰 That Was The Week That Was • Hong Kong/China - 12th~18th August 2019 @Smartkarma

Equity Bottom-Up

<ul>
<li>Macau subsidiaries of parent gaming operators produce the bulk of revenue of group wide EBITDA but do not always reflect that in their prices and prospects.</li>
<li>Sands China currently has a 23% share of the total Macau market. If it merely maintains that share, our projected GGR growth could take its revenue to around US$11bn by 2021.</li>
<li>On some discounted free cash flow models the stock appears to be fully valued, but from our industry-centric view, it is undervalued going forward around 35%.</li>
</ul>


Macau subsidiaries of parent gaming operators produce the bulk of revenue of group wide EBITDA but do not always reflect that in their prices and prospects.
Sands China currently has a 23% share of the total Macau market. If it merely maintains that share, our projected GGR growth could take its revenue to around US$11bn by 2021.
On some discounted free cash flow models the stock appears to be fully valued, but from our industry-centric view, it is undervalued going forward around 35%.


Sands China Ltd.: Is the Stock Undervalued in the Shadow of the Parent?