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Las Vegas Sands Corp. (LVS): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report

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Summary:

Las Vegas Sands' third quarter 2014 earnings of $0.84 were in line with the Zacks Consensus Estimate. Earnings increased 2.4% year over year owing to lower operating expenses. However, revenues of $3.53 billion missed the consensus mark by 3.8% and declined 1% year over year owing to a weak performance in Macau. Currently, strong growth in the mass market is mitigating the effects of a slowdown in the VIP gaming business in Macau. The company's strong brand portfolio and solid mass market revenues keep it well positioned. However, China's crackdown on illegal money transfers, tighter restrictions on visas, protests in Hong Kong and the smoking ban in the casinos remain headwinds. We thus maintain our Neutral recommendation on the stock.

Overview:

Based in Las Vegas, NV, Las Vegas Sands Corp. (LVS) is a leading international developer of multi-use integrated resorts primarily in the United States and Asia.

U.S. Business: In the U.S., the company owns two resorts and casinos. These properties are:

Las Vegas Operations: The company has three properties in Las Vegas

1. The Venetian Casino, Las Vegas

2. The Palazzo, Las Vegas

3. An Expo and Convention Center

Sands Bethlehem, Pennsylvania: The hotel was opened on May 27, 2011, while the casino was opened on May 22, 2009.

Asia Business: In Asia, the company owns and operates several properties in Macau, China and one in Singapore. These properties are as follows:

Macau Operations: Las Vegas Sands' integrated resort properties and other assets in Macau are owned and operated by Sands China Ltd., which is a majority-owned subsidiary of the company. The company's Macau business comprises the following resorts:

Sands Macau

The Venetian Macau

Four Seasons Macau

Sands Cotai Central

Sands Cotai Central is Las Vegas Sands' master-planned resort-casino project under development in the Cotai Strip, Macau. On completion, the Cotai Strip will feature approximately 6,000 rooms of world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton and InterContinental.

In Jan 2013, the company successfully unveiled phase IIB of Sands Cotai Central at the center of the Cotai Strip after opening phase IIA and I of the resort in Sep and Apr 2012, respectively.

Marina Bay Sands, Singapore: The resort was opened in Jun 2010.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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