| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | 1.40 | -97 |
| Graham Formula | 28.40 | -36 |
Las Vegas Sands Corp. (LCR.DE) is a global leader in the development and operation of world-class integrated resorts, primarily in Asia and the United States. Headquartered in Las Vegas, Nevada, the company owns and operates iconic properties such as The Venetian Macao, The Londoner Macao, The Parisian Macao, and Marina Bay Sands in Singapore. These resorts combine luxury accommodations, high-end gaming, entertainment, retail, and convention facilities, catering to both leisure and business travelers. With a strong presence in Macao and Singapore—two of the world's largest gaming markets—Las Vegas Sands benefits from premium tourism demand and a diversified revenue stream. The company’s strategic focus on non-gaming amenities, such as retail and MICE (Meetings, Incentives, Conventions, and Exhibitions), enhances its resilience against gaming volatility. As a key player in the global casino and resort industry, Las Vegas Sands is well-positioned to capitalize on the recovery of international travel and luxury tourism post-pandemic.
Las Vegas Sands presents a compelling investment case due to its dominant position in high-growth Asian gaming markets, particularly Macao and Singapore. The company’s diversified revenue model, strong brand recognition, and focus on non-gaming amenities mitigate risks associated with gaming cyclicality. However, regulatory risks in Macao, high leverage (total debt of €13.94B), and dependence on Chinese tourism remain key concerns. The stock’s beta of 1.125 indicates higher volatility compared to the broader market. Positive factors include strong operating cash flow (€3.2B), a healthy cash position (€3.65B), and a dividend yield supported by a payout of €0.37 per share. Investors should weigh the long-term growth potential of Asia’s gaming sector against geopolitical and regulatory uncertainties.
Las Vegas Sands holds a competitive edge through its premium integrated resort model, which combines gaming with luxury retail, entertainment, and MICE facilities—a strategy that differentiates it from pure-play casino operators. Its properties in Macao and Singapore benefit from exclusivity (limited gaming licenses) and prime locations. The company’s scale allows for cost efficiencies in operations and marketing, while its strong balance sheet supports expansion and reinvestment. However, competition in Macao is intensifying, with rivals like Wynn Macau and MGM China expanding their footprints. In Singapore, Marina Bay Sands faces no direct competition due to the duopoly structure (with Genting Singapore’s Resorts World Sentosa). Las Vegas Sands’ U.S. operations, though smaller, benefit from the Las Vegas Strip’s tourism appeal. The company’s reliance on Chinese high-rollers makes it vulnerable to macroeconomic and regulatory shifts in China, a risk that competitors with more diversified customer bases (e.g., MGM Resorts) may mitigate better. Its focus on non-gaming revenue (over 60% in Singapore) provides stability but requires continuous capital investment to maintain competitiveness.