Las Vegas Sands' analyst fair value estimate edged higher to $60.51 from $59.90. Analysts cited stronger recent results, ongoing Macau recovery efforts, and positive momentum from the company's Singapore operations.

Analyst Commentary

Recent Street research highlights a mix of optimism and ongoing caution in analysts' perspectives on Las Vegas Sands. This reflects both the company’s strong execution in certain markets and lingering challenges elsewhere.

Bullish Takeaways

• Bullish analysts raised price targets following stronger than expected second-quarter results, which were driven by notable revenue and EBITDA momentum, particularly from operations in Singapore.
• Upward revisions to forecasts reflect confidence in ongoing Macau recovery efforts and their potential to improve group-wide performance in the coming quarters.
• Positive trends in gross gaming revenue in Macau and robust performance in Singapore are seen as catalysts for year-over-year EBITDA growth and long-term valuation upside.
• Bullish analysts believe that continued rollout of promotional initiatives in Macau could help the company regain market share by year end.

Bearish Takeaways

• Some analysts maintain neutral or equal weight ratings, signaling caution that a full Macau turnaround has not yet materialized and that the recovery remains a work in progress.
• There are concerns about the pace at which promotional reinvestment in Macau will produce results, with meaningful benefits only expected by late this year or next.
• Bears note that despite impressive performance in Singapore, Macau’s recovery trajectory introduces near-term execution risk that may limit upside in the shares.
• Current valuations may already factor in much of the rebound potential, prompting some skepticism about immediate further gains absent more decisive improvement in Macau.

What's in the News

• Las Vegas Sands completed the repurchase of 20,208,729 shares between April 1, 2025 and June 30, 2025, totaling $800.05 million, as part of its ongoing buyback program. The company has now retired 112,718,420 shares, representing 15.12% of shares outstanding, for $5.54 billion since 2016 (Key Developments).
• The company celebrated the groundbreaking of an $8 billion ultra-luxurious resort and entertainment destination in Singapore, officiated by Singapore government officials and Las Vegas Sands leadership (Key Developments).
• The new Singapore development will feature a 570-suite hotel tower, luxury retail, gaming, spa amenities, 200,000 square feet of meeting space, and a 15,000-seat arena. This project aims to redefine luxury tourism and further enhance Marina Bay’s global profile (Key Developments).
• Marina Bay Sands continues its focus on sustainability by integrating green amenities, sustainable building materials, and energy-efficient designs into the new resort’s construction and operations (Key Developments).

Valuation Changes

• The Fair Value Estimate has increased slightly from $59.90 to $60.51 per share.
• The Discount Rate has decreased modestly from 9.61% to 9.48%.
• The Revenue Growth Forecast has risen from 6.75% to 6.83%.
• The Net Profit Margin estimate is nearly unchanged at 17.73% compared to 17.75% previously.
• The Future P/E multiple has moved up slightly from 18.31x to 18.41x.