Update shared on29 Aug 2025
Fair value Increased 1.91%The analyst price target for Las Vegas Sands was raised to $59.34, reflecting stronger-than-expected Singapore performance and improving Macau trends, partially offset by ongoing macro and regulatory risks.
Analyst Commentary
- Stronger-than-expected Q2 results, particularly driven by outstanding performance at Singapore properties.
- Macau showing signs of recovery but still lagging behind, with the company increasing promotional efforts to regain market share.
- Positive momentum in gross gaming revenue growth in Macau, supporting increased industry EBITDA expectations.
- Macroeconomic uncertainties and geopolitical risks, especially related to China exposure, continue to temper sentiment and lead to cautious positioning.
- Mixed long-term outlooks reflecting sector risks around macro conditions, regulatory changes, and investor appetite for gaming stocks, with regionals and digital gaming favored over Macau and Las Vegas Strip exposure.
What's in the News
- Las Vegas Sands has completed a substantial share buyback, repurchasing 20.2 million shares between April and June 2025 for $800 million, and a total of 112.7 million shares (15.12% of outstanding shares) since 2016 (Key Developments, 2025-07-23).
- The company broke ground on an $8 billion ultra-luxury resort in Singapore, featuring a 570-suite hotel, 15,000-seat arena, high-end retail, expanded gaming, wellness amenities, and significant sustainability initiatives, marking a major regional expansion (Key Developments, 2025-07-15).
- Singapore’s new development by Las Vegas Sands is designed by renowned architect Moshe Safdie and integrates biophilic design, energy-efficient systems, and extensive green amenities, reinforcing the company’s commitment to innovative and sustainable hospitality (Key Developments, 2025-07-15).
- Macau will grant visa-free entry to citizens of five Middle Eastern countries, including Saudi Arabia and Qatar, which may increase tourism and gaming demand for operators such as Las Vegas Sands (IAG, 2025-06-17).
- New Jersey is proposing an online gaming tax increase (to under 20%), potentially impacting Las Vegas Sands and other public gaming companies with exposure to the U.S. betting market (NJ.com, 2025-06-24).
Valuation Changes
Summary of Valuation Changes for Las Vegas Sands
- The Consensus Analyst Price Target remained effectively unchanged, moving only marginally from $58.23 to $59.34.
- The Future P/E for Las Vegas Sands remained effectively unchanged, moving only marginally from 17.77x to 18.13x.
- The Discount Rate for Las Vegas Sands remained effectively unchanged, moving only marginally from 9.56% to 9.58%.
Disclaimer
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