Vince Martin
Long/short equity, value, gambling

The Curious Collapse At Las Vegas Sands

The title seems silly, right? After all, shares of Las Vegas Sands (NYSE:LVS) haven't collapsed. It has been a frustrating two years for shareholders, perhaps; despite substantial market share gains in Macau after the opening of the Sands Cotai Central in April and growth in earnings per share from $0.51 in 2010 to an estimated $2.21 in 2012, LVS' share price essentially hasn't moved:

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LVS one-year chart courtesy Yahoo! Finance

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LVS two-year chart courtesy Yahoo! Finance

LVS' two-year return is less than one percent; including $3.75 per share in dividends paid in 2012, the stock's total return is a little over nine percent. That is hardly the return investors might have envisioned,...

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