I'm just waiting for someone to explain how this company is now worth $34B with $400M in earnings this year and $550M next year... Will they earn $1B in '08? That would still be a P/E of 34 vs a current P/E of 30 for MGM Mirage (MGM).
HET's current P/E is 42 (they are going private), but they took a huge hit last year and this year from the hurricanes and are projected for a P/E of 19 next year. Wynn Resorts Ltd. (WYNN) has Macau exposure and a P/E of 15 but they are new and only in the black for the first time last quarter (where they earned $700M in just that Q against a $9.4B market cap, even after today's 6% gain).
So I may be wrong about LVS today, but I feel pretty good that I will be right about them no later than the next earnings report.
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