Vince Martin
Long/short equity, value, gambling

Pair Trade Suggestion: Buy Las Vegas Sands, Sell Sands China

Considering the company is called Las Vegas Sands (NYSE:LVS), it's funny how few investors and analysts ever discuss the company's Las Vegas operations. All anyone really wants to talk about is Macau, no surprise given its importance to LVS, the drama over the past eighteen months, and the hopes for a rebound (and fears of a collapse).

But there is a lot more to LVS than Macau, and a lot more lot more, so to speak, since Q2 2014, when Macau profits peaked. And right now, I'd rather have the Singapore and US businesses than LVS' operations in Macau, even with The Parisian coming online this fall (or perhaps sooner). I'm bearish on Macau as a whole, and

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