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Estimates on Las Vegas Sands lowered by UBS due to slow visitation timeline

Jun. 22, 2020 11:13 AM ETLas Vegas Sands Corp. (LVS) StockLVSBy: Clark Schultz, SA News Editor2 Comments
  • UBS drops estimates on Macau EBITDA for Las Vegas Sands (LVS -3.7%) by 30% for 2020, 6% lower for 2021 and a 1% reduction for 2022 off reduced gross gaming revenue expectations for Macau in general.
  • While the Macau recovery will take time to play out, analyst Robin Farley notes that LVS has recently expressed potential M&A interest in Macau.
  • "An entity can only own one concession, so any potential combination would likely mean turning one concession back over to the government, and operating all properties under the remaining concession," she reminds.
  • Farley also says the rebidding process for Macau concessions could be extended for an extra year to 2023 due to the legislature slowdown amid the pandemic.
  • UBS keeps a 12-month price target of $53 on LVS (17% upside).

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