An irreverent look at Wall Street
MS Las Vegas Sands Corp.Quick Comment: FS Condo Sales Could Be Worth $1/sh.Impact on our views: We see the potential sale of condos at the Four Seasons as a minor positive, adding incremental $1/share in equity value. While additional government approvals are necessary, this announcement could have a positive read-through on LVS / Macau government relations. We include the sales in our Bull Case valuation.What's new: LVS announced it has received notification from the Macau Land, Public Works and Transport Bureau that should clear the way for LVS to begin preparing for the sale of shares in a co-op fashion in its Four Seasons branded apartments in Macau.We estimate there are ~1.1 million square feet of condos at the Four Seasons. Assuming a selling price of ~$750 per SF, we estimate $825M in gross proceeds. We also assume there are sufficient non-operating losses on non-gaming operations that can be used to offset potential gains (condos were built at a cost of ~$450M). Given the historical delays in this process and the somewhat complicated co-op structure, it is too early to predict with certainty when sales will commence and how long the sales period will last.Investment thesis: We continue to rate LVS O/W based on our expectations of (1) a continued ramp in Singapore, (2) strong mass-market positioning in Macau, and (3) strengthening FCF profile that increases LVS’s ability to win new growth projects.
Brilliant blog posting. I found your post very interesting, I think you are a brilliant writer. I added your blog to my bookmarks and will return in the future.
definitely, very "brilliant"! specially when you post youtube videos!
Youtube videos are brilliant. Only people with great sense of humor post on youtube.Humor is positively correlated with intelligence.Hence, youtube videos are brilliant.
how come no updates?
He's at MGM pulling those slot machines.
thoughts on X?
C'mon Palmoni vacation's over!Where is your 2011 forecast and January plays?
salomon shoesmichael kors outlettoms outlet storeasics,asics israel,asics shoes,asics running shoes,asics israel,asics gel,asics running,asics gel nimbus,asics gel kayanouggs outletkobe bryants shoesswarovski crystalmichael kors outlet onlinewedding dresses uklouis vuitton bagsugg bootsbasketball shoes,basketball sneakers,lebron james shoes,sports shoes,kobe bryant shoes,kobe sneakers,nike basketball shoes,running shoes,mens sport shoes,nike shoesmulberry outlet storeair force 1 shoeschicago blackhawkscheap nfl jerseychristian louboutin outletcoach outlet storemichael kors handbags clearance1106MINKO
2016-01-26keyunabercrombie & fitchretro 11hollister jeansoakley sunglasses salekd 8retro 11ugg australiabeats by dre outletuggs salekevin durant shoesprada handbagsoakley sunglassesair max 95michael kors outletcoach outletmichael kors handbagsnfl jerseys wholesalechristian louboutin outletabercrombie outletray ban sunglassesmichael kors outletabercrombie & fitchair max 95adidas superstar shoeslouis vuitton bagsugg outletbeats by dr dregucci handbagscanada goose outletcheap oakleyschanel bagsoakkey sunglassestory burch outletadidas originals storeceline handbagsabercrombie and fitchconcords 11tiffany and comont blanc mountaincanada goose outlet
20160905 jundafitflop salecoach outletpandora jewelrymizuno shoestiffany outletlongchamp outletugg outletray ban sunglassesnhl jerseysbasketball shoes,basketball sneakers,lebron james shoes,sports shoes,kobe bryant shoes,kobe sneakers,nike basketball shoes,running shoes,mens sport shoes,nike shoescoach outlet clearancemichael kors handbagscheap ugg bootsmichael kors handbagsmlb jerseysuggs outletugg boots for womenmac cosmeticsomega watchesray ban sunglasseskobe 9 elitecamisetas futbol baratasmichael kors factory outletmichael kors outlet clearancecheap nike shoesmichael kors outletgucci outlet onlinelouis vuitton pas chermichael kors handbagstory burch shoescoach outletsupra shoestiffany and coair jordan shoesmichael kors outlet
jianbin1121louis vuitton handbagsmont blanc penscheap snapbackschristian louboutin ukmulberry salechrome heartsyeezy boost 350nike outlet store onlinelongchamp outletlongchamp bags
michael kors handbagsreplica watchesmichael kors handbagssan antonio spursbaltimore ravens jerseysnike air huaracheomega watchesmont blanc pensskechers shoesdolphins jerseys
michael kors outlet clearanceralph lauren outlethollister clothingtory burch outlet onlinecoach outlet canadachristian louboutintory burch outlet online storemoncler outlet onlinelacoste pas cheroakley sunglasses wholesalechanyuan2017.01.22
Post a Comment