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Wednesday, June 1, 2011


Las Vegas Sands (LVS) – Takeaways from investor meetings, reaffirming OW rating - We recently met with Rob Goldstein, president of LVS’s global gaming operations, and Dan Briggs, head of LVS’s investor relations. This morning, we reaffirm our Overweight rating and $55 year-end 2011 price target, given steady EBITDA growth in Macau and Singapore, recent share price weakness (down 12% in the last month), and an attractive valuation (19x next year’s EPS, below its estimated 30% EPS growth through 2013). Our key takeaways from the meetings: (1) LVS is making steady junket progress in Macau; (2) Singapore mass volumes/revenues appear to be growing sequentially; and (3) there seems to be less seasonality in Singapore VIP volumes. Greff

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