Post by qzq044qzq044 on Apr 18, 2024 12:04:46 GMT -5
Las Vegas Sands: Strong Performance and Positive Outlook Post-Refurbishments
Apr. 18, 2024, 03:57 AM
www.tipranks.com/news/blurbs/las-vegas-sands-strong-performance-and-positive-outlook-post-refurbishments?utm_source=markets.businessinsider.com&utm_medium=referral
In a report released today, George Choi from Citi maintained a Buy rating on Las Vegas Sands (LVS – Research Report), with a price target of $75.00.
George Choi has given his Buy rating due to a combination of factors including Las Vegas Sands’s strong performance in Marina Bay Sands (MBS) and the projected growth following the refurbishment program. The Q1 2024 earnings exceeded expectations with an impressive luck-adjusted property EBITDA, and the effective management of operating expenses contributed to this beat. Despite the renovations at MBS, which had a portion of its hotel rooms unavailable, the property still achieved record-high EBITDA. Looking ahead, the completion of the MBS refurbishment by Chinese New Year is anticipated to further boost quarterly EBITDA earnings.
In Macau, the anticipated disruptions due to the Londoner Phase 2 renovations were well-communicated and are believed to be already reflected in the stock’s current valuation, which seems appealing as it trades below its historical average on a forward EV/EBITDA basis. Additionally, the upward revision of the target price reflects higher EBITDA forecasts for MBS. Although Macau’s property EBITDA showed a quarter-over-quarter decline, this was in line with expectations and can be attributed to temporary impacts from renovations and less favorable VIP hold. With these temporary setbacks considered to be already accounted for in the stock price, and the strategic enhancements positioning the company for stronger performance, Choi maintains a positive outlook on Las Vegas Sands’s stock.
Apr. 18, 2024, 03:57 AM
www.tipranks.com/news/blurbs/las-vegas-sands-strong-performance-and-positive-outlook-post-refurbishments?utm_source=markets.businessinsider.com&utm_medium=referral
In a report released today, George Choi from Citi maintained a Buy rating on Las Vegas Sands (LVS – Research Report), with a price target of $75.00.
George Choi has given his Buy rating due to a combination of factors including Las Vegas Sands’s strong performance in Marina Bay Sands (MBS) and the projected growth following the refurbishment program. The Q1 2024 earnings exceeded expectations with an impressive luck-adjusted property EBITDA, and the effective management of operating expenses contributed to this beat. Despite the renovations at MBS, which had a portion of its hotel rooms unavailable, the property still achieved record-high EBITDA. Looking ahead, the completion of the MBS refurbishment by Chinese New Year is anticipated to further boost quarterly EBITDA earnings.
In Macau, the anticipated disruptions due to the Londoner Phase 2 renovations were well-communicated and are believed to be already reflected in the stock’s current valuation, which seems appealing as it trades below its historical average on a forward EV/EBITDA basis. Additionally, the upward revision of the target price reflects higher EBITDA forecasts for MBS. Although Macau’s property EBITDA showed a quarter-over-quarter decline, this was in line with expectations and can be attributed to temporary impacts from renovations and less favorable VIP hold. With these temporary setbacks considered to be already accounted for in the stock price, and the strategic enhancements positioning the company for stronger performance, Choi maintains a positive outlook on Las Vegas Sands’s stock.