Since July 26, shares of Las Vegas Sands (NYSE: LVS) have tanked 20%, as 70% of Las Vegas Sands’ casino revenues for 2018 were from Macau. However, near-term issues do not take away from the company’s long term value. We estimate Las Vegas Sands’ valuation to be $70 per share.
Long Term Trends in Favor of MacauThe number of visitors from Mainland China has been growing at a faster rate than Hong Kong and other destinations.Before the escalation of protests in July 2019, the number of visitors increased in Macau by 21% and 19% in Q1 and Q2, respectively.
Per the company’s filings, it generated nearly $80 billion of rolling chip volume and $24 billion of non-rolling chip volume in 2018.
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