Aug. 28 at 1:56 PM
I’ve been out of the casino/gaming sector for over 5 years, but I bought back into
$LVS yesterday at
$44. What pulled me back is valuation + asset quality. LVS owns world-class properties in Singapore and Macau, trades around ~14x forward earnings, pays a dividend, and has a massive
$6B buyback authorization. Marina Bay Sands remains a cash-generating crown jewel, while Macau weakness is already heavily discounted. The risk is real is China exposure and market-share pressure. But at ~
$44, I think the market is pricing in too much pessimism. I’m buying the assets, balance-sheet flexibility and rerating potential, not perfection.
$LVS is my top choice between
$BYD (close second),
$MGM $WYNN . CZR's is out of the picture because of the Fertitta acquisition. Back in with the high rollers!