The last biz cycle was from 2001 to 2007.
LV Venetian opened May 1999
LV Sands Expo opened 1990
Sands Macau opened May 2004
Venetian Macau opened Sept 2007
Palazzo opened Jan 2008
BethWorks opens May 2009
MBS opens Dec 2009
This means that THIS NEXT cycle (2009 to ?) LVS will have 3 time as many casinos operating full out than they did in the period 2001 to 2007 when the share price hit north of $150 in 2007.
Provided that LVS does not have serious trouble with its debt covenents, it is poised for a long growth phase in revenues and profits. If MGM is able to handle debt problems (which are much worse than LVS), then LVS should be able to handle too.
This is exactley what the stock market rewards: big sustained growth in net earnings and revenues. I am long in lvs, wynn and mgm but believe lvs has best upside.