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Las Vegas Sands Corp. Message Board

  • bjspokanimal bjspokanimal Aug 13, 2013 11:03 AM Flag

    Sands China (SCHYY) Soars Past LVS

    SCHYY was at $57.16 this morning while LVS was at $56.15. That's a milestone.

    In a nutshell, that tells us what it's been telling us for awhile now as SCHYY steadily approached the price that LVS sells at... that there's more investor confidence in the future of Macau gaming than there is in Vegas, Singapore, and Bethlehem. MGM CEO Jim Murren should look at how investors are treating Adelson's own stock(s) before criticising Adelson's remarks, because investors appear to believe them.

    But, as always, it's not about what you see "over the shoulder" with a stock, but what one anticipates up ahead in the future. The big question when you're looking at the disparity between LVS and SCHYY, IMHO, is what the prospects are for Vegas and Singapore relative to the prospects for the Cotai Strip. In that regard, the easy answer is... "duuhh... Cotai is... duhh... growing faster than Vegas or my name ain't Obama-Osama-Hussein-wong-gong-danglin#$%$".

    An alternative view, however, might consider that growth in Vegas is accelerating off a low base, and that US retail sales just hit a 6-month high. Jim Murren is actually right about things improving and he has cut his EPS losses to the lowest amount of red ink at MGM since the days of the big fights with Dubai over CityCenter.

    That alternative view would also consider what I've been saying a lot out here... and that is that Singapore VIP gaming volumes have been rocketing higher over the past 3 quarters desipte a weak Singapore Economy. Gaming volumes there surged by 64%, 42% and 26% in Q4, Q1 and Q2... it was basically bad table hold (eg: luck) that flat-lined profits there, but there were FAR more whales coming into marina bay to gamble than there were a year earlier... a surge in business that Resorts World Sentosa would have loved to experience down the road.
    When looking at the future, almost any tran-dang-tony's#$%$ could see that it's the volumes that define the business growth.. not who wins the hands.


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