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Las Vegas Sands Corp. Message Board

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  • bjspokanimal bjspokanimal Apr 25, 2012 6:12 PM Flag

    It's all about using the best numbers to...

    ... about LVS that should be noted...

    ... one aspect of the LVS business plan is it's intent to sell non-core assets and recycle the proceeds into further development. Although this hasn't happened as much as envisioned (cotai condos and singapore mall both delayed), it IS the business plan.

    That said, remember that any such sales will turn GAAP vs non-GAAP on it's ear. One major difference between the 2 is "extraordinary items"... and the sale of a big asset usually results in an extraordinary gain or loss.

    Well, for most companies, such sales aren't strategic... they usually result from re-organizational activities... whereas for LVS, it's strategic... they build the malls and condos on with the EXPRESS INTENT of selling them for a profit... like a property-development company might.

    Keep that in mind when such a sale in the future throws the gap between GAAP and non-GAAP for LVS for a serious loop.


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