... 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.
In notably less hawkish comments about the real estate market, Wen said the government will stabilize property market regulation policies, and strictly implement differentiated measures in credit supply, tax policies and purchase limits for the property market.
In previous comments, Wen has typically vowed to resolutely maintain curbs on apartment purchases and has stressed the need to see prices correct to "reasonable levels." That language was largely absent from his remarks over the weekend, which is likely to prompt speculation that Beijing is softening its stance.
Spok makes a good point about the somewhat forgotten hidden non-core assets that LVS has in store in the form of the much appreciated condos and Spore malls. Back in the pessimistic days when BK was a real concern (before the MBS opening, CC, dividend anouncements, blowout earnIngs, etc..) the condo and mall sales were seen as a last ditch option in order to reduce her heavy debt load which in itself would have done wonders In restoring investor confidence in the company. We now have a situation where confidence, much less BK is an issue. A surprise announcement of any non-core asset sales will truly create even more momentum to an otherwise bullish LVS share price IMHO not to mention additional funding for LVS' next IR project may it be in Spain or elsewhere.
There still is simply so much unrealized value in LVS.