Excepting a slight downturn in Las Vegas Strip revenues, it was a pretty good 3Q18 for Las Vegas Sands. Mass-market revenue in Macao was up 18.5% and VIP revenues rose 15%. In Singapore the numbers were mixed. Mass-
market win was up 1% and VIP gross gaming revenue fell 22%. CEO Sheldon Adelson also consolidated his control of the company, which bought back $300 million worth of LVS stock. The company also made capital investments, both in converting Sands Cotai Central into The Londoner — up from $700 million to $1.35 billion — and adding casino space to St. Regis Macao, up to $400 million from $275 million (too bad Sands can’t or won’t finish its St. Regis in Las Vegas). The Londoner will have a staggered opening, spread across 2020-21. “There wasn’t much, if any, cautious commentary on recent VIP/mass trends (though premium mass growth is, for sure, slowing, an indication of a broader slowdown) and most of the conference call comments were upbeat on the long-term for Macau and the China consumer,” wrote Joseph Greff of JP Morgan, who added that Sands execs steered clear of the topic of concession renewal.
Despite all that positivity, Greff ratcheted his price target for LVS down from $75/share to $60. Credit Suisse analyst Cameron McKnight remained neutral, writing that “LVS’s bullishness on the 
VIP segment is surprising, with the company noting it is taking ‘a much more aggressive approach to VIP’, and it’s ‘a considerable growth segment.'” As for the company’s key risks, McKnight penned that “Macau is volatile and sensitive to the Chinese economy and policy. LVS’s Macau licenses expire in 2022, and renewal is sensitive to China policy, China-US relations, and competitive lobbying. Regional competition is increasing, and development opportunities are not assured.” For instance, depending on how the gubernatorial election goes, Adelson could have to punt on the Atlanta market until 2023.
* Mohegan Gaming & Entertainment continues to expand its reach. It will manage Paragon Casino Resort, a Louisiana property of the Tunica-Biloxi Tribe. According to a press 
release, “the Connecticut-based organization has provided gaming, hospitality and entertainment consulting services to Paragon and assisted with a full refresh of the brand and facilities. Improvements included new, Mississippi River themed carpet throughout the gaming floor, additional slot machines, re-designed billboards, updated collateral and more.” Mohegan Chief “Red Eagle” Kevin Brown invoked the spirits of Sens. John McCain and Daniel Inouye in saying that the Mohegans’ success has inspired them to “pay it forward” to other tribes. Keep that thought going.
* Anti-gambling Family Foundation of Kentucky got slapped down in court. It was trying to invalidate the ‘historical racing’ VLTs used in the Bluegrass State by Exacta Systems, claiming they were not parimutuel devices. “The Exacta system and games underwent extensive scrutiny through the course of several years of exhaustive discovery and a multi-day trial where every aspect of the wagering system was explored in great detail. The finding of the Court was clear and unambiguous, and should settle the question once and for all that the Exacta Historic Horse Racing system and games are pari-mutuel wagers on the outcome of horse races,” said company President Jeremy Stein. Feel free to take a victory lap, sir. You’ve earned it.
* Not to beat a very dead horse but Sports Illustrated takes a second look at the Oakland Raiders, who have mentally checked out of Oakland and are clearly looking to enter Las Vegas with a totally revamped roster. Tackle Joe Thomas goes on the record with SI and expresses how this one-to-two-season beatdown feels from a player’s-eye view.
