Despite ” taking into account a slower than anticipated rebound during the Golden Week period earlier this month and a generally slow visitation boost and revenue recovery from the (still early) resumption of the” Individual Visa Scheme in Macao, analysts at JP Morgan are sticking by Las Vegas Sands. In a pre-earnings note, Joseph Greff did concede a $7 reduction of the share price target to $50. However, “From here, we see year-over-year market-wide growth accelerating and showing sequential improvements (and, honestly, not much has to happen for this to occur)” in China. Basically, Greff is saying things have gotten as bad as they’re going to, Sands will bottom out soon, and everything will start getting better.
That said, Greff had a sheaf of questions for LVS brass, including: “Why isn’t Macau benefitting from Beijing forbidding travel to foreign gaming markets? How bad is VIP junket liquidity? What are the latest trends in mass vs. VIP, during Golden Week … and since? Is one segment meaningfully outperforming the other?” He characterized investor sentiment toward Sheldon Adelson‘s company as “awful and apathetic,” adding, “We get it. Numbers coming down is frustrating and causing incremental investor fatigue … All we need is investors to feel that less bad trends will continue and stocks could move higher against sentiment that is negative to apathetic. Macau is the one subsector that really hasn’t bounced from the bottom.”
Sheldon Adelson is that rare man who wants to take away your health insurance and your recreation money… I honestly dont understand how Mr Adelson figures that is a net gain for him, seems to me that giant casino operators should favor people having health insurance security, and having self employed people being covered. How many actual votes does 176 million dollars equal? And Adelson is giving that money to a campaign that has squandered tens of millions on Trump properties and vanity TV commercials in the Washington DC market, I realize the PAC money is to a different entity, but its for the same likely lost cause in my opinion…
The good news is that the 2020 Trump/Republican effort is being looted more than usual by the few consultants left on the gravy train. The A-Team ad types are with the Lincoln Project. Sheldon’s zillions will finance a lot of TESLAs and vacation homes.