{"id":5094,"date":"2010-11-08T17:22:35","date_gmt":"2010-11-09T01:22:35","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=5094"},"modified":"2010-11-09T09:09:46","modified_gmt":"2010-11-09T17:09:46","slug":"g2e-bargain-at-station-analysts-split-on-sands","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/g2e-bargain-at-station-analysts-split-on-sands\/","title":{"rendered":"G2E bargain at Station; analysts split on Sands"},"content":{"rendered":"

If you’re looking for an affordable room in Las Vegas<\/strong> during Global Gaming Expo<\/strong>, try Expedia<\/strong>‘s German site (“.de”). A European-based S&G<\/em> source reports finding rooms at Boulder Station<\/strong> going for \u20ac57 and Fiesta Rancho<\/strong> asking \u20ac59 — or $79 and $82, respectively. Rooms at that house of horrors, Circus Circus<\/strong>, are bringing owner MGM Resorts International<\/strong> \u20ac124 (or $172), thanks to the clown palace’s greater proximity to the Sands Expo Center<\/span> Las Vegas Convention Center<\/strong>. It certainly behooves Station Casinos<\/strong> to cultivate a wallet-friendly reputation: Since Las Vegas is deemed the major U.S. city that will be last to exit the Great Recession, by definition Station would be the last casino company to recover.<\/p>\n

\"\"Motley Fool<\/em> columnists take<\/strong> dramatically different perspectives on the future of Las Vegas Sands<\/strong>, depending on what metrics they employ. Anand Chokkavelu<\/strong> rated Sands a “terrible” stock last July and is somewhat chastened<\/a> by the share price’s 96% ramp up since then — superior to companies with stronger fundamentals. I say “somewhat” because he has “no confidence this casino will ever stop loading up on debt and growing for growth’s sake<\/em>.” Hard to argue with that. CEO Sheldon Adelson<\/strong> doesn’t have a history of learning from his mistakes and some of this recent proposals to grow the company — five $2 billion casinos in Florida<\/strong>, a comparable expansion into Texas<\/strong> — look borderline loony. Had Pennsylvania<\/strong> not thrown Adelson a lifeline in the form of table games, he’d probably be shopping around Sands Bethlehem<\/strong> even as we speak.<\/p>\n

Sands’ emphasis on quality hotel-room product is yielding results in Macao<\/strong>, though, where gains by rival Melco Crown Entertainment<\/strong> properties are being offset by increased hotel stays at Adelson’s properties<\/a>, which are enjoying an ADR boost. Both Altira Macau<\/strong> and City of Dreams<\/strong> are losing hotel business to Adelson, described as piggybacking on the latter’s success.<\/p>\n

Adelson’s company also leads the gaming group<\/a> in terms of “EVA momentum” (increasing profit percentage), trailed by Wynn Resorts<\/strong>. Fool<\/em> columnist Dan Dzombak<\/strong> notes that this is a recent phenomenon for the gaming sector and there’s still much room for improvement overall. Back in Macao, Stanley Ho<\/strong> continues to bedevil Adelson, announcing 3Q10 results<\/a> that include a sixfold increase in net profit, 100% growth in VIP-derived revenues and 69% revenue growth overall, to $1.8 billion (like a Vegas Strip unto itself<\/a>). Adelson, nettled by unflattering comparisons of market share, maintains that cash flow is the true metric of success. Sands China<\/strong>‘s was $335 million against Sociedade de Jogos de Macau<\/strong>‘s $152 million. Score a big win for Sheldon, then.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you’re looking for an affordable room in Las Vegas during Global Gaming Expo, try Expedia‘s German site (“.de”). A European-based S&G source reports finding rooms at Boulder Station going for \u20ac57 and Fiesta Rancho asking \u20ac59 — or $79 … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[28,14,36,104,96,94,62,93,11,95,12,61,57,32,114,9,19,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/5094"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=5094"}],"version-history":[{"count":5,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/5094\/revisions"}],"predecessor-version":[{"id":5103,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/5094\/revisions\/5103"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=5094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=5094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=5094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}