Las Vegas Sands (LVS): Strategic Reinvestment Sets the Stage for LT EBITDA Acceleration—Assessing the LT positioning across core and new markets, Outlook & its 5 Key Competitive & Strategic Levers!

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Las Vegas Sands surged 10% post-earnings as investors focused on its structurally advantaged asset base, looking beyond near-term renovation disruptions. Q4 Macao revenue declined 4.5% YoY, missing expectations due to ongoing room renovations at The Londoner, which kept 20% of Cotai rooms offline, compressing EBITDA margins to 32.7%. However, peak disruption is behind, with renovations set for completion by May 2025, supporting a 10% annual Macao revenue growth forecast through 2026. In Singapore, Marina Bay Sands (MBS) delivered $537M in adjusted EBITDA, driven by strong mass gaming growth (+24%), highlighting the impact of Sands’ $1.75B capital reinvestment, with further upside from a fourth tower by 2031. Expansion prospects in Thailand offer significant long-term upside, with potential EBITDA margins of 40% on $2B-$3B revenue, benefiting from strong inbound tourism and a favorable tax structure. Sands' disciplined capital allocation includes $700M in Q4 shareholder returns, a 25% dividend increase for 2025, and a rising Sands China stake (72.3%). With Macao premium mass demand intact, easing capacity constraints, and growing optionality in new markets, the key question is: Can Sands sustain its industry-leading margin expansion and shareholder returns while balancing reinvestment and new market opportunities?

Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures

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