MGM Resorts International

MGM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$41.00	Yxvm	Xggftjnq

Las Vegas Sands' Shares Near Fair Value After Favorable License and Easing of Pandemic Restrictions

Dan Wasiolek

Dec 1, 2022

We no longer see Las Vegas Sands' shares offering a compelling risk/reward, after appreciating more than 30% since late October. Sands' shares have reacted positively to recent news of a provisional 10-year gaming license renewal in Macao (66% of precoronavirus EBITDA), supporting the company’s regulatory intangible asset advantage, the source of its narrow moat, as well as some easing of travel restrictions in greater China (reopening of e-visa applications, and reduced quarantine and testing requirements).

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