Las Vegas Sands' Asian Gaming Leadership Intact, as Macao and Singapore Sales Continue to Recover

Las Vegas Sands' Macao resorts (66% of 2019 EBITDA) are positioned to see strong revenue growth in 2023 after China's removal of COVID-19 restrictions in early January. We continue to think Las Vegas Sands and the gaming enclave are also well positioned for long-term growth. Not only does Sands hold a dominant mass and nongaming position on the attractive Cotai Strip, but we think it will reinvest proceeds from the $6.25 billion sale of its Vegas assets (closed in early 2022) in its Asian assets, strengthening the brand locally. Meanwhile, Sands' position in the profitable Singapore gaming market (34% of 2019 EBITDA), where a duopoly remains in place through 2030, is buoyed by the company expanding its presence with the renovation of its existing towers in 2023 and development of a fourth tower scheduled to open in 2028, solidifying our view of the firm's long-term growth.