EQUITY RESEARCH | DEEP VALUE RESEARCH
Las Vegas Sands Corp. (LVS)
Sector: Consumer Discretionary / Casinos & Gaming |
Published: 2026-10-12 |
Pages: 7
Price at publication: $36.17
Themes: Macau Singapore Buybacks
Executive Summary
Las Vegas Sands fell from $69.49 in December 2025 to $36.17 on October 9, 2026, even though Marina Bay Sands in Singapore earned a record $2.92 billion of EBITDA last year. The damage is in Macau, where Sands bought back market share with promotions and VIP play and its margin fell from 36.1% in 2019 to 24.0% in the second quarter of 2026. Macau gaming revenue then fell four months running, while Sands was running a $6 billion buyback.
What’s Inside The Full Report
- Executive summary and key points
- A 48% Drop With Singapore At A Record
- Two Businesses Under One Ticker
- Paying For Volume In Macau
- The Buyback And The Balance Sheet
- What $36 Buys
- The Bear Case At Full Strength
- What I Am Watching
- TTCM rating and position disclosure
Read The Full Report
The full 7-page report is available at no charge. Please complete the
brief form below and we’ll email the PDF to you within seconds.
