Shares of Las Vegas Sands Corp.
Macau In Focus
Allen noted that Las Vegas Sands' Macau unit reported an EBITDA of $629 million, which exceeded his estimates of $541 million and the consensus estimate of $530 million.
The company's Venetian property was the major driver of outperformance and reported an EBITDA of $315 million, which is above the analyst's estimate of $265 million even though new supply entered the market.
Allen added that Las Vegas Sands' operations at its
Allen suggested that the Macau gaming market is showing signs of improvement, which prompted the analyst to revise his estimates higher. Specifically, Allen is now modeling his 2017 Macau EBITDA estimates by 6 percent to $2.49 billion from a prior $2.35 billion.
Allen continued that he may have "underappreciated the critical mass benefit / overestimated the cannibalization of the Parisian and other new proprieties" to Las Vegas Sands' portfolio.
At last check, Las Vegas Sands stock was up 4.53 percent at $59.31.
|Oct 2016||Bank of America||Upgrades||Neutral||Buy|
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