Las Vegas Sands: Dodging Vegas Was a Masterstroke

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Las Vegas Sands (LVS) has been a bit of a pariah in the casino world, not because it’s bad at gambling, but because it refuses to play by the rules everyone else assumed were sacred. For instance, who needs a monopoly on Sin City when you can just… not operate there? Turns out, this “mistake” has made it one of the few players in the sector actually making money. While its peers are busy licking their wounds in a tourist wasteland, Las Vegas Sands is sipping margaritas in Macau, where the party’s still going strong.

The stock’s 28% gain over the past year isn’t just a fluke-it’s a calculated slap in the face to the industry’s outdated playbook. Analysts are now penciling in $69-$78 per share as a price target, which is generous considering the company’s current valuation is still low enough to qualify as “undervalued.” But let’s not get ahead of ourselves. The real story here isn’t the numbers-it’s the sheer audacity of choosing to ignore a market everyone else thought was a sure thing.

Three reasons why this “mistake” will keep paying dividends:

Left Las Vegas

Las Vegas Sands’ decision to skip Vegas entirely is either genius or a cry for help. Either way, it’s working. While Las Vegas tourism cratered-room occupancy down 3%, average daily rates down 5%-the company’s rivals are drowning in their own hubris. MGM and Caesars, with their Strip-centric strategies, are now stuck in a desert of their own making. Their stock prices? A polite way of saying “disaster.” Meanwhile, Las Vegas Sands is out there laughing, or at least not crying, while its competitors lose 22% of their value.

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And yet, somehow, people still act surprised. It’s like telling someone not to park in a fire zone and then getting mad when their car gets towed. Basic risk management, folks. But no, the casino industry’s playbook was apparently written in 1998, and no one dared to question it until now.

Macau is booming

Macau, the oft-mocked “Las Vegas of Asia,” has outgrown its reputation so thoroughly that it’s now a full-blown economic engine. Last year, it welcomed 40 million tourists-15% more than 2024-and is on track to break that record again in 2026. Las Vegas Sands, which owns a chunk of the action there, is reaping what others sowed. Revenue from its Macau properties jumped 8% in the latest quarter, and its Singapore casino, Marina Bay Sands, saw a 56% revenue spike. That’s not just growth-it’s a slap in the face to anyone who thought Asian markets were too niche.

Sure, Las Vegas is “cautiously optimistic” about a 2.5% rebound in 2026. But optimism is a luxury when you’re already winning. While others are still trying to dig out from the rubble, Las Vegas Sands is building skyscrapers.

Positioned for growth

If there’s one thing Las Vegas Sands understands, it’s that the future belongs to the bold-or at least the well-funded. Its $8 billion expansion in Singapore isn’t just a hotel; it’s a statement. Add a 15,000-seat arena to the mix, and you’ve got a venue that screams, “We’re not just here for the gamblers.” Meanwhile, $4.5 billion in Macau upgrades is less about gambling and more about creating a destination that makes tourists forget they’re even in a casino.

And yes, there’s talk of a Dallas project. But let’s be honest: Texas hasn’t legalized gambling yet because no one there has the courage to admit they like it. That’s a problem for the state, not Las Vegas Sands.

Buy the dip?

The stock’s 8% dip this year is less a red flag and more a polite cough. Sure, Macau’s December revenue missed estimates, but 15% year-over-year growth isn’t exactly a crisis. And while CEO Robert Goldstein sold off some shares ahead of his retirement, it’s hard to call that a scandal when it’s literally what you do when you retire. The real issue here is the market’s inability to see the forest for the trees. At 17 times forward earnings and a PEG ratio of 0.82, the stock is practically giving you a hint: “Buy me before someone smarter does.”

In the end, Las Vegas Sands isn’t just surviving-it’s thriving by refusing to follow the herd. While others are stuck in a time warp, it’s building the future. And if history has taught us anything, it’s that the last person to enter a crowded room is the one who gets the best seat. 🎰

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2026-01-14 20:18