Las Vegas Sands (LVS) AI Stock Analysis

Company Guidance

Management said Singapore is a “$2.7 billion, $2.8 billion run rate property” and remains focused on its “baseline of EBITDA range,” with the new development expected to open in early 2031, subject to the required government approvals, at a total development cost of $8 billion, including $2 billion in land premiums; the arena is expected to have about 15,000 seats. In Macao, management retains its goal of reaching $700 million in quarterly EBITDA and more over time, expects The Venetian to be refreshed and reintroduced by Chinese New Year 2028, and expects about 500 rooms to be out next quarter during renovations; fixed expenses are expected to be “essentially flat,” payroll would inflate by the cost of living adjustment allowances next year, and management does not anticipate significant increase in headcount from this point on. Macao’s fourth quarter is typically a relatively stronger quarter, with October Golden Week and December typically relatively strong, while maintenance CapEx of around $300 million was described as reasonable versus depreciation of $750 million to $800 million; the company’s gross leverage target is approximately 2 times to 3 times before development-related debt, and the quarterly dividend will increase from $0.30 per share to $0.36 per share beginning the first quarter of 2027.