Las Vegas Sands Corp. ( NYSE: LVS ) rallied 7.96% in mid-day trading on Thursday after investors took notice of the strong results out of Singapore.
Jefferies analyst David Katz said the results in Singapore post re-opening imply a positive Macau trajectory beginning later this year.
"While the reopening of Macau bears some uncertainty in terms of timing and revenue mix, we view the call and commentary as supportive of our bullish view on the shares," he noted.
CBRE Equity Research analyst John DeCree was more cautious on LVS and what he sees as mixed messages on a Macau recovery.
"While we remain hopeful that group tours and e-visas get reinstated by the end of the month or early November, it remains unclear if visitation to Macau will accelerate given Beijing’s unwavering commitment to its zero-COVID policy," he warned.
It is clear that LVS management has been forthright that it is increasingly difficult to forecast a Macau recovery with any degree of confidence. Going a step further, CBRE's DeCree does not expect a rapid reopening timeline with no signs of herd-immunity or broad distribution of an effective mRNA vaccine.
An interesting item from the Las Vegas Sands ( LVS ) conference call is that the casino operator said it is "very bullish" on the New York market. The casino operator is hopeful that RFPs from New York state will be available by January and a decision will be made in 2023 for the New York City gaming license that LVS is pursuing.
Read the Las Vegas Sands ( LVS ) earnings call transcript.
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Las Vegas Sands rallies off strong Singapore results, more hints of New York interest