Las Vegas Sands (LVS): Cutting Singapore Gaming Revenue Estimates - UBS
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UBS analyst, Robin Farley, reiterated her Neutral rating on shares of Las Vegas Sands (NYSE: LVS) and cut Singapore gaming revenue estimates by -16-17% for '16-'17E. The analyst now expects gaming revenues to decline -12% this year vs. flattish trends previously and '17E showing stabilization, up +2% YOY vs. up +4% previously.
The estimate revisions are primarily driven by weaker VIP trends, with mass demand declining less, as we continue to see risk to ests. We now est. Singapore VIP gaming market to decline -29% in '16E (vs. prev. ests of flattish GGR) while mass revs now down -1%, lowered from up +3%. For '17E, the analyst expects VIP to see a slight uptick, up +3% (vs. up +5% prev.) on a now lower base, while mass market is expected to see modest growth of up +2% (up +3% prev.).
No change to the price target of $44 which is based on 10x Vegas & ~13x Macau & Singapore '17 EBITDA est.
Shares of Las Vegas Sands closed at $57.33 yesterday.
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