Nomura Securities Maintains a 'Buy' on Las Vegas Sands (LVS); Junket Licenses Approved in Singapore

Nomura Securities maintains a 'Buy' on Las Vegas Sands (NYSE: LVS) price target of $62.00.

Analyst, Harry C. Curtis, said, "While 2 licensed junkets will likely not make a great impact, it is a positive first step by the CRA as expectations for junket licensing have been low. We do caution the junket market in Singapore will not likely be Macau-style, but more like Las Vegas."

"For sensitivity, if and when MBS sponsored junkets are licensed, and assuming junkets add $10B to annual MBS’ VIP roll, that would add an estimated ~$125M to MBS’ EBITDA or $2/sh to LVS’s PT at 15x EV/EBITDA multiple for Singapore...Junkets should also reduce credit risk."

For an analyst ratings summary and ratings history on Las Vegas Sands click here. For more ratings news on Las Vegas Sands click here.

Shares of Las Vegas Sands closed at $57.30 yesterday.

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