LVS – Market expectations are for Uniform ROA to decline, but management is confident about Macao, Singapore, and costs

• Las Vegas Sands Corp. (LVS:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a 52.2x Uniform P/E. Even at these levels, the market has bearish expectations for the firm, but management is confident about Macao revenue growth, their Singapore investments, and costs
  
  

• Specifically, management is confident Macao operations will be in a much better place in the fall, that they can grow revenue in Macao, and that new investments in Singapore will generate high returns over the next couple of years. In addition, they are confident they are controlling costs in different parts of the business and that they can raise additional liquidity from the bond market if needed