- Despite the big VIP push starting last year, LVS trails the market average in table productivity by a wide margin
- Mass revenue per table is also below the market average but only by a small margin
- Assuming market average revenue per table, LVS could be generating approximately $200 million more in EBITDA annually. We expect the company to continue to improve its productivity in Mass and especially VIP throughout 2013.
Takeaway: LVS could generate significantly more revenues if it could match the market average VIP revenue per table