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LVS’s MBS should get an FX boost in Q4.

  • If the current S$/US$ rate of 1.224 stands, it will result in almost a 5% favorable EBITDA impact for LVS’s MBS.
  • Expectations remain low in Singapore.  Q4 MBS estimates were lowered by another 3% following Q3 earnings.
  • After a drop in gaming market share in Q3 mostly due to hold, MBS should see a sequential comeback in Q4.  While both IRs held high in 4Q11, which will no doubt make YoY comparisons challenging, MBS has an easier hold comparison of 3.3% (4Q11) vs. RWS’s hold of 3.9%.

 CHART DU JOUR: SINGAPORE FX TAILWIND - fx2