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%.