Investors anticipating a near term catalyst of an asset sale announcement may have to wait a little longer.  Our reconnaissance suggests that LVS may not be very far along in terms of selling the mall(s) or the Sands.  Furthermore, the company is probably not close to implementing a plan to avoid breaching the maximum leverage covenant on the Macau facility.

LVS maintains enough levers to pull to avoid the breach.  The turn in its business, due in part to impressive cost cutting, is encouraging.  Asset sales and a bank rework are still potentially parts of the ultimate solution.  However, investors may need to be a bit more patient on the timing.