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The stock should be flat on this earnings release.  Macau disappointed on already reduced numbers, Las Vegas was surprisingly weak, and when one-time items and good luck is stripped away from Marina Bay Sands, Singapore performed in line.  So why shouldn’t the stock be down?  Well, the quarter wasn’t awful and could’ve been worse.  However, management’s repeated mantra – Where’s the slowdown? – rang hollow.  There was ample evidence of a slowdown across many metrics across all properties.

There’s a lot to like about LVS over the long-term and we will be positive on this stock again.  For now, we will stay on the sidelines.  There is no evidence of a fundamental bottom in Macau and in fact, January looks worse to us than Q4.  Optically (on a YoY basis), February will be awful.  Risks remain high and visibility low.  We wouldn’t be surprised to see another leg down.

Please see our detailed note: http://docs.hedgeye.com/HE_LVS_Slowdown_4Q2014_1.29.15.pdf