LVS: BEST IDEA LONG
KEY TOPICS OF DISCUSSION
Mass Outlook - Inflecting Positive
- Hedgeye Mass Tracker results
- Impact of new rooms on GGR
- Visitation (overnight vs. same-day), hotel guests stays, average length of stay, and RevPAR
2Q 2016 Market Analysis
- Mass table efficiency
- Minimum bet limit / observed average bets
- Promotional spending
- Market share analysis
LVS - Best Idea Long
- Mass centric business model
- Estimates look acheivable and potentially beatable
- Strong balance sheet - low leverage and high free cash flow generation
- Sustainable and growing dividend now funded by free cash flow - 6% dividend yield
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