J.P. Morgan Previews Las Vegas Sands Q4 10 (LVS)
J.P. Morgan is out with its report on Las Vegas Sands (NYSE: LVS), previewing Q4 10 results.
In its report to clients, J.P. Morgan writes, "We expect 4Q10 property level EBITDAR from Macau (Venetian, Four Seasons, Sands) and Marina Bay Sands (MBS) to total $337.8 million and $314.2 million, respectively. Our sense is that these estimates are each well above sell-side expectations. Our Las Vegas property level EBITDAR estimate is $73.0 million and our Sands Bethworks property level EBITDAR estimate is $17.1 million. Depending on table hold and expense control, these estimates could be conservative. After corporate and rent expenses, we project 4Q10 EBITDA of $697.4m, above Street's $679.4m. Recall on January 7 we raised our 4Q ($697.4m from prior $682.4m) and out-year EBITDA estimates for LVS given stronger than expected Macau operating momentum."
J.P. Morgan maintains Overweight and a $55 PT on LVS.
At the time of posting, shares of LVS were trading at $48.14, up 3.55% from Monday's close.
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