J.P. Morgan Previews Las Vegas Sands Q4 10 (LVS)

J.P. Morgan is out with its report on Las Vegas Sands

, 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 (

) 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.