3. Las Vegas Sands Corp. (NYSE:LVS)
Omega Advisors’ Stake Value: $45.84 million
Las Vegas Sands Corp. (NYSE:LVS) creates, owns, and manages integrated resorts located in Macao and Singapore. Their properties include The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao, Four Seasons Hotel Macao, Cotai Strip in Macao, and Marina Bay Sands in Singapore. These resorts offer a variety of features such as lodging, gaming, entertainment, shopping areas, spaces for conventions and exhibitions, and restaurants from renowned chefs. Leon Cooperman added Las Vegas Sands Corp. (NYSE:LVS) to his portfolio in Q3 2023 by purchasing 1 million shares for a value of $45.84 million.
On November 3, Las Vegas Sands Corp. (NYSE:LVS) declared a $0.20 per share quarterly dividend. The dividend was paid on November 15 to shareholders of record as of November 7.
As per Insider Monkey’s second quarter database, 52 hedge funds were bullish on Las Vegas Sands Corp. (NYSE:LVS), up from 50 funds in the preceding quarter. Steve Cohen’s Point72 Asset Management held a significant position in the company, with 2.43 million shares valued at $140.68 million.
Baron Real Estate Fund made the following comment about Las Vegas Sands Corp. (NYSE:LVS) in its first quarter 2023 investor letter:
“In the first quarter of 2023, we re-acquired shares in Macau-centric casino gaming companies Wynn Resorts, Limited and Las Vegas Sands Corp. (NYSE:LVS) with the following considerations in mind:
Since the early days of the COVID-19 pandemic in 2020 through mid-2022, the shares of Wynn and Las Vegas Sands significantly underperformed the share price performance of other U.S.-centric casino gaming and lodging companies due in large part to extremely limited travel mobility to Macau during China’s Zero-COVID policy. Just as business activity and the shares of U.S.-centric casino gaming companies rebounded sharply once people felt comfortable to travel to Las Vegas and other U.S. regional gaming markets, we have felt that Macau business activity and the shares of Macau-centric casino gaming companies would follow in the footsteps of Las Vegas-centric and other U.S. gaming and lodging companies and inflect positively once people were permitted to travel to Macau more freely.
China recently abandoned it’s Zero-COVID policy and removed travel restrictions in January 2023. We now believe both Wynn and Las Vegas Sands are well positioned to capitalize on China’s reopening.
For Las Vegas Sands, we believe additional drivers for future value creation beyond a re-emergence in Macau business activity include: (i) our expectation for a continued positive inflection in visitation and cash flow at Marina Bay Sands, Singapore; (ii) Las Vegas Sands’ plans to invest $4.5 billion in Macau and Singapore in the next 10 years; (iii) the company’s plans to pursue a New York casino and its prioritization of Texas as a new market; and (iv) the possibility that Las Vegas Sands reinstates its dividend in the next few years…”
