Adding Las Vegas Sands to Secular Trends Portfolio (LVS)
Posted on | October 17, 2008 Time: 5:09 pm |
I’ve been keeping an eye on the gaming sector for a few weeks now, just wondering how low this group would go. By all accounts there aren’t any positive catalysts surrounding the stocks, save for what now appears to be distressed asset levels. Las Vegas Sands has huge property interests in Macau and runs the Venetian and Palazzo in Vegas, along with the biggest convention center in town. Shares of LVS are down 90% in the past year, down to well below what the dirt below the casinos is worth.
Again, there’s no reason why earnings should improve for a few quarters, but real estate on the “Strips” of the world has not depreciated to the extent that current stock prices reflect.
A full writeup on the investment thesis for Las Vegas Sands coming this weekend, for now wanting to get a small buy in of 2200 shares at $13.24
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Secular Trends Holdings
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- The Fuel That Fed the Subprime Meltdown (Written in September 2007)
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- Las Vegas Sands - Are They Sustainable in 2009? (Published 11/15/08)
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