Las Vegas Sands Corp. is “vulnerable to increased competition” in 2009, according to a research note from Standard & Poor’s Equity Research.
“We think it is very vulnerable to increased competition in both markets, with Wynn’s Encore opening later this month [in Las Vegas] and 3 STARS-ranked (sic) Melco Crown Entertainment’s (MPEL) City of Dreams casino, resort and entertainment complex on the Cotai Strip in Macau, which opens in mid-2009.
“Las Vegas Sands’ monetisation efforts hinge on the sale of non core retail space in Macau and Singapore, which is expected to yield USD1 billion to USD3 billion,” adds the note.
