Core Viewpoint - Las Vegas Sands has significantly outperformed its competitors in the casino and gambling sector over the past year, and this trend is expected to continue due to favorable market conditions and strategic positioning [1]. Group 1: Stock Performance - Las Vegas Sands' stock price has increased approximately 28% over the past 12 months, reaching $60, compared to an 18% growth in the S&P 500 [2]. - Analysts have set a median price target of $69 per share for the next 12 months, with recent upgrades from Jefferies to $78 and Bank of America to $70, indicating potential upside of 15% to 30% [2]. Group 2: Market Dynamics - Las Vegas Sands does not operate any casinos in Las Vegas, which has been beneficial as tourism in Las Vegas declined significantly last year [4]. - Visitor volume to Las Vegas dropped by 7.4% last year, with room occupancy falling by 3% and average daily rates decreasing by 5% [5]. - Competitors MGM and Caesars, which have significant operations in Las Vegas, have seen their stock prices rise only 6% and fall 22% respectively, with both companies reporting declines in casino and room revenues [6]. Group 3: Growth in Key Markets - Las Vegas Sands operates exclusively in Macau and Singapore, where the markets are experiencing substantial growth [8]. - Macau recorded a record 40 million visitors in 2025, a 15% increase year-over-year, surpassing pre-pandemic levels, with expectations for further growth in 2026 [9]. - Revenue from Las Vegas Sands' Macau properties increased by 8% year-over-year to $1.9 billion in the latest quarter [9].