- Analyst says Marina Bay Sands has momentum.
- Expects Sands to buy back $2 billion worth of shares.
- Goldman analyst is also bullish on Wynn Resorts.
Already one of 2025’s best-performing casino stocks, Las Vegas Sands (NYSE: LVS) received some added support Monday when Goldman Sachs upgraded the stock.
Analyst Lizzie Dove lifted her rating on the Venetian Macau operator to “buy” from “hold” while boosting her price target to $80 from $64. The price objective implies upside of 18.1% from where the casino stock resides at this writing.
Among the reasons for the upgrade are strength at Marina Bay Sands in Singapore, where Dove says Las Vegas Sands continues taking market share from Resorts World Sentosa — the other integrated resort in the city-state. She says Sands’ Singapore business is “firing on all cylinders.”
Already one of the most profitable casino hotels in the world, Marina Bay Sands has consistently posted record-breaking results this year, surprising even the most bullish analysts as well as Sands executives. The property is the midst of an $8 billion expansion that some have dubbed a “tourism gamechanger” for Singapore and one that could benefit the operator in terms of garnering more business from Chinese tourists that flock to Singapore.
Las Vegas Sands Buyback in Focus
Over the past several years, Sands has increasingly become a shareholder rewards story, recently lifting a buyback plan with $700 million left on it to $2 billion.
Goldman’s Dove believes the operator can executive on that repurchase program, potentially to the maximum of $2 billion, while allocating significant capital to enhancements at Marina Bay Sands and its five Macau casino hotels.
Reducing its shares outstanding count is relevant for another reason. Since reinstating its dividend in July 2023, the Londoner Macau operator has twice boosted that payout. As more shares are retired by way of buy backs, the less Sands spends on its annual dividend obligations.
The company concluded the third quarter with $3.35 billion in unrestricted, cash indicating has the financial firepower with which to support return of capital to shareholders. Shares of Sands are higher by nearly 32% year-to-date.
Goldman Bullish on Wynn Resorts, Too
Dove maintained a “buy” rating on Wynn Resorts (NASDAQ: WYNN), though she offered some constructive commentary on the stock, which is up almost 47% since the start of 2025.
We believe Wynn offers best in class assets, with favorable leverage to higher-income consumers and an improving backdrop in Macau,” according to the analyst.
The stock is higher by almost 5% over the past month — a period including a recent analyst/investor event at the $5.1 billion Wynn Al Marjan Island in the United Arab Emirates (UAE). Analysts came away from that event largely bullish on the first casino resort in Middle East history, noting the venue could be a significant contributor to geographic diversification and long-term growth for Wynn.
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