We expect Las Vegas Sands' Macao resorts (53% of 2024 EBITDA) will continue to see a sales recovery in 2025 after China's removal of covid-19 restrictions in January 2023. We also think Las Vegas ...

We believe Sands China warrants a narrow moat rating because of its casino license in Macao, a valuable intangible asset that creates a high regulatory barrier to entry. Sands China is one of only six ...