LAS VEGAS—Robert G. Goldstein, Chairman and CEO of Las Vegas Sands Corp (NYSE:LVS), has sold a significant portion of his holdings in the company. According to a recent filing, Goldstein sold 119,221 shares of common stock on October 29, netting approximately $6.4 million. The shares were sold at a weighted average price of $53.73, with individual transaction prices ranging from $53.45 to $54.02.
Following this transaction, Goldstein holds 84,511 shares indirectly through The Robert and Sheryl Goldstein Trust. Additionally, he retains options to purchase 5,582,000 vested shares, options for 1,168,000 unvested shares, and 335,332 unvested restricted stock units.
This transaction highlights a notable shift in Goldstein's direct ownership, as he no longer holds shares directly. Investors will be watching closely to see how these changes might impact the company's stock performance.
In other recent news, Las Vegas Sands Corp has announced a significant $8 billion investment to expand its Marina Bay Sands resort in Singapore, a move reflecting the company's commitment to the city-state's tourism sector. The expansion, known as IR2, will include a new hotel tower, expanded gaming areas, and a 15,000-seat arena, among other features. Despite recent earnings falling short of analysts' expectations, the company is forging ahead with its ambitious plans.
In the meantime, financial firms Mizuho Securities and Stifel have updated their outlook on Las Vegas Sands. Mizuho raised the price target to $57, maintaining an Outperform rating, while Stifel increased the target to $64, keeping a Buy rating. Both adjustments come after Las Vegas Sands reported robust growth in its Macao and Singapore markets during the third quarter of 2024.
The company's total gaming revenue in Macao rose 13% year-over-year, and CEO Rob Goldstein projected that Macao's gross gaming revenues will exceed $30 billion by 2025. Despite disruptions from renovations, Macao's EBITDA reached $585 million, while Marina Bay Sands posted an EBITDA of $406 million. These recent developments highlight the company's strong performance and future growth prospects.
InvestingPro Insights
While Robert G. Goldstein's recent sale of LVS shares has caught investors' attention, it's important to consider the broader financial picture of Las Vegas Sands Corp. According to InvestingPro data, the company boasts a market capitalization of $37.67 billion and has demonstrated impressive revenue growth of 31.99% over the last twelve months as of Q3 2024.
One of the standout InvestingPro Tips for LVS is its impressive gross profit margins. This is reflected in the company's gross profit margin of 76.43% for the same period, indicating strong operational efficiency. Additionally, LVS has shown a robust EBITDA growth of 49.09%, suggesting improved profitability and cash flow generation.
Another relevant InvestingPro Tip highlights that LVS is trading at a low P/E ratio relative to its near-term earnings growth. With a P/E ratio of 25.79 and a PEG ratio of 0.19, the stock may be undervalued considering its growth prospects. This could be particularly interesting for investors in light of Goldstein's recent stock sale.
It's worth noting that InvestingPro offers 9 additional tips for LVS, providing a more comprehensive analysis for investors looking to delve deeper into the company's financial health and market position.
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