Surprised By Las Vegas Sands' Slide? What Investors Missed

If you only glanced at Las Vegas Sands headlines recently, the MGM Resorts buyout bid and Macau sector buzz might have sounded like cause for celebration. Holding Las Vegas Sands from the start of the year would have meant a 41.5% loss, including dividends. If you had put money to work on 1 January, that outcome is what you lived through. The key issue now is whether the current mix of margin pressure in Macau and expansion plans in Singapore justifies a fresh look at the risk. Narratives are...