Valued at a market cap of $27.4 billion, Las Vegas Sands Corporation (LVS) is a leading developer of integrated resorts with operations primarily in the U.S. and Asia. Headquartered in Las Vegas, it operates three properties in Las Vegas, including The Venetian Casino and The Palazzo, along with an Expo and Convention Center in the U.S. In Asia, the company owns and operates several properties in Macao, China, and one in Singapore. 

Shares of the resort titan have trailed behind the broader market over the past year. While LVS has declined 15.3% over this time frame, the broader S&P 500 Index ($SPX) is up 8.6%. In 2025, the stock has tumbled 22.9%, while $SPX dropped 4.3% on a YTD basis. 

Zooming in further, LVS has underperformed the Consumer Discretionary Select Sector SPDR Fund (XLY) over the past year. The ETF has gained 11.5%, compared to LVS’ double-digit losses for the period.

On Apr. 23, Las Vegas Sands reported Q1 2025 results, with revenue falling 3.3% year-over-year to $2.86 billion, slightly below estimates, and net income dropping to $408 million from $583 million in the year-ago quarter. Adjusted EPS came in at $0.59, just below the expected 60 cents. Macau operations underperformed with revenue of $1.7 billion and continued market share pressure, while Singapore’s Marina Bay Sands once again outperformed, delivering $1.2 billion in revenue and $605 million in EBITDA, beating forecasts. 

The company repurchased $450 million in shares and raised its buyback authorization to $2 billion, while investing $379 million in capital expenditures. Investors responded positively, driving the stock up 6.5% in the following trading session.

For the current fiscal year, ending in December, analysts expect LVS’s adjusted EPS to rise 8.8% year over year to $2.47. Moreover, the company’s earnings surprise history is disappointing. It failed to beat the consensus estimate in each of the last four quarters.

Las Vegas Sands stock has a consensus “Moderate Buy” rating overall. Out of 15 analysts covering the stock, 10 advise a "Strong Buy," and five recommend a "Hold."

The consensus is less bullish than two months ago, with 11 “Strong Buy” ratings.

On Apr. 24, Barclays plc (BCS) lowered its price target on Las Vegas Sands from $53 to $51 but maintained an “Overweight” rating after the Q1 results. The firm noted that Macau’s performance came in below expectations, calling it a surprise to the downside. 

The mean price target of $52.60 suggests a premium of 32.9% to LVS’ current price levels. The Street-high target of $63.50 represents an upside potential of 60.4%.