Las Vegas Sands has repurchased 14.3% of its own shares since late 2023 while the stock has fallen steadily below its 200-day moving average. When a company with $3.6 billion in quarterly revenue is aggressively buying its own declining stock, someone at the table believes the market is wrong... and operators in Macau and Singapore should be paying very close attention to what that bet implies.
Wynn's mega-resort in Ras Al Khaimah went from $3.9 billion to $5.1 billion before a single guest checked in, and now geopolitical conflict is pushing the opening past its 2027 target. The "modest delay" language on the earnings call is doing a lot of heavy lifting for what's really happening on that island.
Nikki Beach just announced a 100-suite, 50-villa integrated resort in Marrakech with a 2028 opening, and the concept reads like a lifestyle brand's dream pitch. Whether it survives contact with reality depends on questions the press release very carefully didn't answer.
Bally's just closed $157M for 16 acres of former golf course in the Bronx, locking in the land for a $4 billion integrated resort. The per-key cost on the hotel component alone is interesting, but the capital stack behind the whole project is where this story gets uncomfortable.
