Las Vegas Sands: 15+% Downside As More Casinos Fight Over A Shrinking Macau

Las Vegas Sands currently generates the majority of its EBITDA from its Macau casinos and has invested $2.7 billion in another Macau resort that is scheduled to open in 2016. Macau wants to keep the number of visitors at current levels though, while the number of hotel rooms is expected to increase by 50% by 2017.