Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We are looking at a company that owns some of the most valuable buildings on Earth — not because of the concrete, but because of the pieces of paper that permit what happens inside them. Las Vegas Sands operates casino-anchored integrated resorts in exactly two places, Macao and Singapore, and in both places the government has legislated scarcity: six concessions in Macao, two licenses in Singapore. You cannot compete with Marina Bay Sands by building across the street, because the law says you can't build across the street. The stock sits near a 52-week low at $46, knocked down by a quarter in which the dice came up wrong — VIP hold of 1.35% in Macao against a normal ~3.3%, costing roughly $87 million of EBITDA that the arithmetic of large numbers will return in time — plus a World Cup that kept some customers home watching football. Mr.
Recent filings analysed: 10-Q (2026-07-24), 8-K (2026-07-22), 8-K (2026-05-18), 8-K (2026-05-13).
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