5 Best Stocks to Buy on the Dip for Long Term

3. Las Vegas Sands Corp. (NYSE:LVS)

Number of Hedge Fund Holders: 52

Las Vegas Sands Corp. (NYSE:LVS) shares have lost about 3% year to date through November 12. Las Vegas Sands Corp. (NYSE:LVS) in October posted Q3 results. Adjusted EPS in the quarter came in at $0.55, meeting estimates. Revenue in the quarter jumped 177.2% year over year to $2.8 billion, beating estimates by $80 million.

As of the end of the second quarter of 2023, 52 hedge funds tracked by Insider Monkey reported owning stakes in Las Vegas Sands Corp. (NYSE:LVS). The most significant stakeholder of Las Vegas Sands Corp. (NYSE:LVS) during this period was Steve Cohen’s Point72 Asset Management which owns a $141 million stake in the company.

Baron Real Estate Fund made the following comment about Las Vegas Sands Corp. (NYSE:LVS) in its first quarter 2023 investor letter:

“In the first quarter of 2023, we re-acquired shares in Macau-centric casino gaming companies Wynn Resorts, Limited and Las Vegas Sands Corp. (NYSE:LVS) with the following considerations in mind:

Since the early days of the COVID-19 pandemic in 2020 through mid-2022, the shares of Wynn and Las Vegas Sands significantly underperformed the share price performance of other U.S.-centric casino gaming and lodging companies due in large part to extremely limited travel mobility to Macau during China’s Zero-COVID policy. Just as business activity and the shares of U.S.-centric casino gaming companies rebounded sharply once people felt comfortable to travel to Las Vegas and other U.S. regional gaming markets, we have felt that Macau business activity and the shares of Macau-centric casino gaming companies would follow in the footsteps of Las Vegas-centric and other U.S. gaming and lodging companies and inflect positively once people were permitted to travel to Macau more freely.

China recently abandoned it’s Zero-COVID policy and removed travel restrictions in January 2023. We now believe both Wynn and Las Vegas Sands are well positioned to capitalize on China’s reopening.

For Las Vegas Sands, we believe additional drivers for future value creation beyond a re-emergence in Macau business activity include: (i) our expectation for a continued positive inflection in visitation and cash flow at Marina Bay Sands, Singapore; (ii) Las Vegas Sands’ plans to invest $4.5 billion in Macau and Singapore in the next 10 years; (iii) the company’s plans to pursue a New York casino and its prioritization of Texas as a new market; and (iv) the possibility that Las Vegas Sands reinstates its dividend in the next few years…” (Click here to read the full text)