Las Vegas Sands (NYSE:LVS) Macau Growth Underestimated Says Argus

Although of the attention on Las Vegas Sands (NYSE:LVS) has been on the rejection of the Macau government to develop two parcels, Argus sees many missing the growth Sands should enjoy from current properties in the country.

Argus analyst John Staszak wrote in a note, “In Macau, the gaming market is already larger than in Las Vegas, and we expect an expanding Chinese middle class and simplified travel requirements to spur growth.”

“Despite a modest slowdown in the Chinese economy, the strong results confirm our belief that our fourth-quarter 2010 forecast for 6% growth in Macau may be conservative,” Staszak added.

Also cited was the report from the Gaming Inspection and Coordination Board in Macau that gaming revenue had increased 42 percent in the early part of December, to $2.13 billion, second historically from the $2.30 billion gain in October of this year.

Gaming growth in Singapore and Las Vegas was also noted at helping shore up the results of Las Vegas Sands.

Sands closed Wednesday at $46.04, down $1.55, or 3.26 percent. Argus has a price target on them of $58.