Analyst upgrades view of Las Vegas Sands

LAS VEGAS, Nevada –- Las Vegas Sands Corp. reports second quarter earnings Thursday, but one gaming analyst isn't waiting for the official numbers to upgrade his view of the casino operator.

Macquarie Securities gaming analyst Joel Simkins said this morning investors might want to take another look at Las Vegas Sands, which operates the Venetian and Palazzo and three resorts in Macau.

"We note that we are not basing our upgrade on a second quarter earnings surprise, but simply believe that operational concerns and downside risks are abating," Simkins wrote in a research report.

Simkins said Las Vegas Sands has several catalysts working in the company's favor, including a potential initial public offering of shares in the company's Macau casinos on the Hong Kong Stock Exchange and the planned 2010 opening of the $5.5 billion Marina Bay Sands in Singapore.

"We believe investors will take a closer look at potential returns at the property and the global economic improvements bode well for Singapore future convention bookings," Simkins said.