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Las Vegas Sands didn’t immediately respond to a request to make Goldstein available for comment. Penn National shares are off their highs, but are up 10% so far this year. Caesars is down 20% and Las Vegas Sands has slipped 3%, excluding dividend payments. All three are expected to benefit by different degrees from the Supreme Court’s decision in May invalidating the Professional Amateur Sports Protection Act (PASPA), and legalizing sports betting. Morgan Stanley analyst Thomas Allen wrote in a report at the time that, “Regional operators Boyd Gaming (BYD) and Penn National are likely the biggest beneficiaries in our coverage given their smaller market caps and exposure to numerous states.” In late June, Allen raised his target price on Las Vegas Sands by $1 to $86 to account for the “limited impact” U.S. sports betting will have on the firm, given its footprint and size. Las Vegas Sands gets 90% of its earnings before interest, taxes, depreciation and amortization from Asia, Allen noted, and is selling its lone non-Nevada U.S. property . Las Vegas Sands dwarfs regional operators Penn National and Caesars with a market capitalization of about $52 billion; Caesars stands at $7 billion, while Penn National is less than half that at $3 billion. Jefferies analyst David Katz wrote in April that Caesars and Penn National had the most to gain from the potential demise of PASPA.

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