And if normalcy does return, at some point LVS stock will look awfully cheap. The company currently has an enterprise value (market cap plus net debt) of about $31 billion. That's less than 8x 2019 Adjusted Property EBITDA from Asia, even adjusted for the company's 70% ownership of its Macau operations. (Sands' China subsidiary, Sands China (HK: 1928 ), is listed on the Hong Kong Stock Exchange.)