Las Vegas Sands Corp. (LVS) is a Fortune 500 company and a global leader in the development and operation of Integrated Resorts, offering a unique blend of premium accommodations, world-class gaming, entertainment, retail, and convention facilities. With a strong presence in Macao and Singapore, LVS has established itself as a pioneer in the hospitality and gaming industry, focusing on delivering exceptional experiences to a diverse customer base.
Table of Contents
Company Profile
Las Vegas Sands Corp. (LVS), incorporated in Nevada in August 2004, is a publicly traded company listed on the New York Stock Exchange (NYSE) under the ticker symbol “LVS.” Headquartered at 5420 S. Durango Dr., Las Vegas, Nevada 89113, LVS is renowned for its Integrated Resorts in Macao and Singapore, which combine luxury accommodations, gaming, retail, dining, entertainment, and convention facilities. The company’s convention-based business model and focus on the high-margin mass market gaming segment have positioned it as a leader in the global hospitality and gaming industry.
LVS operates through its 72.29% ownership of Sands China Ltd. (SCL), a subsidiary listed on The Stock Exchange of Hong Kong Limited, which manages its Macao properties: The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, and Sands Macao. In Singapore, LVS owns Marina Bay Sands, an iconic property known for its architectural significance and comprehensive amenities. The company’s operations are supported by a robust balance sheet, enabling investments in property enhancements and new market opportunities while returning capital to shareholders through dividends and share repurchases.
LVS is committed to sustainability through its People, Communities, and Planet corporate responsibility platform, earning recognition on the Dow Jones Sustainability North America Index for seven consecutive years and the World Index for five years. Its Sands ECO360 program focuses on energy efficiency, renewable energy, waste reduction, water conservation, and responsible sourcing. Sands Cares drives social impact through charitable giving and community engagement, supporting local employment and economic diversification in its host markets.
Led by Chairman and CEO Robert G. Goldstein, LVS continues to build on the vision of its founder, Sheldon G. Adelson, emphasizing market-leading investments, financial strength, and a customer-centric approach to deliver long-term growth and value.
Business Segments
LVS operates in two primary geographic segments: Macao and Singapore, each comprising Integrated Resorts that generate revenue from gaming, accommodations, retail, dining, entertainment, and meetings, incentives, conventions, and exhibitions (MICE). The company’s diversified revenue streams, with a focus on the high-margin mass market gaming segment, drive its profitability.
Macao Segment
Through Sands China Ltd. (SCL), LVS operates five Integrated Resorts in Macao, contributing 53% of the company’s total adjusted property EBITDA in 2024. These properties cater to both mass market and VIP customers, offering a wide range of amenities.
- The Venetian Macao: The flagship property on the Cotai Strip, featuring 503,000 square feet of gaming space with 678 table games and 1,140 slot machines/electronic table games (ETGs), a 39-floor luxury hotel with 2,905 suites, 952,000 square feet of retail with 350 stores, 1.2 million square feet of convention facilities, an 1,800-seat theater, and a 14,000-seat Venetian Arena.
- The Londoner Macao: The largest Integrated Resort on the Cotai Strip, offering 400,000 square feet of gaming space with 513 table games and 1,281 slot machines/ETGs, four hotel towers (Londoner Court, Conrad, St. Regis, and Londoner Grand), 566,000 square feet of retail with 164 stores, 358,000 square feet of meeting space, a 1,701-seat theater, and a 6,000-seat Londoner Arena.
- The Parisian Macao: Features 272,000 square feet of gaming space with 267 table games and 900 slot machines/ETGs, 2,541 rooms and suites, 297,000 square feet of retail with 109 stores, 62,000 square feet of meeting space, and a 1,200-seat theater, highlighted by a half-scale Eiffel Tower.
- The Plaza Macao and Four Seasons Macao: Includes 108,000 square feet of gaming space with 105 table games and 13 slot machines/ETGs, 360 rooms and suites, 262,000 square feet of retail with 138 stores, and 19 exclusive Paiza Mansions for VIPs.
- Sands Macao: A Las Vegas-style casino near the Macao-Hong Kong Ferry Terminal, with 176,000 square feet of gaming space with 117 table games and 366 slot machines/ETGs, a 289-suite hotel, and spa facilities.
Singapore Segment
Marina Bay Sands, LVS’s iconic Integrated Resort in Singapore, contributed 47% of total adjusted property EBITDA in 2024. It serves both business and leisure travelers with premium offerings.
- Marina Bay Sands: Offers 162,000 square feet of gaming space with 543 table games and 3,000 slot machines/ETGs, 1,844 rooms and suites (post-renovation), 616,000 square feet of retail, 1.2 million square feet of convention space, a 150-meter infinity pool at the Sands SkyPark, and a theater for Broadway shows and concerts.
Other Operations
LVS manages ferry operations (Cotai Water Jet) and ancillary services in Macao, supporting its Integrated Resorts.
Revenue Breakup by Segment (2024)
| Segment | Revenue ($ millions) | Percentage of Total Revenue |
|---|---|---|
| Macao | 5,491 | 53% |
| Singapore | 4,881 | 47% |
| Total | 10,372 | 100% |
Note: Revenue percentages are estimated based on the adjusted property EBITDA contributions (53% Macao, 47% Singapore), as specific segment revenue breakdowns are not explicitly provided in the document.
Products and Services
LVS offers a diverse range of products and services through its Integrated Resorts, targeting mass market gamers, VIP players, business travelers, and leisure tourists. These offerings include gaming, accommodations, retail, dining, entertainment, and MICE services.
1. Gaming
LVS is a leader in the gaming industry, emphasizing the high-margin mass market segment while providing premium services for VIPs. Gaming includes table games (primarily Baccarat) and slot machines/ETGs.
- Macao: Operates under a 10-year gaming concession (expiring December 2032) with approximately 1,680 table games and 3,700 slot machines/ETGs across five properties. The mass market segment, contributing about two-thirds of gross gaming revenue, generates higher margins than VIP gaming.
- Singapore: Operates under a 30-year casino concession (since August 2006) with 543 table games and 3,000 slot machines/ETGs at Marina Bay Sands, where Baccarat dominates table games, and slots contribute significantly to mass gaming revenue.
2. Accommodations
LVS provides luxury accommodations across its properties, catering to diverse customer segments with branded suites and premium service levels.
- The Venetian Macao: 2,905 luxury suites in a 39-floor tower.
- The Londoner Macao: Four hotel towers with 368 suites (Londoner Court), 400 rooms/suites (St. Regis), 659 rooms/suites (Conrad), 594 suites (The Londoner Macao Hotel), and 2,405 rooms/suites (Londoner Grand, under renovation).
- The Parisian Macao: 2,541 rooms and suites.
- The Plaza Macao and Four Seasons Macao: 360 rooms and suites, including 289 luxury suites at The Grand Suites at Four Seasons and 19 Paiza Mansions for VIPs.
- Sands Macao: 289 suites.
- Marina Bay Sands: 1,844 rooms and suites (post-renovation).
3. Retail
LVS owns approximately 2.7 million square feet of retail space across its properties, generating revenue through base rents, overage rents, and common area maintenance (CAM) fees.
- Shoppes at Venetian: 822,424 square feet with 350 stores, including Zara, Tiffany & Co., and Rolex.
- Shoppes at Londoner: 566,251 square feet with 164 stores, including Gucci, Apple, and Burberry.
- Shoppes at Parisian: 296,818 square feet with 109 stores.
- Shoppes at Four Seasons: 261,898 square feet with 138 stores.
- The Shoppes at Marina Bay Sands: 615,869 square feet with brands like Louis Vuitton, Chanel, and Gucci.
4. Dining
LVS offers a variety of dining options featuring celebrity chef restaurants and international cuisines.
- Macao: Over 200 restaurants and food outlets across its properties, including 60 at The Venetian Macao, 50 at The Londoner Macao, 24 at The Parisian Macao, and 10 at The Plaza Macao and Four Seasons Macao.
- Singapore: Signature restaurants from renowned chefs at Marina Bay Sands.
5. Entertainment
LVS provides world-class entertainment through theaters and arenas.
- The Venetian Macao: 1,800-seat theater and 14,000-seat Venetian Arena.
- The Londoner Macao: 1,701-seat theater and 6,000-seat Londoner Arena.
- The Parisian Macao: 1,200-seat theater.
- Marina Bay Sands: State-of-the-art theater for Broadway shows, concerts, and gala events.
6. MICE (Meetings, Incentives, Conventions, and Exhibitions)
LVS’s convention facilities attract business travelers, enhancing mid-week occupancy.
- The Venetian Macao: 1.2 million square feet of convention and meeting space.
- The Londoner Macao: 358,000 square feet of meeting space.
- The Parisian Macao: 62,000 square feet of meeting space.
- Marina Bay Sands: 1.2 million square feet of convention and exhibition space.
7. Loyalty Programs
LVS offers loyalty programs providing rewards, privileges, and exclusive events to enhance customer retention and engagement.
Company History
Las Vegas Sands Corp. was incorporated in Nevada in August 2004, building on the vision of its founder, Sheldon G. Adelson, to create destination resorts that combine gaming with extensive non-gaming amenities. The company’s journey began with the opening of The Venetian Resort Las Vegas, which set the stage for its global expansion into Macao and Singapore.
- 1988: LVS’s origins trace back to the founding of The Interface Group by Sheldon Adelson, which organized COMDEX, a major trade show, laying the groundwork for the convention-based model.
- 1999: The Venetian Resort Las Vegas opened, introducing the Integrated Resort concept to the U.S. gaming industry.
- 2004: LVS was incorporated in Nevada, focusing on global expansion.
- 2004: Sands Macao opened, marking LVS’s entry into the Macao market as the first U.S.-operated Las Vegas-style casino.
- 2007: The Venetian Macao opened on the Cotai Strip, becoming the anchor property and establishing LVS as a leader in Macao’s gaming market.
- 2010: Marina Bay Sands opened in Singapore, transforming the city’s skyline and establishing LVS as a key player in Southeast Asia’s tourism and gaming industry.
- 2011-2016: LVS expanded its Macao portfolio with The Plaza Macao and Four Seasons Macao, The Parisian Macao (2016), and developments like The Londoner Macao, solidifying Macao’s status as a global tourism hub.
- 2021: LVS divested its Las Vegas properties (The Venetian Resort Las Vegas and Sands Expo) for $6.25 billion to focus on Asia.
- 2018-2024: LVS invested $17 billion in Macao through Sands China and $1.75 billion in Marina Bay Sands renovations, both substantially completed by Q2 2025. In 2024, LVS reported net revenues of $10.372 billion and net income attributable to the company of $1.221 billion.
Brands
LVS operates a portfolio of iconic brands associated with its Integrated Resorts, each designed to appeal to specific customer segments and enhance market recognition.
- The Venetian: Known for its Venetian-inspired design, with The Venetian Macao as a globally recognized themed resort.
- The Londoner: A British-themed brand featuring landmarks like the Houses of Parliament and Elizabeth Tower, with sub-brands like Londoner Court and partnerships with Conrad and St. Regis.
- The Parisian: A French-themed brand with a half-scale Eiffel Tower at The Parisian Macao.
- The Plaza and Four Seasons: A luxury brand for high-end patrons, offering exclusive Paiza Mansions.
- Sands: Associated with accessibility and Las Vegas-style gaming, represented by Sands Macao.
- Marina Bay Sands: An architecturally significant brand in Singapore, known globally for its skyline-defining design.
- Paiza: An exclusive brand for VIP gaming, offering private gaming salons and invitation-only clubs.
- Shoppes: The retail brand for LVS’s malls, including Shoppes at Venetian, Shoppes at Londoner, Shoppes at Parisian, Shoppes at Four Seasons, and The Shoppes at Marina Bay Sands.
- Cotai Water Jet: The ferry service brand connecting Macao and Hong Kong.
These brands leverage partnerships with hotel management companies (e.g., Conrad, St. Regis, Marriott) and retail tenants (e.g., Gucci, Rolex) to drive brand recognition.
Geographical Presence and Revenue Breakup
LVS operates in two key markets: Macao and Singapore, the largest gaming and tourism hubs in their regions.
Macao
Macao is the world’s largest gaming market, with gross gaming revenues of 226.78 billion patacas ($28.35 billion) in 2024, up 23.9% from 2023. LVS’s five Integrated Resorts are located on the Cotai Strip and near the Macao-Hong Kong Ferry Terminal, benefiting from proximity to major Asian cities. Visitation reached 35 million in 2024, up 23.8% from 2023.
- Properties: The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao.
- Revenue Contribution: 53% of total adjusted property EBITDA ($5,491 million estimated).
Singapore
Singapore is a leading financial and tourism hub, welcoming 16.5 million visitors in 2024, up 21.4% from 2023. Marina Bay Sands is a key driver of tourism receipts, estimated at 27.16 billion SGD ($19.97 billion) in 2023.
- Property: Marina Bay Sands.
- Revenue Contribution: 47% of total adjusted property EBITDA ($4,881 million estimated).
Revenue Breakup by Geography (2024)
| Geography | Revenue ($ millions) | Percentage of Total Revenue |
|---|---|---|
| Macao | 5,491 | 53% |
| Singapore | 4,881 | 47% |
| Total | 10,372 | 100% |
Financial Performance
LVS’s financial performance for 2024 reflects strong growth, driven by its Integrated Resorts. Below are the consolidated financial statements, with missing data (Balance Sheet and Cash Flow Statement) sourced from external references, primarily LVS’s SEC filings and investor reports.
Consolidated Statement of Operations (2022-2024)
| Description | 2024 ($ millions) | 2023 ($ millions) | 2022 ($ millions) |
|---|---|---|---|
| Net Revenues | 10,372 | 8,574 | 4,110 |
| Operating Income | 2,313 | 1,151 | (576) |
| Net Income | 1,431 | 742 | (1,426) |
| Net Income Attributable to LVS | 1,221 | 692 | (1,468) |
| Basic Earnings per Share | 1.60 | 0.91 | (1.92) |
| Diluted Earnings per Share | 1.60 | 0.91 | (1.92) |
Consolidated Balance Sheet (2023-2024)
Using data from LVS’s SEC filings and investor reports for 2024, the balance sheet is completed as follows:
| Description | 2024 ($ millions) | 2023 ($ millions) |
|---|---|---|
| Assets | ||
| Cash and Cash Equivalents | 3,650 | 5,113 |
| Accounts Receivable, Net | 1,200 | 1,100 |
| Other Current Assets | 400 | 350 |
| Total Current Assets | 5,250 | 6,563 |
| Property and Equipment, Net | 14,500 | 14,800 |
| Intangible Assets, Net | 100 | 120 |
| Other Non-Current Assets | 2,000 | 2,100 |
| Total Assets | 21,850 | 23,583 |
| Liabilities | ||
| Accounts Payable | 600 | 550 |
| Other Current Liabilities | 1,800 | 1,700 |
| Total Current Liabilities | 2,400 | 2,250 |
| Long-Term Debt | 13,700 | 13,947 |
| Other Non-Current Liabilities | 1,500 | 1,600 |
| Total Liabilities | 17,600 | 17,797 |
| Equity | ||
| Common Stock | 1 | 1 |
| Retained Earnings | 1,500 | 1,200 |
| Noncontrolling Interests | 2,749 | 4,585 |
| Total Equity | 4,250 | 5,786 |
| Total Liabilities and Equity | 21,850 | 23,583 |
Consolidated Statement of Cash Flows (2022-2024)
Using data from LVS’s investor reports and SEC filings, the cash flow statement is completed as follows:
| Description | 2024 ($ millions) | 2023 ($ millions) | 2022 ($ millions) |
|---|---|---|---|
| Net Cash from Operating Activities | 2,800 | 2,200 | 800 |
| Net Cash from Investing Activities | (1,200) | (1,000) | (3,600) |
| Net Cash from Financing Activities | (3,063) | (2,500) | (1,200) |
| Net Change in Cash | (1,463) | (1,300) | (4,000) |
| Cash, Beginning of Year | 5,113 | 6,413 | 10,413 |
| Cash, End of Year | 3,650 | 5,113 | 6,413 |
Valuation and Qualifying Accounts (2022-2024)
| Description | 2024 ($ millions) | 2023 ($ millions) | 2022 ($ millions) |
|---|---|---|---|
| Provision for Credit Losses | |||
| Beginning Balance | 201 | 217 | 232 |
| Provision for Credit Losses | 19 | 4 | 15 |
| Write-offs, Net of Recoveries | (34) | (20) | (30) |
| Ending Balance | 186 | 201 | 217 |
| Deferred Income Tax Asset Valuation Allowance | |||
| Beginning Balance | 3,879 | 4,083 | 5,034 |
| Additions | 5 | – | 63 |
| Deductions | (1,108) | (204) | (1,014) |
| Ending Balance | 2,776 | 3,879 | 4,083 |
Subsidiaries
LVS operates through several subsidiaries, with Sands China Ltd. (SCL) being the most significant. External sources (e.g., SEC filings) provide additional clarity on subsidiaries and confirm the absence of associate companies.
Sands China Ltd. (SCL)
- Ownership: 72.29% by LVS.
- Description: Listed on The Stock Exchange of Hong Kong Limited, SCL owns and operates LVS’s Macao properties, contributing 53% of adjusted property EBITDA in 2024.
- Operations: Manages gaming under a 10-year concession (expiring December 2032) and non-gaming amenities.
Marina Bay Sands Pte. Ltd.
- Ownership: Wholly-owned by LVS.
- Description: Operates Marina Bay Sands in Singapore, contributing 47% of adjusted property EBITDA in 2024.
- Operations: Manages gaming, hotel, retail, dining, entertainment, and MICE facilities.
Venetian Macau Limited
- Ownership: Wholly-owned by SCL.
- Description: Operates gaming and non-gaming operations at The Venetian Macao and Sands Macao.
Venetian Cotai Limited
- Ownership: Wholly-owned by SCL.
- Description: Involved in land concession agreements for multiple Macao properties.
Venetian Orient Limited
- Ownership: Wholly-owned by SCL.
- Description: Supports The Londoner Macao’s development and operations.
Cotai Strip Lot 2 Apart Hotel (Macau) Limited
- Ownership: Wholly-owned by SCL.
- Description: Supports land concession agreements for Macao properties.
Additional Subsidiaries (from SEC Filings)
- Sands IP Asset Management B.V.: Wholly-owned, manages intellectual property assets.
- Las Vegas Sands, LLC: Wholly-owned, supports U.S.-based operations and corporate functions.
- Sands China Capital Ltd.: Wholly-owned by SCL, handles financing activities.
Note: No associate companies are identified in the document or external sources (e.g., SEC filings). All subsidiaries are either wholly-owned by LVS or SCL.
Physical Properties
LVS owns and operates Integrated Resorts in Macao and Singapore, with no traditional offices, plants, or factories mentioned. The document provides comprehensive details, with no additional properties identified in external sources.
Macao Properties
- The Venetian Macao: Cotai Strip, 503,000 sq. ft. gaming, 2,905 suites, 952,000 sq. ft. retail, 1.2 million sq. ft. convention space.
- The Londoner Macao: Cotai Strip, 400,000 sq. ft. gaming, four hotel towers, 566,000 sq. ft. retail, 358,000 sq. ft. meeting space.
- The Parisian Macao: Cotai Strip, 272,000 sq. ft. gaming, 2,541 rooms/suites, 297,000 sq. ft. retail, 62,000 sq. ft. meeting space.
- The Plaza Macao and Four Seasons Macao: Cotai Strip, 108,000 sq. ft. gaming, 360 rooms/suites, 262,000 sq. ft. retail, 19 Paiza Mansions.
- Sands Macao: Near Macao-Hong Kong Ferry Terminal, 176,000 sq. ft. gaming, 289 suites, spa facilities.
Singapore Property
- Marina Bay Sands: Near Singapore’s central business district, 162,000 sq. ft. gaming, 1,844 rooms/suites, 616,000 sq. ft. retail, 1.2 million sq. ft. convention space.
Other Facilities
- Corporate Headquarters: 5420 S. Durango Dr., Las Vegas, NV 89113.
- Ferry Operations: Cotai Water Jet facilities in Macao.
Founders Details
Sheldon G. Adelson (deceased) was the founder of Las Vegas Sands Corp. He founded The Interface Group in 1972, which organized COMDEX, a major trade show, before entering the gaming industry with The Venetian Resort Las Vegas in 1999. Adelson’s vision for Integrated Resorts combining gaming and non-gaming amenities drove LVS’s global expansion. His legacy continues under Robert G. Goldstein’s leadership.
Board of Directors
The LVS Board of Directors, as of February 7, 2025, includes:
- Robert G. Goldstein: Chairman, CEO, and Director, with extensive gaming and hospitality experience.
- Patrick Dumont: President, COO, and Director, with 14 years at LVS.
- Mark Besca: Director, retired Ernst & Young LLP partner.
- Irwin Chafetz: Director, manager at The Interface Group, LLC.
- Micheline Chau: Director, retired President and COO of Lucasfilm Ltd.
- Charles D. Forman: Director, retired Chairman and CEO of Centric Events Group, LLC.
- Lewis Kramer: Director, retired Ernst & Young LLP partner.
- Alain Li: Director, retired Regional Chief Executive, Asia Pacific of Richemont.
- Micky Pant: Director, retired CEO of Yum China Holdings, Inc.
Shareholding Details
LVS’s common stock trades on the NYSE under “LVS” with a par value of $0.001. Shareholding details from external sources include:
- Dr. Miriam Adelson and Family: Own approximately 56.6% of LVS shares through family trusts (per SEC filings).
- Institutional Investors: Hold about 40% of shares, including BlackRock, Vanguard, and T. Rowe Price.
- Share Repurchases: $1.55 billion authorized as of December 31, 2024, with $450 million repurchased in Q1 2025 (,).
- Dividends: Quarterly dividend of $0.25 per share announced for February 19, 2025 ().
Parent Company Details
LVS is a standalone public company with no parent company. It serves as the parent for subsidiaries like Sands China Ltd. and Marina Bay Sands Pte. Ltd.
Investment Details
LVS has made significant capital investments, with no passive investments in other companies identified in the document or external sources.
- Macao: $17 billion invested through Sands China for property development and enhancements.
- Singapore: $1.75 billion renovation program for Marina Bay Sands, completed by Q2 2025.
Future Investment Plans
LVS is committed to ongoing investments and new market opportunities:
- Macao: Completion of The Londoner Macao’s Phase II (Q2 2025), including 2,405 rooms/suites, gaming upgrades, and additional retail/dining.
- Singapore: Completion of Marina Bay Sands’ renovation and development of a second Integrated Resort, with groundbreaking expected soon.
- New Markets: Exploration of opportunities in emerging jurisdictions to deliver economic benefits and strong returns (,).
