Las Vegas Sands Corp. (LVS) is a leading developer and operator of world-class Integrated Resorts, primarily located in Macao and Singapore. The company specializes in providing a blend of gaming and non-gaming amenities, including casino operations, luxury hotel accommodations, fine dining, retail shopping, and convention services . LVS's properties are renowned for their diverse attractions, which include entertainment and MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, significantly enhancing customer experience and driving visitation .
- Casino Operations - Operates extensive gaming facilities across its properties in Macao and Singapore, offering a wide range of gaming options to visitors.
- Hotel Rooms - Provides luxury accommodations in its Integrated Resorts, catering to both leisure and business travelers.
- Food and Beverage Services - Offers a variety of dining options, from casual eateries to fine dining restaurants, enhancing the overall guest experience.
- Mall Operations - Manages retail spaces within its resorts, featuring high-end shopping experiences with a range of international brands.
- Convention, Retail, and Other Services - Delivers comprehensive MICE facilities and other services that support large-scale events and exhibitions, contributing to the resorts' appeal and customer engagement.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert G. Goldstein ExecutiveBoard | Chairman and CEO | Chairman of Sands China Ltd. | Joined LVS in 1995. Held roles such as President and COO. Became Chairman and CEO in January 2021. Key leader in LVS's global growth and recovery from the COVID-19 pandemic. | View Report → |
D. Zachary Hudson Executive | Executive Vice President, Global General Counsel, and Secretary | None | Joined LVS in 2019. Oversees global legal matters and corporate governance. Former General Counsel at Afiniti and law clerk to Chief Justice John Roberts. | |
Patrick Dumont Executive | President and COO | None | Joined LVS in 2010. Previously CFO. Played a key role in LVS's financial recovery and record EBITDA in Macao and Singapore in 2023. | |
Randy Hyzak Executive | Executive Vice President and CFO | None | Joined LVS in 2016. Previously Chief Accounting Officer. Oversees financial operations and compliance. Employment agreement extends through 2029. | |
Alain Li Board | Director | Independent Non-Executive Director at Rémy Cointreau SA; President of the French Chamber of Commerce and Industry in Hong Kong | Director since 2024. Former Regional Chief Executive, Asia Pacific for Richemont. Extensive leadership experience in luxury goods. | |
Charles D. Forman Board | Director | None | Director since 2004. Former executive of The Sands Expo and Convention Center. Extensive experience in hospitality and conventions. | |
Irwin Chafetz Board | Director | President of The Interface Group, LLC | Director since 2005. Former VP of Interface Group-Nevada and Las Vegas Sands, Inc. Extensive experience in hospitality and trade shows. | |
Lewis Kramer Board | Director | None | Director since 2017. Former partner at Ernst & Young LLP. Extensive financial and auditing expertise. | |
Mark Besca Board | Director | None | Director since 2025. No additional details provided in the documents. | |
Micheline Chau Board | Director | None | Director since 2014. Former President and COO of Lucasfilm Ltd. Chairs LVS's Compensation and Compliance Committees. |
- Given that a global competitor has recently been granted a license in the Middle East and presented favorable investment returns, how is Las Vegas Sands evaluating the potential risks and opportunities in that region, and what factors could lead you to decide against investing there?
- With the new leadership in Macao emphasizing diversification and investment in non-gaming sectors, how is Las Vegas Sands adapting its strategy to align with the government's directives, and what impact might this have on your gaming-focused operations?
- The contra gaming revenues as a percentage of gross gaming revenues in Macao decreased by nearly 200 basis points in the third quarter; can you explain how your cost discipline and pricing strategies contributed to this decline, and how sustainable these measures are without affecting market share?
- At Marina Bay Sands, the reported ADR reached $900 amid significant room renovations; to what extent is this high ADR driven by enhanced product quality versus temporary room compression, and how do you anticipate ADR levels will change as more rooms return to service?
- Regarding the IR2 development in Singapore, which includes plans to expand casino capacity, what specific regulatory approvals are still pending, and how are you addressing potential risks related to changes in the duopoly market status or gaming tax rates that could affect the project's long-term returns?
Research analysts who have asked questions during LAS VEGAS SANDS earnings calls.
Brandt Montour
Barclays PLC
4 questions for LVS
Robin Farley
UBS
4 questions for LVS
Shaun Kelley
Bank of America Merrill Lynch
4 questions for LVS
Carlo Santarelli
Deutsche Bank
3 questions for LVS
Chad Beynon
Macquarie
3 questions for LVS
Daniel Politzer
Wells Fargo
3 questions for LVS
David Katz
Jefferies Financial Group Inc.
3 questions for LVS
George Choi
Citigroup Inc.
3 questions for LVS
Joseph Stauff
Susquehanna Financial Group, LLLP
3 questions for LVS
Stephen Grambling
Morgan Stanley
3 questions for LVS
Steven Wieczynski
Stifel
3 questions for LVS
Benjamin Chaiken
Mizuho Financial Group, Inc.
1 question for LVS
Colin Mansfield
CBRE Institutional Research
1 question for LVS
George Troy
Citigroup
1 question for LVS
John DeCree
CBRE
1 question for LVS
Joseph Greff
JPMorgan Chase & Co.
1 question for LVS
Lizzie Dove
Goldman Sachs
1 question for LVS
Vitaly Umansky
Seaport Research Partners
1 question for LVS
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Nassau Live Center, LLC | 2023 |
Recent press releases and 8-K filings for LVS.
- China is turning after six months of aggressive fiscal, monetary and consumer stimulus, creating a “kicker” opportunity for portfolios.
- US multinationals with China exposure are preferred, with Las Vegas Sands highlighted as a prime play.
- 60% of LVS’s revenues are tied to Macau, where gross gaming revenues accelerated in the quarter, while Singapore operations are “on fire” and China retail mall performance rose 10%.
- LVS shares trade at 11x EBITDA, offering an attractive valuation entry point amid improving fundamentals.
- Portfolio manager Stephanie Link bought more Las Vegas Sands shares, noting the stock is flat year to date and earnings beat low expectations.
- Singapore operations, representing 40% of revenues, outpaced forecasts by 44%, driving overall earnings strength.
- Macau segment (60% of revenues) reported improved margins, with CAPEX $400 million below expectations, indicating the approaching end of its renovation cycle.
- The nearing completion of Macau renovations is expected to support market share recovery in the second half of 2025.
- Delivered a historic $768 million quarterly casino win in Singapore, including over $100 million in high hold, marking the highest single-quarter property performance globally.
- Reiterated full-year guidance of $2.5 billion in adjusted property EBITDA.
- Announced an $8 billion investment for a new Singapore property to capture rising super-luxury tourism demand.
- Shifted Macau strategy toward a more competitive approach to regain market share after market intensification.
- Noted that geopolitical tensions may affect Macau, but a rebound to a $30–32 billion market in gaming would significantly benefit the company.
- Las Vegas Sands commenced construction on a US$8 billion ultra-luxury integrated resort in Singapore, officiated July 15, 2025, by Singapore’s Prime Minister and company leadership.
- The project features a 55-storey, 570-suite hotel tower with a 76,000 sq ft Skyloop; a 15,000-seat arena; and 200,000 sq ft of premium meeting space.
- Designed under the Sands ECO360 sustainability strategy, it incorporates biophilic elements, low-carbon materials, and plans to divert 75% of construction waste from landfills.
- Since 2010, Las Vegas Sands’ investment in Singapore will exceed US$15 billion, supporting over 12,000 team members and 92% local procurement in 2024.
- On May 6, 2025, the company executed a Ninth Supplemental Indenture to issue a series of 6.000% Senior Notes due 2030 with a principal limit of $500 million.
- The indenture specifies key terms including a maturity date of June 14, 2030, semi-annual interest payments at 6.000% per annum, and issuance in the form of Global Notes.
- Additionally, concurrent disclosures noted an underwritten public offering of 5.625% Senior Notes due 2028 for $1.0 billion, with proceeds designated for debt redemption and general corporate purposes.
- Financial Performance: Q1 2025 results reported net revenue of $2.86B, net income of $408M, and diluted EPS of $0.49, reflecting a decline vs Q1 2024
- Consolidated Adjusted EBITDA: Achieved $1.14B with adjustments reconciled to GAAP measures
- Macao & Londoner Performance: In Macao, the firm posted $535M EBITDA with margins impacted by lower-than-expected hold, while the Londoner with 2,405 rooms is now fully open ahead of Golden Week
- Marina Bay Sands Milestone: Delivered a record adjusted property EBITDA of $605M at a 52% margin, driven by high-value tourism
- Capital Actions: Executed a $450M share repurchase and raised its repurchase authorization to $2.0B
- Dividend: Maintained a quarterly dividend of $0.25 per common share, supporting ongoing capital investments in Macao and Singapore