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    Las Vegas Sands Corp (LVS)

    Board Change

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    Business Description

    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 .

    1. Casino Operations - Operates extensive gaming facilities across its properties in Macao and Singapore, offering a wide range of gaming options to visitors.
    2. Hotel Rooms - Provides luxury accommodations in its Integrated Resorts, catering to both leisure and business travelers.
    3. Food and Beverage Services - Offers a variety of dining options, from casual eateries to fine dining restaurants, enhancing the overall guest experience.
    4. Mall Operations - Manages retail spaces within its resorts, featuring high-end shopping experiences with a range of international brands.
    5. 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.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Robert G. GoldsteinChairman and Chief Executive OfficerJanuary 26, 2021Robert G. Goldstein has been with Las Vegas Sands Corp. since 1995, holding various senior executive positions. He became Chairman and CEO on January 26, 2021. Previously, he was President and COO from January 2015, and President of Global Gaming Operations from January 2011 to December 2014 .
    Patrick DumontPresident and Chief Operating OfficerJanuary 26, 2021Patrick Dumont has been President and COO since January 26, 2021. He was previously Executive Vice President and CFO from March 2016. Dumont joined LVS over 13 years ago, serving as Principal Financial Officer in February 2016 and Senior Vice President, Finance and Strategy from September 2013 to February 2016 .
    Randy HyzakExecutive Vice President and Chief Financial OfficerJanuary 26, 2021Randy Hyzak has been EVP and CFO since January 26, 2021. Before this, he was Senior Vice President and Chief Accounting Officer from March 2016. Prior to LVS, he was Vice President and Chief Accounting Officer at Freescale Semiconductor, Inc. from February 2009 to March 2016, and worked at Ernst & Young LLP from 1994 to early 2005 .
    D. Zachary HudsonExecutive Vice President, Global General Counsel, and SecretarySeptember 2019D. Zachary Hudson has been EVP, Global General Counsel, and Secretary since September 2019. Before joining LVS, he was EVP, General Counsel, and Corporate Secretary for Afiniti from April 2016 to September 2019. He also worked at Bancroft PLLC from November 2011 to April 2016, and served as a law clerk to U.S. Supreme Court Chief Justice John Roberts .

    Questions to Ask Management

    1. 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?
    2. 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?
    3. 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?
    4. 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?
    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1Program 2Program 3
    Approval DateNovember 2016 June 2018 October 2023
    End Date/DurationNovember 2, 2018 November 2020 November 3, 2025
    Total Additional Amount$1.56 billion $2.50 billion $2.0 billion
    Remaining AuthorizationN/AN/A$2.0 billion
    DetailsInitial program Extension and increase Extension and increase

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    20252,425 2.900% and 5.125% Senior Notes2.900, 5.125 17.3% = (2,425 / 14,012) * 100
    20261,478 3.500% and 3.800% Senior Notes3.500, 3.800 10.5% = (1,478 / 14,012) * 100
    20272,600 5.900%, 2.300%, and 5.400% Notes5.900, 2.300, 5.400 18.6% = (2,600 / 14,012) * 100
    2028750 5.400% Senior Notes5.400 5.4% = (750 / 14,012) * 100
    20291,950 6.000%, 3.900%, and 2.850% Notes6.000, 3.900, 2.850 13.9% = (1,950 / 14,012) * 100
    2030694 4.375% Senior Notes4.375 5.0% = (694 / 14,012) * 100
    2031596 3.250% Senior Notes3.250 4.3% = (596 / 14,012) * 100
    20341,750 6.200% Senior Notes6.200 12.5% = (1,750 / 14,012) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Casinos located within Macao
    • Casinos located elsewhere in Asia, including South Korea, Malaysia, Philippines, Australia, Cambodia
    • Casinos located in Las Vegas
    • Online gaming and cruise ships that offer gaming
    • New developments in Malaysia, Australia, and South Korea
    • Potential future competitors in Japan, Taiwan, Thailand, and Vietnam if they legalize casino gaming

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2013PresentCurrent auditor

    Latest news

    Recent developments and announcements about LVS.

    Financial Reporting

      Earnings Report

      ·
      7 days ago

      Las Vegas Sands (LVS) Fourth Quarter 2024 Earnings Results

      Las Vegas Sands (NYSE: LVS) has released its fourth quarter 2024 earnings results as of January 29, 2025. Below are the key highlights:

      Financial Performance

      • Net Revenue: $2.90 billion, a slight decrease of 0.7% compared to Q4 2023 ($2.915 billion).
      • Net Income: $392 million, down from $469 million in Q4 2023.
      • Consolidated Adjusted Property EBITDA: $1.11 billion, compared to $1.20 billion in Q4 2023.

      Regional Highlights

      Macao Operations

      • Adjusted Property EBITDA: $571 million, impacted negatively by $22 million due to low hold on rolling play.
      • Net Revenue: $1.77 billion, a decline from $1.86 billion in Q4 2023.

      Marina Bay Sands (Singapore)

      • Adjusted Property EBITDA: $537 million, positively impacted by $2 million due to high hold on rolling play.
      • Net Revenue: $1.14 billion, up from $1.06 billion in Q4 2023.

      Stockholder Returns

      • Share Repurchase: $450 million worth of common stock repurchased during the quarter.
      • Dividend: A quarterly dividend of $0.20 per share was paid, with the next dividend of $0.25 per share scheduled for February 19, 2025.

      Key Trends and Insights

      • Macao Recovery: While Macao continues its recovery post-pandemic, visitor spending remains below pre-pandemic levels.
      • Singapore Growth: Marina Bay Sands showed strong performance, supported by new suite products and elevated service offerings.
      • Capital Investments: LVS invested $547 million in capital expenditures during Q4 2024, focusing on development and maintenance in Macao and Singapore.

      Full-Year 2024 Overview

      • Net Income: $1.45 billion, up from $1.22 billion in 2023.
      • Operating Income: $2.40 billion, compared to $2.31 billion in 2023.

      CEO Statement

      Robert G. Goldstein, Chairman and CEO, emphasized the company’s commitment to growth in Macao and Singapore, supported by ongoing capital investments and a focus on returning excess capital to shareholders.

      For further details, the company will host a conference call on January 29, 2025, at 1:30 PM PT.

      Sources: ,

    Corporate Leadership

      Board Change

      ·
      Jan 27, 2025, 9:42 PM

      Mark Besca has been elected as a new member of the Las Vegas Sands Corp. Board of Directors, effective January 27, 2025.