LAS VEGAS SANDS CORP (LVS)

Las Vegas Sands Corp. is a developer and operator of destination properties called Integrated Resorts, which combine premium accommodations, gaming, entertainment, retail malls, convention and exhibition facilities, celebrity chef restaurants and other amenities. The company owns and operates Integrated Resorts in Macao and Singapore. It was incorporated in Nevada in 2004, its common stock trades on the NYSE under the symbol "LVS," and it owns 74.80% of Sands China Ltd. (SCL), whose shares are listed in Hong Kong. Its strategy centers on the higher-margin mass market gaming segment, including premium mass, while offering luxury amenities to VIP patrons, and on driving leisure and business tourism through its meetings, incentives, conventions and exhibitions (MICE) facilities.

Management reviews results by operating segment, generally each Integrated Resort. In Macao these are The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; and Sands Macao. In Singapore the segment is Marina Bay Sands. A further category, Ferry Operations and Other, covers ferry services and other operations ancillary to the Macao properties. The Macao properties have gaming areas with hundreds of table games and over a thousand slot machines and electronic table games each, thousands of hotel suites and rooms (including St. Regis, Conrad, Luxury Collection and Four Seasons brands), theaters and arenas, and large convention space. Marina Bay Sands has three 55-story hotel towers with 1,844 rooms, the Sands SkyPark, about 157,000 square feet of gaming space, a retail mall, a museum, a theater and about 1.2 million square feet of meeting space. The company owns about 2.9 million square feet of gross retail space across its malls, earning revenue from base rents, overage rents and common area maintenance reimbursements, with tenants including major luxury and international brands. It has about 2.8 million square feet of MICE space globally. In 2025, Macao and Singapore contributed 44% and 56% of adjusted property EBITDA, respectively.

The company serves leisure and business travelers, mass market and premium mass gamblers, and VIP patrons, the last through exclusive facilities under the Paiza brand. In Macao, the world's largest gaming market, gross gaming revenue was 247.40 billion patacas in 2025 and visitation was about 40 million. Visitors come largely from Hong Kong, South China, Taiwan and elsewhere in Asia, reaching Macao by ferry, the Hong Kong-Zhuhai-Macao Bridge, helicopter or air. Singapore received about 16.9 million international visitors in 2025, with China and Indonesia the largest source markets. Baccarat is the preferred table game in both markets.

The company operates its Macao gaming areas under a 10-year gaming concession expiring in December 2032, and its Singapore casino under a 30-year concession arising from an August 2006 development agreement. Macao gaming is run through concessions held by six operators, including the company, SJM Resorts, Wynn Resorts (Macau), Galaxy Casino, MGM Grand Paradise and Melco Resorts (Macau). In Singapore the only other licensed operator is Resorts World Sentosa, owned by Genting Singapore PLC. Both operations also compete with other gaming and resort destinations in Asia and globally. The company partners with hotel brands and managers for some properties and runs a sustainability program called Sands ECO360. Its principal executive office is at 5420 S. Durango Dr., Las Vegas, Nevada.