Las Vegas Sands

Las Vegas Sands Corporation stands as the preeminent global developer and operator of integrated resorts, revolutionizing the hospitality and gaming industry through its visionary approach to destination entertainment. Headquartered in Las Vegas, Nevada, the company reported revenue of $11.29 billion in 2024 with 40,300 employees worldwide. Las Vegas Sands owns and operates world-class integrated resorts in Macao—including The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, and Sands Macao—as well as the iconic Marina Bay Sands in Singapore. The company is the largest integrated resort operator in Macao, the world's largest gaming market, holding a 24.5% market share as of Q3 2024.

The integrated resort model pioneered by Las Vegas Sands under founder Sheldon Adelson's leadership combines multiple revenue streams beyond traditional gaming, including luxury accommodations, celebrity chef restaurants, world-class retail, meeting and convention facilities, and entertainment venues. Marina Bay Sands in Singapore features approximately 1.2 million square feet of convention space and a state-of-the-art theater, while The Venetian Macao includes the second-largest casino floor in the world at 550,000 square feet. This diversified business model has proven resilient across economic cycles, with the company's Customer Support Business Group and retail operations at Sands Retail providing stable revenue complements to gaming operations.

Las Vegas Sands has demonstrated strategic agility in recent years, completing the sale of The Venetian Resort Las Vegas in February 2022 for approximately $6.25 billion to focus investments on high-growth Asian markets and emerging opportunities. The company is advancing an $8 billion expansion of Marina Bay Sands featuring a fourth tower with luxury suites, expanded gaming areas, and a new arena, with completion targeted for 2031. In Macao, The Londoner Grand Casino officially opened on September 26, 2024, adding approximately 400,000 square feet of gaming space with 513 table games and 1,281 slot machines and electronic table games.

The company's financial performance in 2024 reflects both opportunities and challenges in the post-pandemic recovery. Full-year revenue of $11.29 billion represented an 8.9% increase from 2023, with earnings per share of $2.33, up 23.3% year-over-year. However, the company faces headwinds including increased competition in Asian markets, uncertainty around online gaming legislation, and evolving regulatory environments. Las Vegas Sands maintains a strong balance sheet with $3.65 billion in unrestricted cash as of December 31, 2024, while total debt stood at $13.62 billion. The company returned significant capital to shareholders through stock repurchases totaling $450 million in Q4 2024 alone, demonstrating confidence in its long-term growth trajectory despite near-term challenges.