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Here are 1-3 brief analogies to describe Las Vegas Sands (LVS):

• A luxury, adult-focused Disney, but with massive casinos, hotels, and convention centers, primarily in Asia.

• Imagine a luxury Marriott or Hilton, but owning entire integrated resorts with casinos, hotels, and convention centers, primarily in Asia.

• Like a luxury cruise line (e.g., Carnival, Royal Caribbean) that operates massive fixed resorts on land, featuring casinos, hotels, and convention centers, primarily in Asia.

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• Casino Gaming: Operating extensive casino floors offering a variety of games.
• Luxury Hotel Accommodations: Providing high-end rooms and suites across their resort properties.
• Convention and Exhibition Facilities (MICE): Hosting large-scale meetings, incentives, conferences, and exhibitions.
• Retail Operations: Managing premium shopping malls within their integrated resorts.
• Food and Beverage Services: Offering diverse dining options, from casual to fine dining.
• Entertainment Venues: Providing theaters, shows, and other leisure attractions.

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Las Vegas Sands (LVS) primarily sells its services and experiences to individuals rather than other companies. Its integrated resorts generate revenue from gaming, hotel rooms, food and beverage, retail, and entertainment, all consumed directly by end-users.

The up to three major categories of individual customers that Las Vegas Sands serves are:

• High-Net-Worth Individuals (High Rollers/VIP Gamers): This segment comprises affluent individuals who engage in high-stakes gambling and typically receive bespoke luxury services, exclusive accommodations, and personalized experiences due to their significant spend and value to the casino's gaming revenue.
• Leisure Travelers and General Tourists: This broad category includes individuals, couples, and families who visit the integrated resorts for vacations, entertainment, general gaming (non-VIP), dining, shows, shopping, and relaxation. They seek a comprehensive resort experience.
• Business Travelers and Convention Attendees: These are individuals who visit the resorts for business purposes, such as attending conferences, trade shows, corporate meetings, and incentive programs hosted at LVS's extensive convention facilities. While their travel may be company-sponsored, they are direct consumers of hotel rooms, food and beverage, and other resort amenities.

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Aristocrat Leisure Limited (ASX: ALL)

International Game Technology PLC (NYSE: IGT)

Light & Wonder, Inc. (NASDAQ: LNW)

Everi Holdings Inc. (NYSE: EVRI)

Konami Gaming, Inc.

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Rob Goldstein assumed the role of Chairman and Chief Executive Officer (CEO) of Las Vegas Sands (LVS) in January 2021, having held various leadership positions since joining the company in 1995. Before becoming CEO, he served as LVS' President and Chief Operating Officer (COO) from January 2015, and as President of Global Gaming Operations. From 1999 to 2010, Mr. Goldstein was President and COO of The Venetian and The Palazzo Las Vegas. Prior to joining LVS, he spent 15 years developing casino-hotels in the United States and the Caribbean. His career began at the Sands in Atlantic City in 1981 as Director of casino marketing, advancing to Vice President of marketing and Executive Vice President. He also held an Executive Vice President position at Pratt Hotel Corporation. Mr. Goldstein is slated to transition to a Senior Advisor role in March 2026.

Randy Hyzak was appointed Executive Vice President and Chief Financial Officer of Las Vegas Sands (LVS) in January 2021. He joined the company in 2016 and previously held the position of Senior Vice-President and Chief Accounting Officer. With more than 25 years of financial experience, Mr. Hyzak has developed and led teams responsible for financial reporting and internal control, financial planning and analysis, accounting, tax, treasury, capital raising, and M&A activities. Before his tenure at LVS, he served as Vice-President and Chief Accounting Officer at Freescale Semiconductor, Ltd. Earlier in his career, he worked for Ernst & Young in their assurance and advisory practice.

Patrick Dumont has served as the President and Chief Operating Officer of Las Vegas Sands since January 2021 and has been a member of the Sands Board of Directors since 2017. Previously, he was the Chief Financial Officer and Executive Vice President of LVS from March 2016 to January 2021. He joined LVS in June 2010 and held various senior strategy, operating, and finance roles. Before LVS, Mr. Dumont worked in investment banking at Miller Buckfire and Bear Stearns. He played a key role in orchestrating the sales of Sands Bethlehem and The Venetian Las Vegas as part of the company's strategy to reposition its property portfolio. Mr. Dumont and his family are majority owners of the NBA's Dallas Mavericks, where he serves as the team's governor. He is expected to become the CEO of LVS in March 2026.

D. Zachary Hudson holds the position of Executive Vice President and Global General Counsel for Las Vegas Sands Corp. In this role, he is responsible for overseeing the company's legal, compliance, and government relations functions.

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The key risks to Las Vegas Sands (LVS) primarily stem from its concentrated geographic footprint and substantial financial leverage.

1. Geographic Concentration and Reliance on Asian Markets: Las Vegas Sands' business is almost entirely dependent on its operations in Macao and Singapore, with all its EBITDA generated from these two regions after selling its Las Vegas properties in 2022. This creates significant exposure to the economic, political, and regulatory risks inherent in these markets. Any adverse developments, such as economic fluctuations or political instability in Macao or Singapore, could significantly impact LVS's financial performance and growth prospects.
2. High Debt Levels: The company carries substantial debt. As of March 2025, Las Vegas Sands had approximately US$13.7 billion of debt, with net debt around US$10.7 billion. By the third quarter of 2025, the total weighted average debt balance stood at $15.94 billion. While the company's cash flow is generally considered to manage this, such high leverage poses a downside risk due to interest expenses and requires sustained profitability improvements to maintain financial health.
3. Regulatory and Compliance Risks: Operating in complex regulatory environments, particularly in Macao and Singapore, exposes LVS to ongoing challenges. The company must adhere to strict gaming laws, anti-money laundering regulations, and other legal requirements. Any failure to comply could result in significant fines, reputational damage, or operational setbacks. Changes in these regulations or tax laws in its primary markets could also adversely affect LVS's operations and profitability.

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The emergence of new integrated resort markets in neighboring regions poses a clear emerging threat. Specifically, active legislative progress toward legalizing casinos in Thailand and the ongoing development of significant integrated resorts in the United Arab Emirates (e.g., Wynn Al Marjan Island) aim to attract similar high-net-worth individuals and premium mass tourists. These new markets could divert customers and investment away from Las Vegas Sands' core properties in Macao and Singapore, intensifying competition for a crucial demographic.

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Las Vegas Sands (LVS) primarily operates integrated resorts that offer a combination of gaming, MICE (Meetings, Incentives, Conferences, and Exhibitions), hotel accommodations, food and beverage, and retail services. The company's main operations are focused in Macao and Singapore. Gaming is identified as the primary revenue driver, accounting for approximately 79% of total revenues.

Addressable Markets for Las Vegas Sands' Main Products or Services:

• Gaming Market:
  • Asia Pacific: The Asia Pacific gaming market was estimated at USD 155.81 billion in 2024. It is projected to grow to approximately USD 282.03 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.9% from 2025 to 2030. This region accounted for 52.3% of the global gaming market revenue in 2024.
  • Macau Casino Tourism: Macau dominates the Asia Pacific casino tourism market, holding approximately 50% of the market share. The broader Asia Pacific casino tourism market is projected to grow from USD 11.56 billion in 2023 to USD 22.58 billion by 2032, at a CAGR of 7.69%.
  • Global: The global gaming market was valued at approximately USD 298.09 billion in 2024 and is projected to reach USD 505.17 billion by 2030, growing at a CAGR of 8.7% from 2025 to 2030.
• MICE (Meetings, Incentives, Conferences, Exhibitions) Market:
  • Asia Pacific: The Asia Pacific MICE market generated a revenue of USD 200.72 billion in 2024. It is expected to grow at a CAGR of 10.0% from 2025 to 2030, reaching a projected revenue of USD 355.73 billion by 2030. The Asia Pacific region accounted for 23.1% of the global MICE market revenue in 2024.
  • Global: The global MICE market size was estimated at USD 1.23 trillion in 2024 and is projected to reach USD 2.06 trillion by 2033, demonstrating a CAGR of 5.93% during 2025-2033. Other estimates for the global MICE market size in 2024 are USD 870.46 billion, USD 1.2 trillion, and USD 886 billion.

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Las Vegas Sands (LVS) is poised for significant revenue growth over the next 2-3 years, driven primarily by the robust recovery of the Macau gaming market and the ambitious expansion of its Marina Bay Sands property in Singapore, alongside strategic enhancements to its existing integrated resorts.

Expected Drivers of Future Revenue Growth:

1. Macau Market Recovery and Premium Mass Growth: The Macau gaming industry is experiencing a strong post-pandemic recovery, with significant increases in gross gaming revenue (GGR). Analysts project double-digit GGR growth for Macau in 2025, driven by returning tourists and a strategic pivot towards mass-market tourism and diversified non-gaming entertainment. LVS, as a major player in Macau with properties like The Venetian Macao, The Londoner Macao, and The Parisian Macao, is a primary beneficiary of this trend, particularly benefiting from sustained demand from premium mass players.
2. Marina Bay Sands (Singapore) Expansion: Las Vegas Sands is undertaking an ambitious multi-billion-dollar expansion of its Marina Bay Sands (MBS) resort in Singapore. This "Marina Bay Sands IR2" project includes a fourth hotel tower with luxury suites, a 15,000-seat entertainment arena, expanded Meetings, Incentives, Conferences, and Exhibitions (MICE) space, and new food, beverage, and nightlife offerings. Construction for this expansion is anticipated to begin by mid-2025 and is expected to attract at least 250,000 additional tourists annually, significantly boosting Singapore's tourism receipts and LVS's revenue from the region.
3. Enhancement of Existing Properties and Non-Gaming Offerings: Beyond the major expansion in Singapore, LVS is continuously investing in its existing properties in both Macau and Singapore. This includes a separate US$1.75 billion reinvestment in the existing Marina Bay Sands property for refurbishment and upgrades to hotel towers, dining options, and luxury amenities. In Macau, the company has committed to a multi-year investment program, primarily focused on non-gaming projects such as upgrading entertainment facilities and health and wellness options at resorts like The Londoner Macao, which is expected to significantly boost its financial performance. These enhancements aim to provide holistic entertainment experiences and attract a broader range of visitors.
4. Growth in High-Value Leisure and Business Tourism: LVS's strategic focus on integrated resorts, which combine gaming with extensive non-gaming amenities, aligns with the evolving consumer demand for comprehensive entertainment. The expansion projects, particularly the new luxury suites and enhanced MICE facilities in Singapore, are designed to cater to high-value leisure and business travelers, including ultra-high-net-worth individuals and the growing segment of affluent consumers in Southeast Asia. This focus on attracting a premium demographic is expected to drive increased spending across all segments of their resorts.

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Share Repurchases

• Las Vegas Sands has repurchased approximately $4.0 billion worth of common stock (around 88 million shares at an average price of $45.42) from the fourth quarter of 2023 through September 30, 2025.
• The Board of Directors authorized a $2.0 billion share repurchase program, extended to expire on November 3, 2027.
• The company utilized $1.75 billion for common stock repurchases in 2024.

Share Issuance

• In November 2023, a proposed secondary public offering of $2 billion of common stock was announced by Dr. Miriam Adelson and The Miriam Adelson Trust (Selling Stockholders); Las Vegas Sands did not receive any proceeds from this offering.

Outbound Investments

• Las Vegas Sands completed the sale of its Las Vegas real property and operations for approximately $6.25 billion in the first quarter of 2022. This transaction included the sale of The Venetian, Palazzo, and the former Sands Expo and Convention Center for $4 billion in cash.
• The company has invested in Sands China Ltd. (SCL) shares, increasing its ownership to 74.76% as of the third quarter of 2025.

Capital Expenditures

• Expected total capital expenditures for 2025 are $1.94 billion, with $785 million allocated to Sands China in Macau, $650 million to Marina Bay Sands, and $175 million specifically for the Marina Bay Sands expansion project.
• The Marina Bay Sands expansion project (MBS 2.0) has an estimated total development cost of $8 billion, featuring a new 55-story, 570-suite hotel tower, additional gaming space, and a 15,000-seat arena, with an anticipated opening in January 2031.
• In Macau, $3.4 billion worth of investments were completed in 2025, focusing on non-gaming projects such as the conversion of properties to a London-based theme and upgrades to hotel rooms and arena facilities.