Las Vegas Sands Corp.
sands.comWhat Do They Do?
Operates destination resorts with casinos, hotels and retail malls for leisure and business travelers in Macao and Singapore.
10-K for FY2025, filed Feb 6, 2026Las Vegas Sands Corp. (“LVSC,” or together with its subsidiaries “we” or the “Company”) is a Fortune 500 company and the leading global…View ↗
We currently own and operate Integrated Resorts in Macao and Singapore. We believe our geographic diversity, best-in-class properties and…View ↗
Through our 74.80% ownership of Sands China Ltd. (“SCL”), we own and operate a collection of Integrated Resorts in the Macao Special…View ↗
In Singapore, we own and operate the iconic Marina Bay Sands, which is one of Singapore’s major tourist, business and retail destinations.View ↗
How Do They Make Money?
Casino customers pay through wagers, with casino win counted when each wager is settled. Guests pay for rooms when they occupy them, while food, convention and entertainment customers pay when the service is delivered; mall tenants pay rent.
10-K for FY2025, filed Feb 6, 2026Revenue from contracts with customers primarily consists of casino wagers, room sales, food and beverage transactions, rental income from…View ↗
After allocation to the other revenue types for products and services provided to patrons as part of a wagering contract, the residual…View ↗
Hotel revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of…View ↗
$13B
-
10-K for FY2025, filed Feb 6, 2026
$13B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Casino
Sold outright
10-K for FY2025, filed Feb 6, 2026 |
75%
FY2022: 64%
|
Casino, FY2025
$9.8B Sources
|
Sold outright |
|
Rooms
Sold outright
10-K for FY2025, filed Feb 6, 2026 |
11%
FY2022: 11%
|
Rooms, FY2025
$1.4B Sources
|
Sold outright |
|
Food and Beverage
Sold outright
|
5.0%
FY2022: 7.3%
|
Food and Beverage, FY2025
$644M Sources
|
Sold outright |
|
Mall
|
6.2%
FY2022: 14%
|
Mall, FY2025
$801M Sources
|
|
|
Convention, Retail and Other
Sold outright
|
2.8%
FY2022: 3.2%
|
Convention, Retail and Other, FY2025
$361M Sources
|
Sold outright |
Who Are Their Customers?
The resorts serve mass-market and VIP casino patrons, as well as leisure and business travelers. Retail malls lease space to retail tenants; convention facilities serve meeting planners and corporate events and trade show organizers.
10-K for FY2025, filed Feb 6, 2026The scale of our properties enables us to offer a range of amenities to serve the widest array of customer segments in each market. We…View ↗
Our properties also cater to VIP patrons by providing them with luxury amenities, including luxury accommodations, restaurants, lounges…View ↗
Our retail malls feature a diverse mix of retail tenants that we believe contribute to increased visitation to our properties and provide a…View ↗
Unique MICE and entertainment facilities. Our market-leading MICE and entertainment facilities contribute to our markets’ diversification…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 14 cents into free cash flow.
10-K for FY2025, filed Feb 6, 2026
$2.8BView ↗
10-K for FY2025, filed Feb 6, 2026
$1.6BView ↗
10-K for FY2025, filed Feb 6, 2026
$1.9BView ↗
How Are They Changing?
10-Q for Q3 FY2026, filed Oct 23, 2026
Open tableView ↗
-
Feb 13, 2026
Patrick Dumont became chairman and CEO
Robert G. Goldstein moved to a senior-advisor role through March 2028.
Sources
8-K, filed Feb 13, 2026
LAS VEGAS, February 13, 2026 – Las Vegas Sands (NYSE: LVS) announced today that Patrick Dumont will become the company’s chairman and chief…View ↗
Growing. Revenue grew 3.1x in 4 years, from $4.2B in FY2021 to $13B in FY2025, about 32% a year.
Exit from Las Vegas
The older report included the Las Vegas resort and convention properties, which were sold; the latest describes operations in Macao and Singapore.
10-K for FY2022, filed Feb 3, 2023 10-K for FY2025, filed Feb 6, 2026Our principal operating and developmental activities occur in two geographic areas: Macao and Singapore. Management reviews the results of…View ↗
We currently own and operate Integrated Resorts in Macao and Singapore. We believe our geographic diversity, best-in-class properties and…View ↗
Through our 74.80% ownership of Sands China Ltd. (“SCL”), we own and operate a collection of Integrated Resorts in the Macao Special…View ↗
In Singapore, we own and operate the iconic Marina Bay Sands, which is one of Singapore’s major tourist, business and retail destinations.View ↗
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