Las Vegas Sands Corp (NYSE: LVS) is an integrated resort and casino company that owns and operates large-scale gaming, hospitality, and entertainment complexes in Macao and Singapore. Revenue comes from casino gaming, hotel accommodations, food and beverage, retail mall leasing, and convention and exhibition facilities across its properties. LVS operates through a 74.80% ownership stake in Sands China Ltd. (SCL), which controls five integrated resorts in Macao, and directly owns and operates Marina Bay Sands in Singapore, where gaming is limited to two licensed operators by the Singapore government through at least January 1, 2031. Macao properties include The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, and the Sands Macao. Substantially all of SCL's revenue is derived from Macao operations, making the company materially exposed to Macao's economic and regulatory environment and Chinese government policy. The company also operates retail malls at each of its integrated resort locations and targets both mass-market and VIP gaming patrons, with the Paiza brand anchoring its VIP marketing strategy across regions.

Revenue model

Transactional revenue from casino gaming across mass-market and VIP segments, hotel room revenue, food and beverage sales, retail mall tenant leases at properties in Macao and Singapore, and convention and exhibition facility rentals.

Products and services

Casino gaming operations (mass-market and VIP, including Paiza-branded private gaming salons and invitation-only clubs); luxury hotel accommodations; food and beverage venues; retail malls at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, and Marina Bay Sands; meetings, incentives, conventions and exhibitions (MICE) facilities.

Customers and end markets

Mass-market casino patrons and VIP gaming patrons in Macao and Singapore; hotel and resort guests; retail tenants leasing space in on-property malls; corporate and group customers using MICE facilities. Based on STB figures for the five years ending in 2025, the largest visitor source markets for Singapore were China and Indonesia.

Value-chain role

Owner and operator of integrated resort properties. LVS develops, owns, and directly manages its casino, hotel, retail, and convention assets rather than franchising or licensing them to third parties.

Geographic exposure

Operations concentrated in two markets: Macao Special Administrative Region of China (through 74.80%-owned Sands China Ltd., with substantially all SCL assets and revenue in Macao) and Singapore (Marina Bay Sands). The company has no disclosed operating properties in the United States as of the FY2025 10-K filed February 6, 2026.

Competitors

Resorts World Sentosa (Genting Singapore PLC, 100% owner) in Singapore

Source: SEC 10-K, filed 2026-02-06

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