Las Vegas Sands Corp.
- Open
- 45.00
- Day high
- 45.51
- Day low
- 44.88
- Prev close
- 44.24
- Volume
- 6.8M
- Mkt cap
- $29.2B
- P/E (TTM)
- 17.5
- EPS (TTM)
- $2.58
- P/B
- 50.2
- P/S
- 2.1
- Yield
- 2.55%
- Per share
- $1.15
Las Vegas Sands Corp. (LVS) is a Consumer Cyclical company listed on NYSE. The stock is down 22% over the past year. Drillr has 1 published research article covering LVS.
Las Vegas Sands Corp. (LVS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LVS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 22, 2026 | $0.77 | $0.59 | -23.1% | $3.2B | -5.6% |
| Apr 22, 2026 | $0.76 | $0.91 | +20.4% | $3.6B | +6.7% |
| Jan 28, 2026 | $0.76 | $0.85 | +11.5% | $3.6B | +9.5% |
| Oct 22, 2025 | $0.61 | $0.78 | +27.2% | $3.3B | +9.7% |
| Jul 23, 2025 | $0.53 | $0.79 | +49.1% | $3.2B | +11.9% |
| Apr 23, 2025 | $0.57 | $0.59 | +2.6% | $2.9B | -1.3% |
| Jan 29, 2025 | $0.57 | $0.54 | -6.1% | $2.9B | -0.2% |
| Oct 23, 2024 | $0.53 | $0.44 | -17.0% | $2.7B | -7.0% |
| Jul 24, 2024 | $0.56 | $0.55 | -1.8% | $2.8B | -6.3% |
| Apr 17, 2024 | $0.62 | $0.75 | +21.0% | $3.0B | +0.7% |
| Jan 24, 2024 | $0.61 | $0.57 | -6.6% | $2.9B | +0.4% |
| Oct 18, 2023 | $0.54 | $0.55 | +1.9% | $2.8B | -3.6% |
LVS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 18, 2026 | Besca Markdirector | Grant | 3,948 | — |
| May 18, 2026 | Forman Charles Ddirector | Grant | 3,948 | — |
| May 18, 2026 | Chau Michelinedirector | Grant | 3,948 | — |
| May 18, 2026 | Kramer Lewisdirector | Grant | 3,948 | — |
| May 18, 2026 | Li Alaindirector | Grant | 3,948 | — |
| May 18, 2026 | Chafetz Irwindirector | Grant | 3,948 | — |
| May 18, 2026 | Pant Mukteshdirector | Grant | 3,948 | — |
| Apr 29, 2026 | Dumont Patrickdirector, officer: Chairman & CEO | Grant | 167,081 | — |
| Apr 29, 2026 | Forman Charles Ddirector | Sell | 11,400 | $54.09 |
| Apr 29, 2026 | Hyzak Randyofficer: EVP & CFO | Grant | 31,111 | — |
| Apr 29, 2026 | Hudson D. Zacharyofficer: EVP and Global General Counsel | Grant | 62,684 | — |
| Mar 19, 2026 | Dumont Patrickdirector, officer: Chairman & CEO | Option | 61,740 | $52.53 |
| Mar 19, 2026 | Dumont Patrickdirector, officer: Chairman & CEO | Sell | 60,165 | $54.75 |
| Mar 3, 2026 | Goldstein Robert Gdirector, officer: Chairman & CEO | Option | 75,639 | — |
| Mar 3, 2026 | Goldstein Robert Gdirector, officer: Chairman & CEO | Option | 189,252 | — |
Source: LVS SEC Form 4 filings, latest May 18, 2026. For informational purposes only — not investment advice.
See the full LVS insider & 13F page →Las Vegas Sands Corp. company profile
Overview
Las Vegas Sands Corp. (NYSE:LVS) is a leading global developer and operator of integrated resorts that combine luxury accommodations, gaming facilities, entertainment venues, and retail spaces. Founded in 1988 and headquartered in Las Vegas, Nevada, the company has evolved from its origins as a Las Vegas casino operator to become a major player in the Asian gaming market. Following the 2022 sale of its Las Vegas properties, LVS now focuses primarily on its operations in Macao and Singapore, where it operates some of the world's most prestigious integrated resort destinations.
Business
Las Vegas Sands operates in the integrated resort industry, which represents a sophisticated evolution of traditional casino gaming. An integrated resort is a large-scale hospitality and entertainment complex that combines multiple revenue-generating components under one roof, including casino gaming, luxury hotels, fine dining restaurants, retail shopping, convention facilities, and entertainment venues. The company operates two primary business segments: Macao Operations (approximately 50-55% of total revenue): LVS operates five integrated resort properties on the Cotai Strip in Macao, a Special Administrative Region of China. These include The Venetian Macao Resort Hotel, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, and Sands Macao. Macao serves as the only location in China where casino gaming is legal, making it a critical destination for Chinese gamblers and tourists. The properties feature themed architecture and attractions, with The Venetian Macao being one of the world's largest casino floors and The Londoner Macao offering a British-themed experience. Singapore Operations (approximately 45-50% of total revenue): The company operates Marina Bay Sands, an iconic integrated resort in Singapore featuring three towers connected by a rooftop infinity pool. This property has become synonymous with Singapore's skyline and serves as a premium destination for international high-value tourists. Marina Bay Sands includes luxury gaming facilities, high-end retail spaces, celebrity chef restaurants, and extensive meeting and convention facilities. Both markets focus on premium mass gaming, which targets affluent recreational gamblers, as opposed to the traditional VIP gaming model that caters to ultra-high-net-worth individuals. The integrated resort model generates revenue from multiple streams beyond gaming, including hotel accommodations, food and beverage, retail tenancy, and convention services.
Revenue model
Las Vegas Sands generates revenue through multiple interconnected streams within its integrated resort model. Gaming revenue represents the largest component, derived from table games (primarily baccarat), slot machines, and electronic gaming devices. The company earns money through the mathematical advantage built into these games, known as the house edge. Non-gaming revenue includes hotel room rentals, food and beverage sales from restaurants and bars, retail rental income from luxury brand tenants, convention and meeting space rentals, and entertainment venue operations. This diversified approach reduces dependence on gaming alone and creates multiple touchpoints for customer spending. The company's customers fall into several categories: premium mass players who are affluent recreational gamblers, base mass players who represent mainstream casino customers, and VIP players who are ultra-high-net-worth individuals. Additionally, non-gaming customers include business travelers, leisure tourists, convention attendees, and retail shoppers. Several factors influence the company's margins and profitability. Positive factors include economic growth in China and Southeast Asia, increased tourism and business travel, favorable currency exchange rates, and regulatory support for tourism development. The company benefits from Macao's monopoly position as China's only legal gaming destination and Singapore's status as a premium regional hub. Negative factors include economic downturns affecting discretionary spending, travel restrictions or visa limitations, regulatory changes in gaming laws, increased competition from other regional gaming destinations, and currency fluctuations. The business is particularly sensitive to Chinese economic conditions and government policies regarding travel and capital outflows, as Chinese customers represent a significant portion of the customer base.
Competitive moat
Las Vegas Sands possesses several competitive advantages, though the strength of its moat varies by market. In Macao, the company benefits from significant regulatory barriers to entry, as gaming licenses are limited and controlled by the government. The company's scale and established relationships provide advantages in license renewals, and its prime real estate locations on the Cotai Strip are difficult to replicate. The integrated resort model creates customer stickiness through multiple amenities and experiences. In Singapore, Marina Bay Sands enjoys a duopoly position with only one other integrated resort operator (Resorts World Sentosa). The property's iconic status and prime location create strong brand recognition and tourism appeal. The significant capital requirements for developing competing integrated resorts serve as a barrier to new entrants. However, the moat faces several challenges. Regulatory risk remains substantial, as gaming licenses must be renewed periodically and governments can change policies affecting operations. The company has limited control over visa policies, travel restrictions, and economic conditions that affect customer flow. Competition is intensifying from other regional gaming destinations like the Philippines, Japan (once operational), and potentially Thailand. The business model's dependence on discretionary consumer spending makes it vulnerable to economic cycles. Additionally, the concentration in two primary markets creates geographic risk, and the company faces potential disruption from online gaming platforms, though these remain largely prohibited in key Asian markets. Overall, LVS maintains a moderate moat strength, primarily derived from regulatory barriers and scale advantages, but faces ongoing competitive and regulatory pressures that could erode these advantages over time.
Risks & safety
Las Vegas Sands demonstrates a mixed margin of safety profile with strong cash generation but elevated leverage ratios. Liquidity and Solvency: • Cash and short-term investments: $3.65 billion (Q4 2024) • Strong operating cash flow: $3.2 billion (FY 2024) • Free cash flow: $1.6 billion (FY 2024) • Current ratio: 0.74 (below 1.0, indicating potential short-term liquidity concerns) • Debt-to-equity ratio: 4.77 (significantly elevated, indicating high financial leverage) Valuation Metrics: • P/E ratio: 26.1 (based on FY 2024 earnings) • EV/EBITDA: 11.6 (reasonable for the industry) • Price-to-book: 13.1 (elevated, reflecting asset-heavy business model) Other Considerations: • The company maintains investment-grade credit profile despite high leverage • Strong EBITDA margins (36% in FY 2024) provide cash flow stability • Geographic concentration risk in two markets • Regulatory dependency creates potential volatility in cash flows
Recent development
Over the past few years, Las Vegas Sands has undergone significant strategic transformation and operational developments. The most notable change was the complete exit from the Las Vegas market in 2022 with the sale of The Venetian Resort Las Vegas and Sands Expo, allowing the company to focus entirely on its higher-growth Asian operations. In Macao, the company has invested heavily in property renovations and expansions. The Londoner Macao has undergone extensive renovation, with the Londoner Grand component being progressively reopened. The company expects to have the full complement of 1,500 suites and 905 rooms operational by May 2025. This renovation represents part of a broader strategy to enhance the property's competitive position and capture greater market share in the premium mass segment. Singapore operations have seen continued investment through a $1.75 billion capital program at Marina Bay Sands, including casino renovations, new suite products, and the introduction of Tower Gaming facilities. The company is also planning a second integrated resort (IR2) project that would include a 15,000-seat arena and is expected to generate over $1 billion in EBITDA. The company has also shifted its capital allocation strategy, moving from dividend payments to more aggressive share repurchases. LVS repurchased $450 million in stock during Q4 2024 and increased its share buyback authorization to $2 billion. The company also increased its ownership stake in Sands China to 72.3% through stock purchases. Market expansion efforts include exploring opportunities in Thailand, where the government is considering legalizing integrated resorts, and monitoring the New York casino licensing process, though management has expressed concerns about the impact of online gaming on that market.
LVS company profile · for informational purposes only — not investment advice.
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