Las Vegas Sands Corp.
Las Vegas Sands Corp., together with its subsidiaries, owns, develops, and operates integrated resorts in Macao and Singapore. It owns and operates The Venetian Macao Resort Hotel, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, and The Sands Macao in Macao, the People's Republic of China; and Marina Bay Sands in Singapore. The company's integrated resorts feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants, and other amenities. The company was founded in 1988 and is based in Las Vegas, Nevada.
What does it do?
Las Vegas Sands builds and runs massive resort complexes — think hotels, casinos, shopping malls, and concert venues all under one roof. Despite the name, they actually sold their Las Vegas properties in 2021 and now operate entirely in Asia. Their big locations are in Macao, China (think of it as the world's largest gambling city, bigger than Las Vegas) and Marina Bay Sands in Singapore, one of the most recognizable buildings in the world with that iconic rooftop infinity pool. If you've ever seen a photo of a boat sitting on top of three skyscrapers in Singapore, that's them.
Macao is the only place in China where casino gambling is legal, and LVS controls a huge chunk of it — making them essentially a proxy bet on Chinese consumer spending and tourism. After years of COVID lockdowns crushed their revenue, China fully reopened and visitor numbers have been surging back, making this a recovery story that investors are watching closely. With a $32 billion market cap, LVS is one of the largest gaming companies in the world, so how it performs tells us a lot about the health of Asian tourism and luxury spending.
How does it make money?
LVS makes money in two main ways: gambling (called 'gaming' in industry terms) and non-gaming amenities like hotel rooms, restaurants, retail shops, and conventions. Gaming is still the biggest driver, but LVS has deliberately built out massive non-gaming offerings to attract families, business travelers, and shoppers — not just gamblers. Revenue jumped from $11.3 billion to $13.0 billion last year, a 15% increase, driven largely by the Macao recovery as Chinese tourists returned after pandemic restrictions lifted. Marina Bay Sands in Singapore is also a powerhouse — it regularly generates some of the highest revenue per square foot of any resort in the world.
Why do investors care?
The core growth story is simple: China's middle class is expanding, they want to travel and spend, and Macao is the only legal gambling destination within reach for most mainland Chinese tourists. LVS also has a potential new catalyst — they've been actively pursuing a casino license in New York, which if granted, could open an enormous new revenue stream in one of the wealthiest markets in America. For the thesis to work, Chinese tourism to Macao needs to keep recovering toward pre-COVID peaks, Singapore needs to hold its premium position, and the company needs to keep converting those visitors into spending across its full range of resort offerings.
Deep Dive
MemberA full investor briefing on Las Vegas Sands Corp. — history, leadership, risks, and outlook.