Las Vegas Sands Corp
- Industry
- Hotels & Lodging
- Exchange
- US
- Country
- USA
- IPO date
- Dec 15, 2004
- Employees
- 41,000
- Website
- www.sands.com
Composite valuation range · conservative $34–$40 / fair $46–$60 / optimistic $68–$82. At $47.76, Within the fair intrinsic-value range.
At publication $51.06 (May 28, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
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.
History
Las Vegas Sands Corp. was founded in 1988 and is based in Las Vegas, Nevada. It listed via IPO on 2004-12-15 and today employs about 41,000 people. The company has evolved away from a globally diversified Las Vegas, Macao and Singapore footprint into a business highly focused on Asian integrated resorts. Its Macao portfolio comprises The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, and the Sands Macao, while its Singapore asset is Marina Bay Sands; by the first quarter of 2026 the company had raised its stake in subsidiary Sands China to 74.8%. In 2025 it generated $13.017 billion in revenue, of which casino revenue was $9.789 billion, hotel rooms $1.422 billion, mall $801 million, food and beverage $644 million, and convention, retail and other $361 million. The company has steadily reduced its share count through buybacks, from 753.4 million shares at the end of 2023 to 674.9 million at the end of 2025 and 662.6 million by April 22, 2026; its Macao concession runs to 2032 with associated investment commitments, while the Marina Bay Sands license was renewed in 2025 and runs to April 2028.
Industry position
Las Vegas Sands operates across two integrated-resort sub-markets: Macao and Singapore. Singapore is a mature duopoly in which the Singapore Tourism Board recognizes only two integrated resorts, Marina Bay Sands and Resorts World Sentosa; Macao is a limited-license market organized around six concessionaire and sub-concessionaire systems. In Macao the company's main competitors are Galaxy, MGM China, Wynn Macau, Melco and SJM, while in Singapore its competitor is Resorts World Sentosa. The company's profit base is concentrated in its two leading engines: in 2025 Marina Bay Sands generated standalone adjusted property EBITDA of more than $2.9 billion and Sands China generated adjusted property EBITDA of $2.312 billion, against consolidated adjusted property EBITDA of $5.232 billion. Its competitive position rests on gaming-license barriers, scarce locations, and the scale of its integrated-resort operations, which combine gaming with hotels, MICE convention facilities, retail malls and dining; replicating such assets requires securing a license, investing billions of dollars and building over multiple years.