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1. Company Snapshot

1.a. Company Description

Las Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States.It owns and operates The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao in Macao, the People's Republic of China; and Marina Bay Sands in Singapore.The company also owns and operates The Venetian Resort Hotel Casino on the Las Vegas Strip; and the Sands Expo and Convention Center in Las Vegas, Nevada.


Its integrated resorts feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants, and other amenities.Las Vegas Sands Corp.was founded in 1988 and is based in Las Vegas, Nevada.

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1.b. Last Insights on LVS

Las Vegas Sands Corp.'s recent performance was positively driven by strong Q3 2025 earnings, with Net Revenue of $3.33 billion and Net Income of $491 million. The company's Consolidated Adjusted Property EBITDA was $1.34 billion, with Macao and Marina Bay Sands contributing $601 million and $743 million, respectively. A $500 million share buyback and increased stock repurchase authorization to $2.0 billion also boosted investor sentiment. Additionally, a $0.20 increase in the recurring common stock dividend for 2026, to $1.20 per share, signals confidence in the company's growth prospects.

1.c. Company Highlights

2. Las Vegas Sands' Stellar Earnings: A Closer Look

Las Vegas Sands delivered a remarkable quarterly performance, with Marina Bay Sands generating $806 million in EBITDA, the highest in the history of casino hotels, at a margin of 50.3%. The company's EBITDA for 2025 was $2.9 billion. The earnings per share (EPS) came in at $0.85, surpassing estimates of $0.765. Macao delivered $608 million of EBITDA for the quarter. The company's strong financial performance was driven by its ability to grow revenue and expand its EBITDA margin. The company repurchased $500 million of LVS stock during the quarter and paid a recurring quarterly dividend of $0.25 per share.

Publication Date: Feb -01

📋 Highlights
  • Record Marina Bay Sands EBITDA:: Generated $806 million, a historical high for casino hotels, with 50.3% EBITDA margin.
  • 2025 Total EBITDA:: Company achieved $2.9 billion in EBITDA, driven by strong performance across markets.
  • VIP Business Growth:: Las Vegas Sands’ VIP segment saw 60% YoY rolling volume increase, contributing to overall performance despite lower margins.
  • Share Buybacks and Dividends:: Repurchased $500 million of LVS stock and paid $0.25/share dividend, reflecting confidence in capital allocation.
  • Macao EBITDA Margin Decline:: EBITDA margin dropped due to segment mix shifts and reinvestment costs, now viewed as a "low 30%" margin business.

Operational Highlights

The company's operational performance was driven by its ability to attract high-value customers, with Las Vegas Sands' VIP business seeing significant growth in the quarter, with rolling volumes up 60% year-over-year. The company is working on its promotional strategy and has been continuously rolling out additional wager options on the baccarat layouts in Macao. In Singapore, Marina Bay Sands still has ongoing capital investments, with some work remaining on the property, including the gaming floor, rooms, and public spaces.

Growth Prospects

The company expects to continue growing EBITDA in the next two years, driven by its market-leading products and world-class service. The Singapore market is expected to drive growth, with the company leveraging its high-quality investments to attract high-value tourism. Analysts estimate revenue growth at 4.7% next year, driven by the company's initiatives to stimulate higher spend from the base mass customer.

Valuation and Returns

The company's valuation metrics indicate a premium valuation, with a P/E Ratio of 21.88 and an EV/EBITDA of 10.66. The company's return on equity (ROE) is 71.16%, indicating a strong ability to generate returns for shareholders. The dividend yield is 1.9%, providing a relatively stable source of returns. The company's ROIC is 13.89%, indicating a strong ability to generate returns on its invested capital.

Challenges and Risks

The company's Macao business has faced challenges, with base mass gaming growth lagging behind the premium segment. The company is leveraging its assets, including retail malls and entertainment options, to stimulate higher spend from the base mass customer. The company does not expect the World Cup to have a significant impact on its business.

3. NewsRoom

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Las Vegas Sands Board of Directors Appoints Patrick Dumont as Chairman and Chief Executive Officer

Feb -13

Source: prnewswire.com

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Sands China Awarded 2nd Consecutive "Top Employer" Certification

Feb -12

Source: prnewswire.com

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Sands China, Alipay and Macau Pass Deepen Partnership to Drive Digital Upgrade

Feb -12

Source: accessnewswire.com

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Sands China Unites for Chinese New Year Community Care Initiative

Feb -10

Source: prnewswire.com

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Why Is LVS Stock Dropping After Beating Estimates?

Jan -29

Source: forbes.com

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Las Vegas Sands Reports Fourth Quarter 2025 Results

Jan -28

Source: prnewswire.com

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3 Highly Efficient Stocks Poised to Strengthen Portfolios Before 2026

Dec -19

Source: zacks.com

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Can These 5 Relative Price Strength Stocks Lead in 2026?

Dec -17

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.60%)

6. Segments

Marina Bay Sands

Expected Growth: 4.5%

Marina Bay Sands operates in a mature market with stable demand. While it faces competition from other regional destinations, its diversified offerings and strong brand reputation are expected to support moderate growth, slightly below the global average of 5.6%.

Macao - The Venetian Macao

Expected Growth: 6.0%

The Venetian Macao is expected to benefit from the ongoing growth of Macao's tourism industry, driven by increasing visitor numbers and government support. Its strong brand reputation and high-quality amenities position it for growth above the global average of 5.6%.

Macao - The Londoner Macao

Expected Growth: 5.8%

The Londoner Macao is expected to grow in line with the Macao market, with a slight premium due to its high-end offerings. Its growth is supported by the ongoing development of Macao's tourism infrastructure and increasing visitor numbers, making it a competitive player in the market.

Macao - The Parisian Macao

Expected Growth: 5.8%

Similar to The Londoner Macao, The Parisian Macao is expected to grow in line with the Macao market, with a slight premium due to its high-end offerings. Its growth is supported by the ongoing development of Macao's tourism infrastructure and increasing visitor numbers.

Macao - The Plaza Macao and Four Seasons Macao

Expected Growth: 6.2%

The Plaza Macao and Four Seasons Macao is expected to benefit from the growth of Macao's high-end tourism market, driven by increasing demand for luxury experiences. Its premium offerings and strong brand reputation position it for growth above the global average of 5.6%.

Macao - Sands Macao

Expected Growth: 5.0%

Sands Macao operates in a competitive gaming market in Macao. While it has a loyal customer base, its growth is expected to be moderate due to intense competition from larger integrated resorts. Its growth is expected to be slightly below the global average of 5.6%.

Intercompany Royalties

Expected Growth: 5.6%

Intercompany Royalties are expected to grow in line with the global average, as they are directly tied to the performance of Las Vegas Sands Corp.'s subsidiaries. As the subsidiaries grow, royalty revenue is expected to increase accordingly, maintaining a stable growth trajectory.

Intersegment Eliminations

Expected Growth: 5.5%

Macao - Ferry Operations and Other is expected to grow in line with the Macao tourism industry, which is expected to continue growing. The segment's growth is supported by increasing visitor numbers and the need for convenient transportation options, making it a stable contributor to the company's overall growth.

Macao - Ferry Operations and Other

Expected Growth: None%

None

7. Detailed Products

Casino

Las Vegas Sands Corp. operates various casinos, including The Venetian and The Palazzo in Las Vegas, and the Marina Bay Sands in Singapore, offering a range of gaming options, including slots, table games, and poker.

Hotels

The company operates luxury hotels, including The Venetian, The Palazzo, and the Marina Bay Sands, offering upscale accommodations, fine dining, and world-class amenities.

Conventions and Meetings

Las Vegas Sands Corp. offers extensive meeting and convention space, including the Sands Expo and Convention Center, catering to corporate events, trade shows, and conferences.

Retail and Dining

The company operates various retail and dining outlets, including upscale shopping centers, restaurants, and bars, offering a range of luxury brands and culinary experiences.

Entertainment

Las Vegas Sands Corp. offers a range of entertainment options, including shows, concerts, and nightlife, featuring world-class performers and productions.

8. Las Vegas Sands Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Las Vegas Sands Corp. is medium due to the presence of alternative forms of entertainment and leisure activities. While the company's integrated resorts offer a unique experience, customers may choose to substitute with other forms of entertainment, such as online gaming or local attractions.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong brand reputation and the unique experience offered by its integrated resorts. Customers have limited bargaining power to negotiate prices or services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's dependence on a few key suppliers for goods and services. While the company has some bargaining power due to its size and scale, suppliers may still have some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the integrated resort industry. The company's established brand reputation, scale, and regulatory approvals create significant barriers to entry for new competitors.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the gaming and hospitality industry. The company faces intense competition from other integrated resort operators, which can lead to pricing pressure and competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 77.31%
Debt Cost 7.23%
Equity Weight 22.69%
Equity Cost 9.87%
WACC 7.83%
Leverage 340.68%

11. Quality Control: Las Vegas Sands Corp. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Boyd Gaming

A-Score: 6.0/10

Value: 6.5

Growth: 7.2

Quality: 6.5

Yield: 1.0

Momentum: 7.0

Volatility: 8.0

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Ross Stores

A-Score: 5.5/10

Value: 2.2

Growth: 5.9

Quality: 6.5

Yield: 2.0

Momentum: 7.0

Volatility: 9.3

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General Motors

A-Score: 5.0/10

Value: 5.2

Growth: 6.3

Quality: 2.6

Yield: 1.0

Momentum: 8.5

Volatility: 6.3

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Starbucks

A-Score: 5.0/10

Value: 3.3

Growth: 5.6

Quality: 4.5

Yield: 5.0

Momentum: 4.0

Volatility: 7.3

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Las Vegas Sands

A-Score: 4.9/10

Value: 2.2

Growth: 5.1

Quality: 5.2

Yield: 3.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

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Chipotle Mexican Grill

A-Score: 3.8/10

Value: 1.2

Growth: 8.4

Quality: 5.9

Yield: 0.0

Momentum: 1.0

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

55.72$

Current Price

55.72$

Potential

-0.00%

Expected Cash-Flows