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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 driven by strong Q3 earnings, with net revenue of $3.33 billion and net income of $491 million. The company's 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 was announced, raising the annual dividend to $1.20 per share. Robust travel demand and optimistic growth forecasts for 2025 and beyond further supported the company's outlook.

1.c. Company Highlights

2. Sands Delivers Strong Q3 with Record EBITDA

Sands reported a robust third quarter, driven by a significant increase in EBITDA at Marina Bay Sands (MBS) and Macao operations. MBS delivered $743 million in EBITDA, while Macao generated $601 million. The company's EPS came in at $0.78, beating estimates of $0.622. Revenue growth was broad-based, with mass gaming and slot revenue at MBS reaching a record $905 million, up 122% from Q3 2019 and 35% higher than the previous year. The company's strong financial performance is a testament to its effective strategy, as noted by the management, "We're not in the hotel business, but a gaming casino with a hotel attached."

Publication Date: Oct -25

📋 Highlights
  • Q3 EBITDA Surpass Forecasts:: Marina Bay Sands delivered $743 million in Q3 EBITDA, exceeding annual forecasts of $2.5 billion and reflecting 35% YoY growth in mass gaming/slot revenue to $905 million.
  • Macau Market Share Gains:: Sands achieved 25.4% mass market revenue share in Macau, up from 23.6% in Q1 2025, with EBITDA of $601 million driven by VIP segment outpacing mass GGR growth.
  • Shareholder Returns Accelerate:: $500 million in LVS stock buybacks and a 20% dividend increase to $1.20/share annually ($0.30/share quarterly) approved for 2026, signaling capital return prioritization.
  • Singapore Expansion Strategy:: $8 billion invested in Singapore to boost EBITDA to $3-5 billion via high-value tourism, with Marina Bay Sands achieving record $905 million mass gaming/slot revenue and 122% growth since 2019.
  • Junket Market Participation:: Sands entered the low-margin junket segment, now accounting for 12-15% of Macau GGR, while focusing on premium mass upgrades (Londoner) to capture 2-point market share gains toward long-term goals.

Segment Performance

In Macao, the company saw growth in both mass and VIP segments, with a 25.4% mass market revenue share, up from 23.6% in Q1 2025. The VIP segment was driven by super high-end players and increased liquidity. In Singapore, MBS continued to perform well, with a significant increase in GGR, driven by its unique asset and favorable location. The company is optimistic about the long-term sustainability of its Singapore operations, citing a duopoly market and government support.

Capital Allocation and Shareholder Returns

The company remains committed to returning capital to shareholders, with a 20% increase in the quarterly dividend for the 2026 calendar year to $1.20 per share per year. Sands also repurchased $500 million of LVS stock and $337 million of SCL stock during the quarter. The company's capital allocation strategy focuses on investing for high returns and returning capital to shareholders through dividends and share repurchases.

Valuation and Outlook

With a P/E Ratio of 25.25 and an EV/EBITDA of 12.93, the company's valuation appears reasonable, considering its strong growth prospects. Analysts estimate revenue growth at 5.4% for next year. The company's ROE is 56.58%, indicating strong profitability. Sands' strategic priority is to deploy capital in high-growth projects with appropriate returns, and it is evaluating new opportunities in the UAE, Japan, and Thailand.

Growth Initiatives

The company is investing $8 billion to expand its presence in Singapore, signaling its long-term commitment to the market. Sands is also upgrading its assets, such as the Londoner, to gain more market share in premium mass. The company's growth in Singapore is attributed to its deliberate strategy, investment in human and physical capital, and focus on customer experience.

3. NewsRoom

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Second 'Macao Technological Innovation Exploration in Lisbon' a Success

Nov -24

Source: prnewswire.com

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5 Top-Ranked Non-Tech S&P 500 Stocks for 2026 That Have Surged in 2025

Nov -14

Source: zacks.com

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Touchstone Dividend Equity Fund Q3 2025 Portfolio Review

Nov -13

Source: seekingalpha.com

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Insiders Sold Big at These 3 Stocks—Should You Worry?

Nov -10

Source: marketbeat.com

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4 Must-Buy Efficient Stocks to Enrich Your Portfolio in 2025

Nov -07

Source: zacks.com

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Buy 2 Consumer Discretionary Stocks on Strong Q3 Earnings

Oct -24

Source: zacks.com

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Las Vegas Sands Reports Third Quarter 2025 Results

Oct -22

Source: prnewswire.com

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Buy 5 Consumer Discretionary Stocks With Solid Upside Potential for Q4

Oct -14

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

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Boyd Gaming

A-Score: 6.3/10

Value: 6.2

Growth: 7.3

Quality: 6.6

Yield: 1.0

Momentum: 8.5

Volatility: 8.0

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Ross Stores

A-Score: 5.3/10

Value: 2.6

Growth: 5.9

Quality: 6.3

Yield: 2.0

Momentum: 6.0

Volatility: 9.0

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General Motors

A-Score: 4.8/10

Value: 5.9

Growth: 6.3

Quality: 2.5

Yield: 1.0

Momentum: 7.5

Volatility: 5.7

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Starbucks

A-Score: 4.8/10

Value: 3.6

Growth: 5.6

Quality: 4.3

Yield: 5.0

Momentum: 3.0

Volatility: 7.3

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Las Vegas Sands

A-Score: 4.4/10

Value: 2.2

Growth: 5.1

Quality: 5.2

Yield: 2.0

Momentum: 6.0

Volatility: 5.7

1-Year Total Return ->

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Chipotle Mexican Grill

A-Score: 3.9/10

Value: 2.2

Growth: 8.4

Quality: 5.7

Yield: 0.0

Momentum: 1.0

Volatility: 6.0

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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

66.25$

Current Price

66.25$

Potential

-0.00%

Expected Cash-Flows