Las Vegas Sands Corp.
- Las Vegas Sands Corp. is a Fortune 500 company and leader in developing and operating Integrated Resort Destinations.
- In 2022 the company sold The Venetian Resort Las Vegas and the Sands Expo and Convention Center for $6.25 billion.
- The company currently own and operate Integrated Resorts in Macao and Singapore.
Las Vegas Sands Corp. (NYSE: LVS, LSE: 0QY4) is a Fortune 500 company and a leading global developer and operator of Integrated Resort Destinations.
Las Vegas Sands Announces a $100,000 Sands Cares Donation to Dress for Success Southern Nevada
May 8, 2023; Las Vegas Sands announced it will contribute $100,000 through Sands Cares to Dress for Success ® (DFS) Southern Nevada. The commitment will support the organization's core program and its free workforce development services for women who are unemployed and underemployed, as well as fund renovation of its Career Center and computer lab.
Sands' Team Member resource group for women and their allies, EmpowHER, is consulting on and will provide volunteer support for the Career Center renovation effort.
DFS Southern Nevada is the local affiliate of the leading global nonprofit employment resource for women. The organization empowers women in Southern Nevada to achieve economic independence by providing a network of support, professional attire, and the development tools to thrive in work and in life. Since its founding in 2009, DFS Southern Nevada has helped more than 13,000 women of diverse backgrounds and experiences on their road to achieving economic independence.
Sale of Property
On February 23, 2022, the company closed on the sale of its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center for $6.25 billion. At closing, the company received approximately $5.05 billion in cash proceeds, before transaction costs and working capital adjustments of $77 million, a $1.20 billion seller financing loan and recognized a gain on disposal of $3.60 billion, before income tax expense of $750 million, during the year ended December 31, 2022.
First Quarter 2023 Results
April 19, 2023; Las Vegas Sands Corp. the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended March 31, 2023.
Net revenue was $2.12 billion, compared to $943 million in the prior year quarter. Operating income was $378 million, compared to an operating loss of $302 million in the prior year quarter. Net income from continuing operations in the first quarter of 2023 was $145 million, compared to a net loss from continuing operations of $478 million in the first quarter of 2022.
Consolidated adjusted property EBITDA was $792 million, compared to $110 million in the prior year quarter.
Full Year 2022 Results
Net revenues for the year ended December 31, 2022 were $4.11 billion, compared to $4.23 billion for the year ended December 31, 2021. Operating loss was $792 million for the year ended December 31, 2022, compared to $689 million for the year ended December 31, 2021. Net loss from continuing operations was $1.54 billion for the year ended December 31, 2022, compared to $1.47 billion for the year ended December 31, 2021.
Consolidated net revenues were $4.11 billion for the year ended December 31, 2022, a decrease of $124 million compared to $4.23 billion for the year ended December 31, 2021, driven by a decrease of $1.27 billion at its Macao operations due to decreased visitation as tighter border restrictions were introduced throughout 2022 as a result of increased COVID-19 cases in Macao and the surrounding region. The decrease was partially offset by an increase of $1.15 billion at Marina Bay Sands, primarily due to increased visitation from the reopening of borders and elimination of most pandemic-related restrictions in April 2022.
Operating expenses were $4.90 billion for the year ended December 31, 2022, a decrease of $21 million compared to $4.92 billion for the year ended December 31, 2021. The decrease was primarily driven by a $276 million decrease in casino expenses, partially offset by increases of $105 million in general and administrative expenses, $75 million in food and beverage expenses, $34 million in in development expenses and $24 million in corporate expenses
Development expenses were $143 million for the year ended December 31, 2022, compared to $109 million for the year ended December 31, 2021. During the year ended December 31, 2022, the costs were associated with its evaluation and pursuit of new business opportunities, primarily in Florida and Texas, and its digital gaming related efforts. Development costs are expensed as incurred.
Loss on disposal or impairment of assets was $9 million for the year ended December 31, 2022, compared to $27 million for the year ended December 31, 2021. The losses incurred for the year ended December 31, 2022, were primarily due to $4 million in asset disposals related to aircraft parts and $3 million in asset disposal and demolition costs, primarily at The Londoner Macao, The Venetian Macao, Sands Macao and its corporate offices. The losses for the year ended December 31, 2021, were primarily due to asset disposals and demolition costs related to The Londoner Macao.
Las Vegas Sands Corp. is a Fortune 500 company and the leading global developer and operator of destination properties ("Integrated Resorts") that feature premium accommodations, world-class gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants and other amenities. The company currently own and operate Integrated Resorts in Macao and Singapore.
Through its 69.9% ownership of Sands China Ltd. ("SCL"), the company own and operate a collection of Integrated Resorts in the Macao Special Administrative Region of the People's Republic of China These properties include 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. LVSC was incorporated in Nevada in August 2004.
Macao is the largest gaming market in the world and the only market in China to offer legalized casino gaming. According to Macao government statistics issued publicly on a monthly basis by the Gaming Inspection and Coordination Bureau (commonly referred to as the "DICJ"), annual gross gaming revenues were 42.20 billion patacas in 2022 (approximately $5.25 billion at exchange rates in effect on December 31, 2022), a decrease of 51.4% and 85.6% compared to 2021 and 2019, respectively, due to the impact of the COVID-19 Pandemic.
The company welcomed approximately 6 million visitors to Macao in 2022, compared to the approximately 8 million visitors in 2021. The company believe visitation will return to pre-pandemic levels and will continue to experience meaningful long-term growth. The company believe this growth will be driven by a variety of factors, including the movement of Chinese citizens to urban centers in China, continued growth of the Chinese outbound tourism market, the increased utilization of existing transportation infrastructure, the introduction of new transportation infrastructure and the continued increase in hotel room inventory in Macao and neighboring Hengqin Island. There has been significant investment announced and recently completed by concessionaires in new resort development projects on Cotai. These factors should help increase the critical mass on Cotai and further drive Macao's transformation into a leading business and leisure tourism hub in Asia. The company believe the development of additional integrated resort products in Macao will also drive a higher demand for gaming products.
Singapore is regarded as having the most developed financial and transportation infrastructure in the Southeast Asia region. Singapore has established itself as a destination for both business and leisure visitors, offering convention and exhibition facilities as well as world-class shopping malls and hotel accommodations. In 2006, after a competitive bid process, the Singapore government awarded two concessions to develop and operate two integrated resorts. Las Vegas Sands Corp was awarded the concession for the Marina Bay site, which is adjacent to Singapore's central business district, and Genting International was awarded the second site, located on Singapore's Sentosa Island.
Based on figures released by the STB, Singapore welcomed approximately 6.3 million international visitors in the twelve months ended December 31, 2022, a 1,810.5% increase and a 67.0% decrease compared to the same period in 2021 and 2019, respectively. The 2022 increase compared to 2021 was due to the easing of travel restrictions in April 2022 that were originally implemented in early 2020 due to the impact of the COVID-19 Pandemic. Tourism receipts were estimated to be SGD 1.89 billion (approximately $1.41 billion at exchange rates in effect on December 31, 2022) in 2021 (the latest information publicly available at the time of filing). The Gambling Regulatory Authority (the "GRA"), the gaming regulator in Singapore, does not disclose gaming revenue for the market and thus no official figure exists.
|Location||Name||Suites||Gaming & Retail Space (Sq. Ft.)||Meeting Space (Sq. Ft.)|
|Macao||The Venetian Macao||2905||1.65 Million||1.375 Million|
|Macao||Sands Macao||289||1 Million||26,084|
|Macao||The Londoner Macao||6,022||2.75 Million||924,170|
|Macao||The Plaza Macao & Four Seasons Hotel Macao||379||433,960||52,761|
|Macao||The Parisian Macao||2,541||708,667||89,848|
|Singapore||Marina Bay Sands||2,561||1.4 Million||1.2 Million|
The Venetian Macao is the anchor property of its Cotai Strip development and is located approximately two miles from the Taipa Ferry Terminal on Macao's Taipa Island and six miles from the bridge linking Hong Kong, Macao and Zhuhai. The Venetian Macao includes approximately 503,000 square feet of gaming space and gaming support area with approximately 630 table games and 1,180 slot machines and electronic table games ("ETGs"). The Venetian Macao features a 39-floor luxury hotel tower with 2,905 elegantly appointed luxury suites and the Shoppes at Venetian, approximately 944,000 square feet of unique retail shopping with 316 stores featuring many international brands and home to 56 restaurants and food outlets featuring an international assortment of cuisines. In addition, The Venetian Macao has approximately 1.2 million square feet of convention facilities and meeting room space, an 1,800-seat theater and the 15,000-seat Cotai Arena that hosts world-class entertainment and sporting events.
The Londoner Macao (previously Sands Cotai Central), its largest Integrated Resort on the Cotai Strip, is located across the street from The Venetian Macao, The Parisian Macao and The Plaza Macao and Four Seasons Macao. The Londoner Macao is the result of its renovation, expansion and rebranding of Sands Cotai Central, which included the addition of extensive thematic elements both externally and internally and was completed during 2022. The Londoner Macao presents a range of new attractions and features, including some of London’s most recognizable landmarks, such as the Houses of Parliament and the Elizabeth Tower (commonly known as "Big Ben"), and interactive guest experiences. The Integrated Resort features four hotel towers. The first hotel tower consists of Londoner Court with 368 luxury suites and 400 rooms and suites under the St. Regis brand. The second hotel tower consists of 659 five-star rooms and suites under the Conrad brand and The Londoner Macao Hotel with 594 London-themed suites, including 14 exclusive Suites by David Beckham. The third hotel tower consists of 1,842 rooms and suites under the Sheraton brand. The fourth hotel tower consists of 2,126 rooms and suites under the Sheraton brand. The Integrated Resort includes approximately 400,000 square feet of gaming space and gaming support area with approximately 480 table games and 860 slot machines and ETGs, approximately 369,000 square feet of meeting space, a 1,701-seat theater, the 6,000-seat Londoner Arena, approximately 610,000 square feet of retail space with 128 stores and home to 49 restaurants and food outlets featuring an international assortment of cuisines.
The Parisian Macao, which is connected to The Venetian Macao and The Plaza Macao and Four Seasons Macao, includes approximately 270,000 square feet of gaming space and gaming support area with approximately 270 table games and 800 slot machines and ETGs. The Parisian Macao also features 2,541 rooms and suites and the Shoppes at Parisian, approximately 296,000 square feet of unique retail shopping with 109 stores featuring many international brands and home to 23 restaurants and food outlets featuring an international assortment of cuisines. Other non-gaming amenities at The Parisian Macao include a meeting room complex of approximately 63,000 square feet and a 1,200-seat theater. Directly in front of The Parisian Macao, and connected via a covered walkway to the main building, is a half-scale authentic re-creation of the Eiffel Tower containing a viewing platform and restaurant.
The Plaza Macao and Four Seasons Macao, which is located adjacent to The Venetian Macao, has approximately 108,000 square feet of gaming space and gaming support area with approximately 140 table games and 100 slot machines and ETGs at its Plaza Casino. The Plaza Macao and Four Seasons Macao also has 360 elegantly appointed rooms and suites managed by FS Macau Lda., several food and beverage offerings, and conference and banquet facilities. The Shoppes at Four Seasons includes approximately 249,000 square feet of retail space with 137 stores and home to 9 restaurant and food outlets, and is connected to the Shoppes at Venetian. The Plaza Macao and Four Seasons Macao also features 19 ultra-exclusive Paiza Mansions, which are individually designed and made available by invitation only. The Grand Suites at Four Seasons opened in October 2020 and features 289 luxury suites.
The Sands Macao, the first U.S. operated Las Vegas-style casino in Macao, is situated near the Macao-Hong Kong Ferry Terminal on a waterfront parcel centrally located between Macao's Gongbei border gate with China and Macao's central business district. The Sands Macao includes approximately 176,000 square feet of gaming space and gaming support area with approximately 160 table games and 560 slot machines and ETGs. The Sands Macao also includes a 289-suite hotel tower, spa facilities and several restaurants and entertainment areas.
Marina Bay Sands opened with approximately 2,600 rooms and suites located in three 55-story hotel towers. Las Vegas Sands Corp is currently undertaking extensive renovation work with approximately 2,300 rooms and suites resulting upon completion, which is expected to greatly enhance the positioning of its suite product. Atop the three towers is the Sands SkyPark, an extensive outdoor recreation area with a 150-meter infinity swimming pool and leading restaurant and nightlife brands. The Integrated Resort offers approximately 160,000 square feet of gaming space with approximately 500 table games and 2,900 slot machines and ETGs; The Shoppes at Marina Bay Sands, an enclosed retail, dining and entertainment complex with signature restaurants from world-renowned chefs; an event plaza and promenade; and an art/science museum. Marina Bay Sands also includes approximately 1.2 million square feet of meeting and convention space and a state-of-the-art theater for top Broadway shows, concerts and gala events.
Marina Bay Sands Expansion
Las Vegas Sands Corp has also continued to invest in its existing facilities at Marina Bay Sands. The company's ongoing $1 billion investment program, designed to meaningfully enhance its suite product offerings of its market-leading Integrated Resort in Singapore to premium customers seeking immersive travel experiences, will be completed by the end of 2023.
Sheldon Adelson and his partners bought the famous Sands Hotel in Las Vegas.
|1989||Sheldon Adelson, a businessman, and entrepreneur purchased the Sands Hotel and Casino in Las Vegas, Nevada, for $128 million. He then sold it two years later for $110 million and focused on developing the COMDEX trade show.|
|1990||One year later, the Sands Expo and Convention Center opened adjacent to the Sands Hotel.|
|1996||Las Vegas Sands Corp. was established as the holding company for the Sands Expo and Convention Center and other casino and resort properties.|
|1999||The company opened the Venetian Resort Hotel Casino in Las Vegas, featuring a replica of Venice's canals and landmarks.|
|2004||Las Vegas Sands Corp. went public on the New York Stock Exchange.|
|2007||The company opened the Marina Bay Sands resort in Singapore, a $5.5 billion integrated resort that features a hotel, casino, convention center, shopping mall, and more.|
|2009||The Palazzo, a luxury hotel and casino connected to the Venetian, opened in Las Vegas.|
|2010||Sands China Ltd., a subsidiary of Las Vegas Sands Corp., began trading on the Hong Kong Stock Exchange.|
|2012||The Sands Cotai Central, a large integrated resort in Macau, opened.|
|2015||The company opened the Parisian Macao, a themed resort featuring a replica of the Eiffel Tower.|
|2016||The company announced plans to build a $1.1 billion casino and resort in South Korea, but later scrapped the project due to regulatory issues.|
|2019||Sheldon Adelson passed away at the age of 87. His wife, Dr. Miriam Adelson, took over as the company's CEO and chairperson.|
|2020||The COVID-19 pandemic hit the global casino industry hard, and Las Vegas Sands Corp. reported a net loss of $2.2 billion for the year.|
|2021||In March, the company announced that it was selling its Las Vegas properties, including the Venetian and Palazzo, for $6.25 billion to Apollo Global Management and Vici Properties Inc. The sale was completed in June, and Las Vegas Sands Corp. became primarily focused on its operations in Asia.|
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