Financial Performance - Las Vegas Sands Corp. generated 44% of its total adjusted property EBITDA from Macao and 56% from Singapore in 2025[31]. - Macao's annual gross gaming revenues reached 247.40 billion patacas (approximately $30.87 billion) in 2025, marking a 9.1% increase compared to 2024[48]. - Visitation to Macao was approximately 40 million in 2025, an increase of 14.7% compared to 2024[49]. - Singapore welcomed approximately 16.9 million international visitors in 2025, a 2.3% increase compared to 2024[55]. - Tourism receipts in Singapore were estimated at 29.78 billion SGD (approximately $23.18 billion) in 2024[55]. Gaming Operations - The company focuses on the higher-margin mass gaming segment, with mass market table revenues generating a gross margin substantially higher than VIP table revenues[32]. - The gaming market in Macao is administered through concessions awarded to six different concessionaires, with the company being one of them[53]. - Approximately 9.4% of table games play at the company's Macao properties and 12.3% at Marina Bay Sands was from credit-based wagering during the year ended December 31, 2025[167]. - The casino tax rates for premium and mass players have increased, with rates of 8% and 18% applicable up to SGD 2.4 billion and SGD 3.1 billion in gross gaming revenue, respectively[120]. - The minimum amount set by the Macao government for gross gaming revenues is 7 million patacas per gaming table and 300,000 patacas per gaming machine (approximately $1 million and $37,433) with a special annual gaming premium applicable if revenues fall below these thresholds[107]. Integrated Resort Developments - The company aims to enhance its Integrated Resort offerings by diversifying products and services to cater to different market segments[37]. - The MBS Expansion Project in Singapore will include a hotel tower, premium gaming areas, and a live entertainment arena with approximately 15,000 seats, with a total estimated project cost of approximately $8.0 billion[78][80]. - The anticipated completion date for the development project in Singapore is June 2030, with an expected opening in January 2031, subject to government approval[179]. - The completion of renovations at Marina Bay Sands resulted in a total of 1,844 rooms, including 775 suites, with costs incurred amounting to $427 million as of December 31, 2025[82]. - The company has committed to invest at least 35.84 billion patacas (approximately $4.47 billion) in Macao, with 33.39 billion patacas (approximately $4.17 billion) allocated for non-gaming projects by December 2032[73][89]. Sustainability Initiatives - Las Vegas Sands Corp. is committed to sustainability through its Sands ECO360 program, focusing on energy efficiency and waste reduction[24]. - The Drop by Drop Project aims to encourage sustainability in local regions with grants for innovative water projects in Macao and Singapore[71]. Workforce and Employment - The company employs approximately 41,500 employees worldwide, with about 49% being female[66]. - The company aims to enhance its workforce culture through competitive pay, healthcare benefits, and retirement planning schemes[67]. - The company competes for skilled labor in Macao and Singapore, facing challenges in hiring due to local government policies[207]. Regulatory and Compliance Risks - The company is subject to extensive regulations and licensing requirements in jurisdictions where it operates, which could materially affect its business if licenses are not obtained or renewed[150]. - The company may face risks related to the potential termination of its casino licenses in both Macao and Singapore due to non-compliance with regulations[181][182]. - The company is subject to anti-money laundering laws and regulations, and any violations could have a material adverse effect on its financial condition and operations[153]. - The company has entered into a concession agreement with the Macao government for a duration of ten years, beginning January 1, 2023, with an annual fee structure based on the gaming area[86][87]. Financial Position and Debt - The company had $15.78 billion of debt outstanding as of December 31, 2025, which could significantly impact its financial condition and operations[160]. - The company is primarily dependent on cash flow from its properties in Macao and Singapore, with distributions from subsidiaries as the main source of cash[133]. - The company faces risks related to fluctuations in foreign currency exchange rates and potential restrictions on cash transfers from subsidiaries[135]. - Future debt instruments for financing developments may contain restrictions on dividend payments and other distributions[157]. Competition and Market Dynamics - The company faces significant competition in the hotel, resort, and casino businesses in Macao and Singapore, which may increase due to new facilities and increased hotel room capacity[174]. - The company faces increased competition from new gaming developments in Asia, including Malaysia, South Korea, and Vietnam, which could adversely affect its financial condition and cash flows[176]. - The company is primarily dependent on its Asia properties for cash flow, with significant operations in Macao and Singapore, which exposes it to greater risks due to lack of diversification[155]. Cybersecurity and Data Protection - The company relies on third-party systems for data security and transaction processing, which may expose it to cybersecurity risks[215]. - Cybersecurity threats are increasing, with potential impacts on the integrity of the company's information systems and operations[214]. - The Personal Information Protection Law (PIPL) became effective on November 1, 2021, potentially affecting data processing activities related to mainland China[199]. - The Cybersecurity Review Measures require online platform operators with over one million users' personal information to apply for a cybersecurity review before listing abroad[201]. Shareholder and Corporate Governance - Principal stockholders own approximately 57% of the company's outstanding common stock, exerting significant influence over business decisions[204]. - The company has requested an extension of its shareholder dividend tax agreement with the Macao government through December 31, 2027, but there is no certainty of approval[190].

Las Vegas Sands Corp. (NYSE:LVS) is one of the noteworthy S&P 500 stocks Jim Cramer highlighted. Cramer noted the stock’s recent decline during the episode, as he said: Finally, the eighth worst performer last month was Las Vegas Sands. That’s the casino company that’s now exclusively a play on Macau and Singapore. Stock sank 19% last month in large part because they did report a disappointing quarter last Wednesday with weak margins in Macau, thanks to elevated promotional spending. A technical stock ...

Las Vegas Sands Corp. (NYSE:LVS) is one of the stocks Jim Cramer shed light on recently. Cramer highlighted reasons for his pessimism around the stock, as he remarked: Next, Las Vegas Sands caught my eye with a nearly 14% decline yesterday. This casino company has fallen a bit off my radar ever since it made a major pivot roughly five years ago, selling off its remaining Vegas assets and becoming more of a pure player in Asia with five casinos, five in Macau, one in Singapore. The stock’s been up and down ...

Core Viewpoint - Las Vegas Sands Corp. (LVS) is a prominent player in the integrated resort industry, facing mixed performance in the stock market and showing potential for future growth despite recent challenges [1][2][4]. Financial Performance - LVS reported Q4 2025 revenue of $3.65 billion, exceeding Wall Street estimates, with adjusted EPS of $0.85, beating expectations by 10.4% [4]. - The adjusted property EBITDA for Macau operations was $608 million, which fell short of the consensus estimate of $626.1 million [4]. - For the year ending December 2026, analysts project LVS's EPS to grow by 4% year-over-year to $3.13 on a diluted basis [5]. Stock Performance - LVS shares have underperformed the broader market, with a 9.3% increase over the past 52 weeks but a 19% decline year-to-date [2]. - Compared to the Consumer Discretionary Select Sector SPDR ETF (XLY), which rose by 3.9% over the past year, LVS has outperformed but lagged behind in the current year with a 1.5% increase [3]. Analyst Ratings - Among 18 analysts covering LVS, the consensus rating is a "Moderate Buy," consisting of 12 "Strong Buy" ratings and six "Holds," with this configuration stable over the past three months [5]. - Macquarie analyst Chad Beynon maintained an "Outperform" rating with a price target of $70, indicating a potential upside of 34.2% from current prices, while the highest target of $80 suggests a possible rally of 51.7% [7].

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Group 1 - Las Vegas Sands Corp. experienced a significant drop in share prices by 13.96% to $52.71 due to weak results from its Macau operations, impacted by China's crackdown on high-rolling gamblers [1] - In full-year 2025, adjusted EBITDA from Macau operations decreased by 0.7% to $2.31 billion, although the fourth quarter saw a 6.5% increase to $608 million [2] - Macau revenues increased by 5% to $7.47 billion in 2025, with a notable 16% surge in the fourth quarter to $2.06 billion [3] Group 2 - Attributable net income rose by 12% in full-year 2025 to $1.627 billion, with a 22% increase in the fourth quarter to $395 million [4] - Net revenues for the full-year reached $13 billion, a 15% increase from $11.3 billion in 2024, while fourth-quarter net revenues grew by 26% to $3.65 billion [4]

瑞银称，本季度利润率低于预期，主要反映成本增加以及收入结构向利润率较低的高端板块倾斜。管理 层重申其目标，即澳门物业年度EBITDA达到27亿美元，该行认为这将由资产利用率的改善支持。 管理 层认为，自第2季度以来营销计划的改进和新设施的推出，促使博彩收入增长走在正确方向，并将在 2026年重点优化促销效率。 管理层指出，基础中场板块的人均消费保持停滞，向高端板块的倾斜可能 影响其利润率结构。 智通财经APP获悉，瑞银发布研报称，拉斯维加斯金沙(LVS)公布2025年第4季度澳门物业调整后 EBITDA为6.08亿美元，同比增长约6%，若调整贵宾厅的投注率，EBITDA为5.82亿美元，低于市场共 识预测的6.28亿美元。该行予金沙中国(01928)"中性"评级，目标价22.4港元。 ...

A Sands casino logo is seen in Macau on November 11, 2008. (Photo credits: MIKE CLARKE/AFP via Getty Images)AFP via Getty ImagesLVS is dropping pre-market even after reporting a Q4 revenue and EPS beat. The catalyst is a notable miss on Macao EBITDA margins, which have decreased by 390 bps. While Singapore has reported record figures, the primary focus is on the structural weaknesses in Macao. Can the optimistic outlook from Singapore mitigate a complete session decline?This is not just a headline miss; it ...

Las Vegas Sands Stock Tumbles 13%. It Has a Macau Problem. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Las Vegas Sands Stock Tumbles 13%. It Has a Macau Problem.By [Alex Kozul-Wright]ShareResize---ReprintsIn this article[LVS]Shares in L ...

Las Vegas Sands Corp (NYSE:LVS) posted upbeat earnings for the fourth quarter after the closing bell on Wednesday.Las Vegas Sands reported fourth-quarter revenue of $3.649 billion, beating a Street consensus estimate of $3.328 billion, according to data from Benzinga Pro. The company’s adjusted earnings per share of 85 cents beat a Street consensus estimate of 76 cents per share.The company also said it had $274 million in capital expenditures in the fourth quarter.“We remain enthusiastic about our opportun ...