Las Vegas Sands Corp. (LVSC) is a leading global developer and operator of destination properties, known as Integrated Resorts. These resorts feature premium accommodations, world-class gaming, entertainment, retail malls, convention and exhibition facilities, and celebrity chef restaurants. The company's core business model is focused on the mass market gaming segment, which it believes will continue to deliver long-term growth. LVSC's competitive advantages include its geographic diversity, best-in-class properties, and convention-based business model. The company primarily operates in Macao and Singapore, with a focus on the Asian market.

LVSC also offers loyalty programs at its properties, providing access to rewards, privileges, and members-only events. Additionally, the company believes its retail mall business, particularly in Asia, will provide meaningful value as the retail market in Asia continues to grow.

• Employees: Approximately 38,700 worldwide (as of December 31, 2023)
• Geographic Footprint: Primarily Macao and Singapore
• Headquarters: Las Vegas, Nevada
• Founded: August 2004
• Number of locations/facilities: Multiple Integrated Resorts in Macao and one in Singapore
• Revenue: $10.37 billion (FY2023)
• Market Capitalization: $37.8 billion (as of January 31, 2024)
• Key Subsidiaries/Brands: Sands China Ltd. (SCL), Marina Bay Sands

• CEO: Robert G. Goldstein
• President and COO: Patrick Dumont
• CFO: Randy Hyzak

Robert G. Goldstein has been part of the executive team since the beginning and is one of the most experienced executives in the industry. Patrick Dumont has been with the Company for more than 13 years and has prior experience in corporate finance and management. The management team is focused on delivering growth, increasing return on invested capital, and balance sheet strength.

• Annual Revenue: $10.37 billion (FY2023)
• Net Income: $1.43 billion (FY2023)
• Market Cap: $37.8 billion (as of January 31, 2024)
• Total Assets: $21.78 billion (as of December 31, 2023)
• Employees: Approximately 38,700 worldwide (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by $6.26 billion compared to 2022, operating income was $2.31 billion, and net income from continuing operations was $1.43 billion.

LVSC’s main product categories and service lines include:

• Gaming: Casino operations with a focus on the mass market gaming segment, offering a variety of table games and slot machines.
• Accommodations: Premium hotels and suites, including branded options.
• Retail: Expansive retail offerings, including luxury brands and a variety of shopping options.
• MICE Facilities: Convention, trade show, and meeting facilities.
• Entertainment: Live entertainment programs, including concerts and gala events.
• Dining: A range of restaurants and food outlets, including celebrity chef restaurants.

Flagship offerings include The Venetian Macao, The Londoner Macao, The Parisian Macao, and Marina Bay Sands.

LVSC's major business segments are:

• Macao: Includes The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, and Sands Macao. This segment contributed 54% of the total adjusted property EBITDA during 2023.
• Singapore: Includes Marina Bay Sands. This segment contributed 46% of the total adjusted property EBITDA during 2023.

There were no significant recent changes in segment structure.

LVSC's current strategic priorities include:

• Focusing on the high-margin mass market gaming segment while continuing to provide luxury amenities and high service levels to VIP and premium players.
• Developing and diversifying Integrated Resort offerings to include a full complement of products and services to cater to different market segments.
• Identifying targeted investment opportunities to drive growth across its portfolio.
• Leveraging the scale of operations to create and maintain an absolute cost advantage.

The company's long-term goals include expanding facilities, enhancing the appeal of its properties, and pursuing new development opportunities. Key initiatives include fulfilling capital and operating investment requirements as part of the Macao gaming concession, the next phase of renovation and redevelopment of The Londoner Macao, and the extensive renovation and expansion of Marina Bay Sands. The company is also focused on sustainability across environment, social and governance priorities.

LVSC operates in the hospitality and gaming industry. Key aspects of the industry include:

• Primary Industry: Hospitality and Gaming
• Market Trends: Growth in the mass market gaming segment, increasing number of high net worth individuals in Asia, and the movement of Chinese citizens to urban centers.
• Major Competitors: SJM Resorts, Wynn Resorts (Macau), Galaxy Casino, MGM Grand Paradise, and Melco Resorts (Macau) in Macao; Resorts World Sentosa in Singapore; and other gaming and resort destinations in Asia and globally.
• Market Share: LVSC's combined SCL properties continue to have the highest percentage of gaming win from mass tables and slots of the Macao operators.

• Market Risks: Sensitivity to reductions in discretionary consumer spending, natural or man-made disasters, and the willingness of customers to travel.
• Operational Risks: Extensive regulations, local gaming laws, dependence on properties in two markets, and debt obligations.
• Financial Risks: Fluctuations in foreign currency exchange rates, inability to collect gaming receivables, and win rates for gaming operations.
• Regulatory Risks: Termination or redemption of Macao Concession and Singapore development agreements, and changes in Chinese laws and regulations.