Las Vegas Sands (LVS)
Operates integrated casino resorts spanning hotels, retail, entertainment, and conventions in Macao and Singapore.
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Las Vegas Sands builds and runs giant resorts where the casino floor pays for everything around it — hotel suites, shopping arcades, restaurants, arenas. It left the Las Vegas Strip years ago and now operates in just two places, Macao and Singapore, each on a government licence it has to keep. A single Singapore resort throws off most of the profit, and the company's next big bet is making that one bigger.
Item facts: H1 2026 · six months ended June 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 15 more below
Marina Bay Sands
Singapore's waterfront resort — casino, three towers of hotel rooms, a mall, convention halls. Roughly four in every ten company dollars, and about six in ten of its property profit in the June quarter, which slipped from the property's best run.
Competes with Resorts World Sentosa (Genting Singapore) · Wynn Palace (Wynn Macau) · Galaxy Macau (Galaxy Entertainment)
In plain English
Three hotel towers with one long deck laid across their tops, a casino on the ground floor, a luxury mall, restaurants, and halls big enough for trade fairs.
Guests fly in, stay a few nights and spend. Most of the money comes off the casino floor, where the house keeps a small slice of everything wagered — and because a handful of very large players do much of the betting, that slice swings from quarter to quarter. The rest arrives as room nights, mall rent and dinners. A refurbishment that turned ordinary rooms into suites lifted what the same building earns, because a suite guest spends more.
Marina Bay Sands expansion (IR2)
A fourth tower beside the famous three: roughly 570 suites, an arena seating about 15,000, and premium meeting space, opening early 2031 if approvals land. Until then it is only money going out.
Competes with RWS 2.0 expansion (Genting Singapore) · Cotai Arena and Londoner Arena (Sands China)
In plain English
Singapore let its one waterfront resort grow on a condition: build more. So the company is putting up a fourth tower next door — all suites, plus an arena and halls for company meetings.
No guest checks in before 2031. Everything until then is spending: construction bills, a billion-dollar upfront payment to Singapore's tourism board, and interest on the borrowing that helps carry it. The reasoning has already been tested at smaller scale in the same building — add suites, and the same address earns more from each guest.
The Londoner Macao
Macao's largest Sands property, reopened in 2025 after a roughly $2.35B rebuild that added the 2,405-room Londoner Grand. June-quarter revenue grew to $710M from $642M a year earlier, with $192M of property profit.
Competes with Galaxy Macau (Galaxy Entertainment) · City of Dreams (Melco Resorts) · MGM Cotai (MGM China)
In plain English
Macao's Cotai strip is a row of themed mega-resorts, and this one is themed on London. It belongs to Sands China, the Hong Kong-listed company that holds the whole Macao business, which rebuilt the place wing by wing and brought the last rooms back in 2025.
Rooms are the product. Better suites pull in players who bet more and stay longer, and those guests pay twice — at the tables, then again for the room, the restaurant and the shops downstairs. Marriott lends its Luxury Collection name to the new hotel and feeds bookings in. Of the Macao properties, this is the one where the room upgrade is already done.
The Venetian Macao
The biggest Macao property by floor area, and a building site with guests in it: about 400 rooms sat out of service in the June quarter and revenue fell to $591M from $663M. All ~2,900 rooms are promised back by Chinese New Year 2028.
Competes with Galaxy Macau (Galaxy Entertainment) · Studio City (Melco Resorts) · Grand Lisboa Palace (SJM Holdings)
In plain English
The original Cotai resort and still the largest by floor space — thousands of rooms, an enormous mall, an arena that books events.
Four to five hundred rooms come out of service every quarter while crews turn them into suites and fit private gaming salons alongside. Closed rooms earn nothing, which is why this line made less money than a year ago even as its neighbour grew. Management has attached a date to the promise: everything back and more upmarket before Chinese New Year 2028. The payoff it is counting on is the one Singapore already collected — a better room brings a bigger-spending guest.
The Parisian Macao
The mass-market Cotai resort — about 2,541 rooms, a themed tower, a mall — which turned ten in September 2026. June-quarter revenue grew to $218M while property profit slipped to $38M: the visitors came, the service costs came with them.
Competes with Studio City (Melco Resorts) · MGM Cotai (MGM China) · Broadway at Galaxy Macau (Galaxy Entertainment)
In plain English
The one built for the everyday visitor rather than the high roller: a couple of thousand rooms, shops, restaurants, and an Eiffel Tower replica out front that is the reason people come to look.
It earns the way a busy seaside town does — lots of people, a modest amount each, most of them from mainland China. That makes it dependable and hard to lift at the same time. Everyday spending in Macao has recovered more slowly than the top end, and the building money is going to its two larger neighbours instead. Filling the place is the job, which is what a four-day shopping carnival drawing big crowds is for.
The Plaza Macao and Four Seasons Macao
Macao's luxury end — Four Seasons rooms, a suite tower, a watch-and-jewellery mall — serving a small group of very large players. The jumpiest line on the map: June-quarter revenue $137M against $194M a year before, property profit $20M against $66M.
Competes with Wynn Palace (Wynn Macau) · Nüwa at City of Dreams (Melco Resorts) · Grand Lisboa Palace (SJM Holdings)
In plain English
The difference between a packed diner and a restaurant with eight tables and a waiting list. This is the eight tables — a small set of extremely wealthy guests, invited by the house directly rather than brought in by the outside agents of the old days, playing for very large sums.
When a few people account for most of the betting, results wobble for reasons that have nothing to do with how many guests showed up. A run of poor luck for the house took most of a quarter's profit out of this property in the June quarter. Between visits, those same guests buy watches and jewellery in the mall below, which set a sales record early in 2026.
Shoppes retail mall portfolio
Five luxury malls built into the resorts, roughly 2.47M square feet between them. Tenants paid $801M of rent across 2025, up from $755M, and it rose every quarter of that year because rent tracks what the shops sell.
Competes with Galaxy Promenade (Galaxy Entertainment) · Wynn Palace Esplanade (Wynn Macau)
In plain English
Every resort has a shopping street built into it, and the company owns the street rather than the shops. Luxury brands take the units and pay a base rent plus a slice of their sales, so when watches and jewellery move, the landlord's cheque grows with them.
What tenants are really buying is a crowd that is already inside the building with nowhere else to go. The unglamorous part, and the steadiest: no luck at a gaming table decides it. It is also the sort of non-gambling spending Macao's government keeps pressing its casino operators to build more of.
Marina Bay SandsSingapore's waterfront resort — casino, three towers of hotel rooms, a mall, convention halls. Roughly four in every ten company dollars, and about six in ten of its property profit in the June quarter, which slipped from the property's best run.Singapore's waterfront resort — casino, three towers of hotel rooms, a mall, convention halls. Roughly four in every ten company dollars, and about six in ten of its property profit in the June quarter, which slipped from the property's best run.
In plain English
Three hotel towers with one long deck laid across their tops, a casino on the ground floor, a luxury mall, restaurants, and halls big enough for trade fairs.
Guests fly in, stay a few nights and spend. Most of the money comes off the casino floor, where the house keeps a small slice of everything wagered — and because a handful of very large players do much of the betting, that slice swings from quarter to quarter. The rest arrives as room nights, mall rent and dinners. A refurbishment that turned ordinary rooms into suites lifted what the same building earns, because a suite guest spends more.
Competes with Resorts World Sentosa (Genting Singapore) · Wynn Palace (Wynn Macau) · Galaxy Macau (Galaxy Entertainment)
Marina Bay Sands expansion (IR2)A fourth tower beside the famous three: roughly 570 suites, an arena seating about 15,000, and premium meeting space, opening early 2031 if approvals land. Until then it is only money going out.A fourth tower beside the famous three: roughly 570 suites, an arena seating about 15,000, and premium meeting space, opening early 2031 if approvals land. Until then it is only money going out.
In plain English
Singapore let its one waterfront resort grow on a condition: build more. So the company is putting up a fourth tower next door — all suites, plus an arena and halls for company meetings.
No guest checks in before 2031. Everything until then is spending: construction bills, a billion-dollar upfront payment to Singapore's tourism board, and interest on the borrowing that helps carry it. The reasoning has already been tested at smaller scale in the same building — add suites, and the same address earns more from each guest.
Competes with RWS 2.0 expansion (Genting Singapore) · Cotai Arena and Londoner Arena (Sands China)
The Londoner MacaoMacao's largest Sands property, reopened in 2025 after a roughly $2.35B rebuild that added the 2,405-room Londoner Grand. June-quarter revenue grew to $710M from $642M a year earlier, with $192M of property profit.Macao's largest Sands property, reopened in 2025 after a roughly $2.35B rebuild that added the 2,405-room Londoner Grand. June-quarter revenue grew to $710M from $642M a year earlier, with $192M of property profit.
In plain English
Macao's Cotai strip is a row of themed mega-resorts, and this one is themed on London. It belongs to Sands China, the Hong Kong-listed company that holds the whole Macao business, which rebuilt the place wing by wing and brought the last rooms back in 2025.
Rooms are the product. Better suites pull in players who bet more and stay longer, and those guests pay twice — at the tables, then again for the room, the restaurant and the shops downstairs. Marriott lends its Luxury Collection name to the new hotel and feeds bookings in. Of the Macao properties, this is the one where the room upgrade is already done.
Competes with Galaxy Macau (Galaxy Entertainment) · City of Dreams (Melco Resorts) · MGM Cotai (MGM China)
The Venetian MacaoThe biggest Macao property by floor area, and a building site with guests in it: about 400 rooms sat out of service in the June quarter and revenue fell to $591M from $663M. All ~2,900 rooms are promised back by Chinese New Year 2028.The biggest Macao property by floor area, and a building site with guests in it: about 400 rooms sat out of service in the June quarter and revenue fell to $591M from $663M. All ~2,900 rooms are promised back by Chinese New Year 2028.
In plain English
The original Cotai resort and still the largest by floor space — thousands of rooms, an enormous mall, an arena that books events.
Four to five hundred rooms come out of service every quarter while crews turn them into suites and fit private gaming salons alongside. Closed rooms earn nothing, which is why this line made less money than a year ago even as its neighbour grew. Management has attached a date to the promise: everything back and more upmarket before Chinese New Year 2028. The payoff it is counting on is the one Singapore already collected — a better room brings a bigger-spending guest.
Competes with Galaxy Macau (Galaxy Entertainment) · Studio City (Melco Resorts) · Grand Lisboa Palace (SJM Holdings)
The Parisian MacaoThe mass-market Cotai resort — about 2,541 rooms, a themed tower, a mall — which turned ten in September 2026. June-quarter revenue grew to $218M while property profit slipped to $38M: the visitors came, the service costs came with them.The mass-market Cotai resort — about 2,541 rooms, a themed tower, a mall — which turned ten in September 2026. June-quarter revenue grew to $218M while property profit slipped to $38M: the visitors came, the service costs came with them.
In plain English
The one built for the everyday visitor rather than the high roller: a couple of thousand rooms, shops, restaurants, and an Eiffel Tower replica out front that is the reason people come to look.
It earns the way a busy seaside town does — lots of people, a modest amount each, most of them from mainland China. That makes it dependable and hard to lift at the same time. Everyday spending in Macao has recovered more slowly than the top end, and the building money is going to its two larger neighbours instead. Filling the place is the job, which is what a four-day shopping carnival drawing big crowds is for.
Competes with Studio City (Melco Resorts) · MGM Cotai (MGM China) · Broadway at Galaxy Macau (Galaxy Entertainment)
The Plaza Macao and Four Seasons MacaoMacao's luxury end — Four Seasons rooms, a suite tower, a watch-and-jewellery mall — serving a small group of very large players. The jumpiest line on the map: June-quarter revenue $137M against $194M a year before, property profit $20M against $66M.Macao's luxury end — Four Seasons rooms, a suite tower, a watch-and-jewellery mall — serving a small group of very large players. The jumpiest line on the map: June-quarter revenue $137M against $194M a year before, property profit $20M against $66M.
In plain English
The difference between a packed diner and a restaurant with eight tables and a waiting list. This is the eight tables — a small set of extremely wealthy guests, invited by the house directly rather than brought in by the outside agents of the old days, playing for very large sums.
When a few people account for most of the betting, results wobble for reasons that have nothing to do with how many guests showed up. A run of poor luck for the house took most of a quarter's profit out of this property in the June quarter. Between visits, those same guests buy watches and jewellery in the mall below, which set a sales record early in 2026.
Competes with Wynn Palace (Wynn Macau) · Nüwa at City of Dreams (Melco Resorts) · Grand Lisboa Palace (SJM Holdings)
Shoppes retail mall portfolioFive luxury malls built into the resorts, roughly 2.47M square feet between them. Tenants paid $801M of rent across 2025, up from $755M, and it rose every quarter of that year because rent tracks what the shops sell.Five luxury malls built into the resorts, roughly 2.47M square feet between them. Tenants paid $801M of rent across 2025, up from $755M, and it rose every quarter of that year because rent tracks what the shops sell.
In plain English
Every resort has a shopping street built into it, and the company owns the street rather than the shops. Luxury brands take the units and pay a base rent plus a slice of their sales, so when watches and jewellery move, the landlord's cheque grows with them.
What tenants are really buying is a crowd that is already inside the building with nowhere else to go. The unglamorous part, and the steadiest: no luck at a gaming table decides it. It is also the sort of non-gambling spending Macao's government keeps pressing its casino operators to build more of.
Competes with Galaxy Promenade (Galaxy Entertainment) · Wynn Palace Esplanade (Wynn Macau)
Named in filings, launches and programs
- Sands China Ltd.BrandThe Hong Kong-listed company holding the Macao resorts and the licence behind them; Las Vegas Sands owns 75.01%, so outsiders keep a quarter of Macao's economics.
- Casino floorsServiceTables, slot machines and electronic games across the six resorts — about three-quarters of all revenue, which is why a run of bad luck moves the whole company.
- Macao gaming concession 2023–2032EcosystemPermission to run casinos in Macao until December 2032, carrying a promised MOP 35.84B (~$4.47B) of investment, most of it outside gambling.
- Singapore licence and development agreementEcosystemSingapore's terms for its one Sands casino: hold the licence and deliver the expansion, including a $1B upfront payment to the tourism board.
- Sands MacaoSegmentThe original casino on the old peninsula and the smallest property — $188M of revenue in the first half of 2026, leaning on slot and machine play.
- Ferry Operations and OtherServiceFerries running between Macao and Hong Kong, bringing guests to the door; $77M of revenue in the first half of 2026.
- Hotel rooms and convention spaceProduct lineRoughly $1.8B in 2025 from room nights and event space — the line every renovation is aimed at, since a better room brings a bigger-spending guest.
- Food and beverageProduct lineRestaurants and bars took $644M in 2025, up from $607M — money spent because the guest is already in the building.
- Londoner GrandBrandThe 2,405-room hotel that completed the Londoner rebuild in 2025, carrying Marriott's Luxury Collection name and aimed at higher-spending guests.
- Londoner CourtBrandA roughly 370-key all-suite piece of the Londoner complex.
- Grand Suites at Four SeasonsBrandThe premium suite tower at the Four Seasons, which management cites as the template for where the next investment should go.
- Cotai Arena and Londoner ArenaEcosystemEvent venues inside the Macao resorts, with NBA games booked for October 2026; shows and games fill hotel rooms.
- Cotai Expo and MICE facilitiesServiceConvention and exhibition halls in Macao, tied to the government's push for the city to earn more beyond gambling.
- Sands Shopping CarnivalCustomer programA recurring Macao retail event; the July 2026 edition drew nearly 160,000 visits over four days.
- PaizaCustomer programThe brand for top-tier players invited to play with the house directly rather than through outside agents.
Sands China Ltd.Brand
The Hong Kong-listed company holding the Macao resorts and the licence behind them; Las Vegas Sands owns 75.01%, so outsiders keep a quarter of Macao's economics.
Casino floorsService
Tables, slot machines and electronic games across the six resorts — about three-quarters of all revenue, which is why a run of bad luck moves the whole company.
Macao gaming concession 2023–2032Ecosystem
Permission to run casinos in Macao until December 2032, carrying a promised MOP 35.84B (~$4.47B) of investment, most of it outside gambling.
Singapore licence and development agreementEcosystem
Singapore's terms for its one Sands casino: hold the licence and deliver the expansion, including a $1B upfront payment to the tourism board.
Sands MacaoSegment
The original casino on the old peninsula and the smallest property — $188M of revenue in the first half of 2026, leaning on slot and machine play.
Ferry Operations and OtherService
Ferries running between Macao and Hong Kong, bringing guests to the door; $77M of revenue in the first half of 2026.
Hotel rooms and convention spaceProduct line
Roughly $1.8B in 2025 from room nights and event space — the line every renovation is aimed at, since a better room brings a bigger-spending guest.
Food and beverageProduct line
Restaurants and bars took $644M in 2025, up from $607M — money spent because the guest is already in the building.
Londoner GrandBrand
The 2,405-room hotel that completed the Londoner rebuild in 2025, carrying Marriott's Luxury Collection name and aimed at higher-spending guests.
Londoner CourtBrand
A roughly 370-key all-suite piece of the Londoner complex.
Grand Suites at Four SeasonsBrand
The premium suite tower at the Four Seasons, which management cites as the template for where the next investment should go.
Cotai Arena and Londoner ArenaEcosystem
Event venues inside the Macao resorts, with NBA games booked for October 2026; shows and games fill hotel rooms.
Cotai Expo and MICE facilitiesService
Convention and exhibition halls in Macao, tied to the government's push for the city to earn more beyond gambling.
Sands Shopping CarnivalCustomer program
A recurring Macao retail event; the July 2026 edition drew nearly 160,000 visits over four days.
PaizaCustomer program
The brand for top-tier players invited to play with the house directly rather than through outside agents.