Las Vegas Sands Corp. is an American casino and resort company with corporate headquarters in Las Vegas, Nevada. It was founded by Sheldon G. Adelson and his partners out of the Sands Hotel and Casino on the Las Vegas Strip. The Sands was demolished and redeveloped as The Venetian, opening in 1999. An adjacent resort, The Palazzo, opened in 2007. Both resorts were sold in 2022.
The company holds several resorts in Asia, including Marina Bay Sands in Singapore, which opened in 2010. Through its majority-owned subsidiary Sands China, the company owns several properties in Macau, including Sands Macao, The Londoner Macao, The Venetian Macao, and The Parisian Macao. As of 2024, it is the second-largest casino company worldwide by revenue with $11.3 billion USD, ahead of Caesars Entertainment and trailing only MGM Resorts International.[2]
History
Development on the Las Vegas Strip
Entrepreneur Sheldon G. Adelson and his partners Richard Katzeff, Irwin Chafetz, Ted Cutler, and Jordan Shapiro bought the Sands Hotel and Casino in 1989. Adelson and his partners financed their venture with investments in personal computers and trade shows, founding the computer trade show COMDEX in 1979.[3] They opened the 1.2 million square foot Sands Expo and Convention Center, then the largest privately owned convention facility in the world,[4] across from the hotel in 1990.
The Sands Hotel was unable to compete with newer resorts on the Las Vegas Strip and was demolished to make room for The Venetian. Construction of the Venetian began in 1997, funded by Adelson's sale of COMDEX.[5] Modeled on Venice, Italy, it joined the ranks of themed hotels such as Excalibur, New York-New York, and Paris Las Vegas on the Las Vegas Strip. In 2004, Las Vegas Sands, Inc. went public,[3]
Expansion into Asia
The company soon recognized new commercial opportunities in Asia, specifically in Macau, the only Special Administrative Region of China where gambling is legal. Las Vegas Sands Corp., along with Wynn Resorts and Galaxy Entertainment Group,[9] was one of the first to be granted a casino operating concession. Sands Macao resort, Macau's first American-operated casino, opened in 2004.
Las Vegas Sands Corp.'s future Macau properties were largely in Cotai, a district of reclaimed land created through public works projects and designated for hotels and casinos.[10] The Venetian Macao, the second-largest in the world at 550,000 square feet, opened in 2007.[11]
In 2008, Las Vegas Sands opened a Four Seasons hotel adjacent to the Venetian Macao. It was followed by The Londoner Macao, originally branded Sands Cotai Central, and The Parisian Macao.
Development plans proceeded in 2010 for
Recent history
In 2015, the Las Vegas Sands Corp. and California-based co-developer California-based Majestic Realty Co.[16] proposed a $1.2 billion 65,000-seat stadium located near The Strip for the Oakland Raiders football team. The proposal required $420 million from private investors and $780 million in public funding, primarily from tourism. Despite Las Vegas Sands withdrawing from the project, the Raiders eventually moved into the stadium after relocating from Oakland.[16]
The company's 2018 annual report anticipated "a significant and adverse effect" from the "proliferation of gaming venues, particularly in Southeast Asia."[17]
In May 2019, the company sold Sands Bethlehem to the Poarch Band of Creek Indians for $1.3 billion, and it was renamed Wind Creek Bethlehem.[18]
Las Vegas Sands was one of multiple bidders trying to open a commercial casino in
Finances
The COVID-19 pandemic negatively impacted the company's finances with a 97.1% decrease in revenue and a second-quarter fiscal loss of $985 million.[32] In March 2021, two months after Sheldon G. Adelson's death, the company announced the sale of its Las Vegas properties to Vici Properties and its operations to Apollo Global Management.[33] The sale was finalized in February 2022.[34]
As of 2021, the Las Vegas Sands Corp. is headed by CEO Robert Glen Goldstein, and reported a 2020 annual revenue of $3.61 billion.[35]
Political contributions
According to OpenSecrets, Las Vegas Sands donated $52.9 million to Republican candidates as the largest single contributor to federal campaigns during the 2012 election cycle.[36] By comparison, Adelson Drug Clinic was the second-largest solely Republican contributor during the 2012 election cycle with $42.1 million donated. Since 1992, Las Vegas Sands has contributed $70.5 million to federal campaigns; since 1999 the company has spent $5.4 million on lobbying.[37]
Miriam Adelson has been one of Donald Trump's top donors during all three of his presidential campaigns.[38][39][40] Adelson has also provided financial support to the Zionist Organization of America, the Yad Vashem Holocaust museum and memorial in Jerusalem
Initiatives
Las Vegas Sands has their own sustainability initiative roadmap called Sands ECO360, centered on identifying eco-friendly processes surrounding building development, resort management, and events.
One of the company's initiatives encourages resort staff to report possible water- or energy-conservation concerns.[43]
Two buildings in Singapore are LEED certified, and several in Macau have received awards for Energy Saving Activities.[44]
Properties
Las Vegas Sands holds integrated resorts in Asia including Marina Bay Sands in Singapore and through its majority-owned subsidiary Sands China Ltd. (SCL) owns several integrated resorts in Macao including The Venetian Macao, Sands Macao, The Plaza Macao and Four Seasons Hotel, The Londoner Macao and The Parisian Macao.
Current properties
Former properties
Ownership and stock
- December 2004: Las Vegas Sands completed its initial public offering with the ticker LVS on the New York Stock Exchange at a price of $29 per share.[3] 6.8% of the company was put on the market.[3] Adelson maintained 87.9% ownership of the company; management and directors owned the remaining 5.3%.[3]
- October 2007: the company's market capitalization peaked at $52 billion at $144.56 a share.
- September 2008: Las Vegas Sands' stock plummeted to $36.11, prompting Adelson and his wife, Dr. Miriam Adelson, to invest $475 million in the company through a 6.5% convertible note in 2013.
- November 2008: The Adelson family again invested $525 million in Las Vegas Sands, with the company raising an additional $1 billion in a secondary offering. The Adelsons also purchased 5.25 million shares of preferred stock as well as warrants to purchase 87.5 million shares of common stock at an exercise price of $6 each.
- March 2009: market capitalization sinks to approximately $1 billion at less than $2 a share due to general market declines and concern for the short-term financial health of the gambling industry.
Aircraft
Las Vegas Sands operates private aircraft used primarily for charter transportation of executive directors and VIP guests of its properties. The Las Vegas Sands fleet is leased for charter purposes by Tradenda Capital AG (Lichtenstein), whose portfolio of companies includes Sands Aviation LLC and Interface Aviation LLC, the latter of which handles the personal affairs of the Adelson family. All operational Las Vegas Sands aircraft are based in Las Vegas at Harry Reid International Airport. The fleet includes the following aircraft (as of May 2025):
Gallery
Alleged anti-bribery violations
In March 2013, the New York Times[47] reported that the Las Vegas Sands Corp. had informed the U.S. Securities and Exchange Commission that the company likely violated federal law against the bribery of foreign officials. The Company disputed these reports, stating in a press release:"The company did not report any violations of the anti-bribery provisions of the FCPA, and it said news reports stating otherwise, such as the headline in today's New York Times which described the matter by saying 'Casino Says it Likely Cheated,' are both inflammatory and defamatory...in [the Company's] preliminary findings the company's Audit Committee had advised that there were 'likely violations' of the books and records and internal controls provisions (i.e. 'accounting provisions') of the FCPA. A potential violation of the accounting provisions could range anywhere from a single transaction recorded incorrectly to other errors in the accounting records. The company said it will vigorously defend itself against that type of uninformed and misleading reporting.[48]"
Legal issues
On May 31, 2016, Sands reached a financial settlement with former Sands China president Steve Jacobs, who sued the company in 2010 for breach of contract and wrongful termination.[49] Terms of the settlement were not disclosed, but the Wall Street Journal reported that the company paid Jacobs more than $75 million.[50] Jacobs had claimed he was dismissed for "blowing the whistle on improprieties" in Macau,[51] including Jacobs' allegations that Adelson had instructed him to investigate senior Macau officials' potentially damaging financial and business information to use as leverage in future regulatory discussions.[52] Adelson denied these allegations, characterizing Jacobs as a disgruntled ex-employee.[53]
On March 14, 2019, Sands reached a financial settlement with Hong Kong businessman Richard Suen for an undisclosed amount after having sued Las Vegas Sands for the third time, arguing he was owed $347 million by the Company, who countered with $3.76 million.
See also
- List of integrated resorts
- List of casino hotels
External links
References
- Las Vegas Sands 20234 Annual Report U.S. Securities and Exchange Commission, February 7, 2025^
- Largest casino companies 2018 Statista, retrieved October 23, 2016^
- Howard Stutz. Investors, Las Vegas Sands hit jackpot as stock goes public