Prepared by:
Michael Boone
John Tabler
April 29, 2012
The Company
Las Vegas Sands Corporation (LVS) is the leading developer of global destination properties. LVS offers premium accommodations, gaming activities, retail locations, exhibition facilities, and high-end dinning to its customers. Currently LVS has facilities in Asia and the United States, and is actively looking to expand its operations further in Asia as well as into Europe in the near future.
The Business Model
LVS operates in three primary markets: Macao, Singapore, and the United States.
Macao
LVS operates the Venetian Macao, the Four Seasons Hotel Macao, the Sands Macao, and the Sands Cotai Central in Macao. The Sands Cotai Central was opened in April 2012 and is the first phase of an integrated resort complex planned to open over the next several years. In 2011, operations in Macao accounted for roughly 52 percent of total revenues for LVS.
Singapore
LVS operates the storied Marina Bay Sands in Singapore and has plans to open other facilities in the near future. In 2011, the Marina Bay Sands accounted for 30 percent of the company’s revenues.
United States
LVS has properties in Las Vegas, Nevada as well as Bethlehem, Pennsylvania. In Las Vegas the company owns and operates the Venetian Las Vegas, The Palazzo, and the Sands Exposition and Convention Center. In Bethlehem, LVS operates the Sands Casino Resort Bethlehem. Operations in the United States accounted for 18 percent of total revenues in 2011.
LVS derives its revenues from five major segments of its operations: casino, rooms/accommodations, food and beverage, mall and retail, and convention/exhibition. During 2011, the casino segment of LVS accounted for 79 percent of revenues, rooms/accommodations 10.6 percent, food and beverage 6.4 percent, mall and retail 3.7 percent, and convention/exhibition 5.3 percent of total revenues. The casino segment of LVS