Las Vegas Sands

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Las Vegas Sands Corporation
IndustryHospitality, Tourism
FoundedNovember 17, 1988
FounderSheldon Adelson
HeadquartersParadise, Nevada, U.S.
Area served
Key people
Robert G. Goldstein
(Chairman & CEO)
Patrick Dumont
(President & COO)
Randy Hyzak
(Executive Vice President & CFO)
D. Zachary Hudson
(Executive Vice President & Global General Counsel)
ProductsGambling, hotels, entertainment, casinos, resorts
RevenueDecrease US$ 3.612 billion (2020)[1]
Negative increase US$−1.688 billion (2020)[1]
Negative increase US$−2.143 billion (2020)[1]
Total assetsDecrease US$20.807 billion (2020)[1]
Total equityDecrease US$3.538 billion (2020)[1]
OwnerAdelson family (53% as of 2012)[2]
Number of employees
Decrease 46,000 (2020)[1]
SubsidiariesSands China

Las Vegas Sands Corporation is an American casino and resort company based in Paradise, Nevada, United States. Its resorts feature accommodations, gambling and entertainment, convention and exhibition facilities, restaurants and clubs, as well as an art and science museum in Singapore.

It has several resorts in the United States and Asia. Among the properties it developed in the United States are two resorts on the Las Vegas Strip: The Venetian and The Palazzo, since sold.

In Asia, the Marina Bay Sands located in Singapore was added to the company's portfolio in 2010. Through its majority-owned subsidiary Sands China, the company owns several properties in Macau, including the Sands Macao, The Londoner Macao, The Venetian Macao, The Plaza Macao, and The Parisian Macao. It is the largest casino company worldwide.[3]


Entrepreneur Sheldon Adelson and his partners Richard Katzeff, Irwin Chafetz, Ted Cutler, and Jordan Shapiro bought the famous Sands Hotel in 1989. They opened the Sands Expo and Convention Center across from the hotel in 1990. The 1.2-million-square-foot center is currently the largest privately owned convention facility in the world.

The Sands Hotel was having trouble competing with the newer resorts on the Las Vegas Strip, so Adelson imploded it to make room for The Venetian. Construction of the Venetian began in 1997, when themed hotels were the fashion. Modeled on Venice, Italy, it joined Excalibur, New York-New York, Paris Las Vegas and other themed hotels on the Las Vegas Strip.

When the trend in Las Vegas then shifted to more understated hotels, construction on The Palazzo began in 2005. Together, the Palazzo, Venetian and Sands Expo make up the world's largest integrated resort, with 7,100 all-suite rooms, 2.3 million square feet of convention and exhibition space, and an array of shopping, dining and entertainment options.

Adelson got his start through the trade show business. As early as the 1970s, he saw the potential in personal computers. He and his partners founded the computer trade show COMDEX in 1979. They then sold it in 1995 for more than $800 million. In 2004, Adelson took the Venetian's parent company public:[4] Las Vegas Sands Inc. became Las Vegas Sands Corp.

Perhaps because of his start in the trade show business, Adelson focused his hotel efforts on courting the convention and trade show industry. At the time, when other hotels were focusing on gambling, his approach was considered unorthodox: the traditional strategy was to keep hotel rooms minimal, so as to encourage guests to spend as much time as possible in the casino. Adelson, however, had all his hotel rooms made into luxury suites; he put in mini-bars and big screen televisions; and he created comfortable work spaces in every room. By doing all this, he counted on business from the Sands Expo and Convention Center to keep mid-week occupancy strong. This proved correct; the company now makes more money in Las Vegas from conventions than gambling.[5] And Adelson's convention-centered approach is no longer considered unorthodox, but rather the paradigm in the hospitality industry in Las Vegas.

Adelson was also among the first to foresee the financial potential of Asia. Before his American competitors, he made the move to focus his company nearer to the Asian market. Macau, the former Portuguese colony handed over to China on 20 December 1999, is the only Special Administrative Region of China where casino gambling is legal. Las Vegas Sands opened the Sands Macao resort in 2004.

Adelson next saw that 1 billion people are within a three-hour flight of Macau, and around 3 billion people are estimated to live within a five-hour flight. He realized that his company's future was in creating not one hotel, but establishing an entire strip – a Las Vegas-like Boulevard in Macau featuring many hotels of various styles and price ranges. There were physical challenges to his idea: the total area of the small peninsula and two islands that make up Macao is less than 12 square miles; this area is densely populated; and, at the time, there was no land for such a large strip. Adelson had his company reclaim land between the Coloane and Taipa islands; this area is known as the Cotai Strip.

He then began construction of the largest inhabited building in the world – the Venetian Macao. To ensure the structure was stable, 13,500 steel piles were driven into the bedrock below. At peak times, 15,000 people were working on the construction site. Adelson set a three-year time limit for construction. This meant building needed to take place at a rapid pace, but the building was finished on time. The hotel officially opened at 7:18 p.m. on August 28, 2007 -a time that was believed to have good feng shui.

The resort is twice the size of its Las Vegas counterpart, with an arena that will seat 15,000 people and one of the largest exhibition centers in Asia. The resort receives between 70,000 and 100,000 visitors each day and has a staff of approximately 12,000 on site. The 550,000-square-foot casino is also the largest in the world.

In 2008, Las Vegas Sands opened a Four Seasons hotel next to the Venetian Macao, as well as Paiza Mansions, which are "for invited guests only". The company is also building resorts in Macau for a number of brands – The Holiday Inn, Intercontinental, and Sheraton Hotel – when they open on the Sands Cotai Central in the first quarter of 2012.

Despite its successes, Las Vegas Sands hit hard times in 2008 during the financial crises. At one a point the company was losing $1,000 per second. The stock price fell 97 percent within a 52-week period. To stop the bleeding, Adelson loaned the company $1billion of his own money.

He also continued with plans to build a $5.6 billion resort, Marina Bay Sands, in Singapore. Given the financial difficulties the company was facing, there was skepticism about the decision to build the Marina Bay Sands. However, Adelson argued that, with only one other competitor in Singapore, opening the resort would prove profitable. After it opened at the end of April, 2010, it posted a $600 million operating profit in the first eight months of business, a record in the industry.

The Marina Bay Sands has three 55-story towers with approximately 2,600 rooms and suites. Atop the hotel is the Sands SkyPark, a park that is set on top of the three towers. The park has vegetation, an observation deck, several restaurants, and a swimming pool that seems to flow over the building. The resort's location right next to the city center allows it to serve as an entertainment site for the local population and also a destination for business travelers and MICE (Meetings, Incentive, Convention, Exhibition) events. A year after Marina Bay Sands opened, tourism to Singapore shot up 20% and the economy expanded by 15%.

Las Vegas Sands continues to look for new expansion opportunities. It is keeping an eye on countries such as Japan, Korea,[6] Vietnam, Taiwan and Thailand. Las Vegas Sands has also talked about the possibility of a Florida resort.

In Europe, Adelson and his management team were in discussions with governments in Madrid and Barcelona. In September 2012, Las Vegas Sands Corp. announced Madrid had been chosen as the destination for the gambling resort project dubbed Eurovegas.[7] More precisely, in February 2013 it was reported the town of Alcorcón, in the outskirts of the Spanish capital had been chosen as the site for the "EuroVegas" project.[8] It was expected to take about ten years to build six casinos, twelve hotels, a convention center, three golf courses, shopping centers, bars and restaurants.[9] However, in December 2013 the Eurovegas project was officially canceled and it will not be established anywhere in Europe.[10]

In Q1 2015, the company proposed a 65,000-seat Stadium for the Oakland Raiders football team. The total cost would be an estimated $1.2 billion, and the stadium would be located near the Las Vegas Strip and UNLV. It would be co-developed with City of Industry, California-based Majestic Realty Co.[11] The proposal required $420 million from private investors and $780 million in public funding, with benefits from tourism.[11]

In May 2019, the company sold Sands Bethlehem to the Poarch Band of Creek Indians of Alabama for $1.3 billion.[12]

In March 2021, two months after Sheldon Adelson's death, the Sands Corporation announced the sale of its Las Vegas properties to VICI Properties and its operations to Apollo Global Management.[13]


For the fiscal year 2017, Las Vegas Sands reported earnings of US$2.806 billion, with an annual revenue of US$12.882 billion, an increase of 12.9% over the previous fiscal cycle. Las Vegas Sands shares traded at over $58 per share, and its market capitalization was valued at over US$41.1 billion in October 2018.[14]

The company's 2018 annual report anticipated "a significant and adverse effect" from the "proliferation of gaming venues, particularly in Southeast Asia".[15]

Year Revenue
in mil. USD$
Net income
in mil. USD$
Total assets
in mil. USD$
Price per share
in USD$
2005 1,741 284 3,880 39.70 6,000
2006 2,237 442 7,126 66.90 15,280
2007 2,951 117 11,467 99.09 28,000
2008 4,390 −189 17,144 50.09 28,500
2009 4,563 −540 20,572 10.32 27,000
2010 6,853 407 21,044 28.97 34,000
2011 9,411 1,270 22,244 44.07 40,000
2012 11,131 1,524 22,164 47.40 46,000
2013 13,770 2,306 22,724 59.75 48,500
2014 14,584 2,841 22,354 71.23 48,500
2015 11,688 1,966 20,863 51.19 46,500
2016 11,410 1,670 20,469 50.60 49,000
2017 12,882 2,806 20,687 60.80 50,000
2018 13,729 2,413 22,547 52.11 50,000
2019 13,739 2,698 23,199 60.39 50,000
2020 3,612 −1,685 20,807 67.74 44,500

Political contributions[edit]

According to the Center for Responsive Politics, Las Vegas Sands was the #1 contributor to federal campaigns during the 2012 election cycle, donating $52.9 million, 100% to Republicans.[16] By comparison, during that same period #2 Adelson Drug Clinic contributed $42.1 million, 100% to Republicans, and #21 Goldman Sachs donated $8.9 million, 77% to Republicans.[16] Since 1992, Las Vegas Sands has contributed $70.5 million to federal campaigns, and since 1999 has spent $5.4 million on lobbying.[17]


Image Property Location Date opened
Sands Convention Center 2010.jpg Sands Expo Las Vegas, Nevada 1990
Venetian Las Vegas, NV.jpg The Venetian Las Vegas Las Vegas, Nevada May 3, 1999
MSG Sphere at The Venetian Las Vegas, Nevada 2023
Sands.JPG Sands Macao Macau Peninsula, Macau May 18, 2004
55672-The-Rolling-Stones-14-On-Fire (13063245954).jpg
Cotai Arena Cotai Strip, Macau April 8, 2007
Venetian Macau.jpg
The Venetian Macao Cotai Strip, Macau August 28, 2007
The Palazzo Las Vegas, Nevada December 30, 2007
The Plaza Macao Cotai Strip, Macau August 28, 2008
Marina Bay Sands in the evening - 20101120.jpg Marina Bay Sands Marina Bay, Singapore April 27, 2010
Sands Cotai Central on 18 August 2011.jpg The Londoner Macao Cotai Strip, Macau April 12, 2012
The Parisian Macao.jpg The Parisian Macao Cotai Strip, Macau September 13, 2016

Part of The Plaza Macao and The Londoner Macao, Las Vegas Sands also owns the Four Seasons Hotel Macao, Conrad Macao, Sheraton Grand Macao and the St. Regis Macao at Cotai Strip, Macau.

Past properties[edit]

Image Property Location Date opened Date closed Notes
The Sands Hotel and Casino in 1959.jpg Sands Hotel and Casino Las Vegas, Nevada December 15, 1952 June 30, 1996 The original Sands Hotel in Las Vegas – demolished on November 26, 1996.
Casino061.jpg Sands Casino Resort Bethlehem Bethlehem, Pennsylvania May 22, 2009 Sands Casino Resort Bethlehem was sold to Wind Creek Hospitality, a tribe-owned company of the Poarch Band of Creek Indians in Alabama on May 31, 2019. The property was re-branded Wind Creek Bethlehem after the sale was complete.

Ownership and stock[edit]

In 2012, CEO Sheldon Adelson and his family owned approximately 53% of the company.[2] In December 2004, the company completed its initial public offering with the ticker LVS on the New York Stock Exchange at a price of $29 per share.[4] Only 6.8 percent of Las Vegas Sands was put on the market.[4] Adelson maintained 87.9 percent ownership of the company, while its management and directors owned the remaining 5.3 percent.[4] In October 2007, the company's market capitalization peaked at $52 billion at $144.56 a share. However, because of general market declines and overall concern of the short-term financial health of the gambling industry, the market capitalization sank to approximately $1 billion at less than $2 a share by March 2009.

On September 30, 2008, with the company stock trading at $36.11, Adelson and his wife, Dr. Miriam Adelson, invested $475 million in the company through a 6.5% convertible note due in 2013. Subsequent to the $475 million investment by the Adelson family, and due to a further deterioration of the global economic environment, on November 11, 2008, the company announced that it will be receiving an additional investment of $525 million from Adelson and his family along with a raising an additional $1 billion in a secondary offering. The Adelsons agreed to buy 5.25 million shares of preferred stock and warrants to purchase about 87.5 million shares of common stock at an exercise price of $6 each.

In November 2009, the company completed an initial public offering of Sands China Ltd., its subsidiary that owns and operated its Macau properties, and raised a total of $3.3 billion in equity capital by selling a 29% interest in Sands China Ltd.


The Las Vegas Sands fleet is leased by Tradenda Capital and includes the following aircraft (as of August 2019):[18][19]

Aircraft In
Orders Passengers Notes
Airbus A340-500 1
Boeing 737-300 2
Boeing 737-700 BBJ 4
Boeing 747SP 1
Boeing 767-300ER 1
Gulfstream V 6
Gulfstream IV 3
Total 18

Las Vegas Sands Corp. It operates 18 private aircraft, mainly used to transport company directors and VIP guests from its properties.

All aircraft are owned by Interface Operations Bermuda, Ltd, registered in Bermuda, owned by Tradenda Capital AG. But they are operated by subsidiaries:

– Interface Operations, LLC;

– Yona Aviation, LLC;

– Yona Aviation II, LLC;

– Sands Aviation, LLC;.[20]

All operational Las Vegas Sands aircraft are based in Las Vegas at Harry Reid International Airport.

The former Sands Boeing 747SP aircraft
Aircraft type Tail number Notes
Gulfstream III N623MS
Gulfstream IV N588LS
Gulfstream IV N688LS
Gulfstream IV N883LS
Gulfstream IV N886LS
Gulfstream IV N889LS
Gulfstream IV N972MS
Gulfstream IV N988LS
Gulfstream V N383LS
Airbus A340-500 VP-BMS
Boeing 737-300 N788LS
Boeing 737-300 N789LS
Boeing 737-700 N108MS
Boeing 737-700 N887LS
Boeing 767-300 N804MS
Boeing 747SP VP-BLK

Alleged antibribery violations[edit]

In March 2013, media reports claimed that Las Vegas Sands informed the U.S. Securities and Exchange Commission that it had likely violated federal law against bribery of foreign officials.[21] The company fired back at 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."[22] The company claimed that what it reported was that "in its 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."[22]

Legal issues[edit]

On May 31, 2016, Sands reached an undisclosed financial settlement with former Sands China president Steve Jacobs, who sued the company in 2010 for breach of contract and wrongful termination[23] Terms of the settlement were not disclosed, but the Wall Street Journal reported that the company paid Jacobs "more than $75 million".[24] Jacobs had claimed he was dismissed for "blowing the whistle on improprieties" in Macau,[25] including Jacobs’ allegations that Adelson had instructed him to investigate the financial and business affairs of senior Macau officials to obtain damaging information to use as leverage in future regulatory discussions.[26] Adelson denied these allegations, characterizing Jacobs as a disgruntled ex-employee.[27]

On March 14, 2019, Sands reached a financial settlement with Hong Kong businessman Richard Suen, who sued the company in 2004 based on his claim that he had been promised a $5 million ‘success fee’ and 2% of Sands’ profits from its operations in Macau in exchange for helping Sands to obtain a Macau casino concession. Two previous trials in Nevada courts had resulted in judgments that Suen was entitled to $44 million and $70 million.[28] In the third trial, Suen's attorneys argued that he was owed $347 million while Sands countered with $3.76 million. Terms of the settlement were not disclosed, but Sands attorney Richard Sauber said the parties had reached an "amicable settlement and resolution".[29]

In June 2021, the company was sued in a Macau court by Asian American Entertainment Corporation, alleging they are entitled to USD$70 million in Las Vegas Sands’ profits in Macau, since the company began operating there in 2002.[30]

Las Vegas Sands conducted a petition drive in Florida, spending $49.5 million to get a constitutional amendment on the ballot for the November 2022 elections to expand casino gambling. The state of Florida is investigating fraudulent signatures that were collected.[31]


  1. ^ a b c d e f "Las Vegas Sands 2020 Annual Report" (PDF). Las Vegas Sands. 5 February 2021.
  2. ^ a b McDonald, Duff (8 February 2012). "Meet the woman behind Sheldon Adelson". Retrieved 2017-09-14.
  3. ^ "Largest casino companies 2018". Statista.
  4. ^ a b c d Stutz, Howard (16 December 2004). "Investors, Las Vegas Sands hit jackpot as stock goes public". Las Vegas Review-Journal. Archived from the original on 18 December 2004.
  5. ^ "Coffee With Mike". Las Vegas Sands Blog. 24 April 2011.
  6. ^ Puvaneswary, S (July 4, 2012). "Las Vegas Sands eyes South Korea IR". TTGmice. Archived from the original on 2014-02-28. Retrieved 10 October 2012.
  7. ^ "Las Vegas Sands Names Madrid As Preferred Location for European Development". Las Vegas Sands. 7 September 2012. Archived from the original on 11 September 2012.
  8. ^ "Spain's Alcorcon town chosen for EuroVegas resort". 8 February 2013.
  9. ^ "Vegas Sands picks Madrid for 'EuroVegas' project". 8 September 2012.[dead link]
  10. ^ Tobias Buck (Madrid) (13 Dec 2013). "Sheldon Adelson cancels $30bn Eurovegas project in Spain". Financial Times (London). Retrieved 13 Dec 2013.
  11. ^ a b Stutz, Howard (January 28, 2016). "Las Vegas Sands proposes $1B domed stadium; Adelson to meet with Raiders owner". Las Vegas Review-Journal.
  12. ^ Harris, Jon (May 31, 2019). "The deal is complete: Sands Bethlehem casino is now owned by Wind Creek Hospitality". The Morning Call. Allentown, PA. Retrieved 2019-07-20.
  13. ^ "With sale of the Venetian, Las Vegas Sands exits the Strip". AP NEWS. 2021-04-30. Retrieved 2021-11-19.
  14. ^ "Las Vegas Sands Corp. – Financial Info – Annual Reports". Retrieved 2018-11-07.
  15. ^ Ese Erheriene (May 7, 2019). "Casino Boom in Asia Pressures Vegas Operators: Region's new venues aim to draw gamblers beyond Macau, U.S. giants' longtime hub". Wall Street Journal. p. B5.
  16. ^ a b "Top Organization Contributors". Center for Responsive Politics. Retrieved 9 June 2016.
  17. ^ "Organizations: Las Vegas Sands". Center for Responsive Politics. Retrieved 9 June 2016.
  18. ^ "Global Airline Guide 2016 (Part Two)". Airliner World (November 2016): 39.
  19. ^ Retrieved 2019-08-31. {{cite web}}: Missing or empty |title= (help)
  20. ^ Aircraft fleet details
  21. ^ Schwirtz, Michael (March 2, 2013). "In Filing, Casino Operator Admits Likely Violation of an Antibribery Law". The New York Times.
  22. ^ a b "Archived copy". Archived from the original on 2013-06-21. Retrieved 2013-08-29.{{cite web}}: CS1 maint: archived copy as title (link)
  23. ^ Master, Farah (1 June 2016). "Las Vegas Sands settles with former CEO of Macau casino unit". Reuters. Retrieved 15 March 2019.
  24. ^ O’Keeffe, Kate; Berzon, Alexandra (1 June 2016). "Las Vegas Sands to Pay More Than $75 Million to Settle Suit Filed by Former Macau CEO". Wall Street Journal. Retrieved 15 March 2019.
  25. ^ Velotta, Richard N. (1 June 2016). "Las Vegas Sands Corp., Steven Jacobs reach confidential settlement in wrongful termination case". Las Vegas Review-Journal. Retrieved 15 March 2019.
  26. ^ Heuer, Mike (2 June 2016). "Adelson & Sands Will Pay Ex-CEO Millions". Courthouse News Service. Retrieved 15 March 2019.
  27. ^ Isaacs, Matt. "Megadonor Sheldon Adelson and the inside story of Chinese casino money flooding our elections". Mother Jones. Retrieved 15 March 2019.
  28. ^ Velotta, Richard N. (5 March 2019). "Judge: Adelson doesn't have to testify in Macau licensing case". Las Vegas Review-Journal. Retrieved 15 March 2019.
  29. ^ Ritter, Ken. "Vegas Sands-Macau dealmaker settle 15-year case". Lehigh Valley Business Cycle. Retrieved 15 March 2019.
  30. ^ "Las Vegas Sands faces $12B claim in Macau court". Fox Business. Retrieved 2021-07-14.
  31. ^[bare URL]

External links[edit]