Las Vegas Sands

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Las Vegas Sands Corporation

Type	Public
Traded as	NYSE: LVS S&P 500 component
Industry	Hospitality, Tourism
Founded	November 17, 1988
Founder	Sheldon Adelson
Headquarters	Paradise, Nevada, U.S.
Area served	China (Macau)
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)
Products	Gambling, hotels, entertainment, casinos, resorts
Revenue	US$ 3.612 billion (2020)[1]
Operating income	US$−1.688 billion (2020)[1]
Net income	US$−2.143 billion (2020)[1]
Total assets	US$20.807 billion (2020)[1]
Total equity	US$3.538 billion (2020)[1]
Owner	Adelson family (56.7%)[2]
Number of employees	46,000 (2020)[1]
Subsidiaries	Sands China (69.9% ownership)
Website	sands.com

Las Vegas Sands Corporation is an American casino and resort company based in Paradise, Nevada, United States. The resorts feature accommodations such as 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 Asia. Among the properties it developed 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]

History[]

Development on the Las Vegas Strip[]

Entrepreneur Sheldon Adelson and his partners Richard Katzeff, Irwin Chafetz, Ted Cutler, and Jordan Shapiro bought the Sands Hotel in 1989. This decision came after Adelson and his partners had accumulated large amounts of capital through investments in personal computers and involvements in the trade show business in the 1970s, including the founding of the computer trade show COMDEX in 1979.^[4] 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.^{[citation needed]}

The Sands Hotel, unable to compete with the newer resorts on the Las Vegas Strip, was demolished to make room for The Venetian. Construction of the Venetian began in 1997. Modeled on Venice, Italy, it joined Excalibur, New York-New York, and Paris Las Vegas as another themed hotel on the Las Vegas Strip. In 2004, The Las Vegas Sands, Inc. went public,^[4] and its name was changed to the Las Vegas Sands Corporation.

Construction on The Palazzo began in 2005, part of a shift of the Strip away from themed hotels.^{[citation needed]} Collectively, the Palazzo, Venetian, and Sands Expo make up the world's largest integrated resort, with 7,100 all-suite rooms and 2.3 million square feet of convention and exhibition space, and an array of shopping and dining, and entertainment venues.^{[citation needed]}

Adelson favored a business model - unusual for its time^{[citation needed]} - that relied on the transformation of hotel rooms into luxury suites (mini-bars, big screen televisions, and comfortable workspaces). At the time, the prevailing sentiment was to provide customers austere accommodations, in order to encourage them to spend most of their time in the hotels' casinos. This alternative business model depended on individuals arriving in Las Vegas to attend conventions and trade shows rather than to gamble. It proved profitable, and in 2011 the company made more money in Las Vegas from conventions rather than gambling.^[5] Adelson may have been inspired to take this approach on the basis of his origins in the trade show business.^{[citation needed]}

Expansion into Asia[]

Adelson recognized the commercial opportunities available in Asia, and was among the first in the American casino industry to expand into the area.. 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. There were physical limitations to expansion of his business, as the total area of the small peninsula and two islands that makeup Macao is less than 12 square miles; this area is densely populated; and, at the time, there was no land for a large casino strip as found in Las Vegas. 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 and 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.

Las Vegas Sands hit hard times in 2008 during the financial crises. At one point the company was losing $1,000 per second, and the stock price fell 97 percent within 52 weeks. To prevent full collapse, Adelson loaned the company $1 billion 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^{[citation needed]}. 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. Set on top of the three towers, the park has vegetation, an observation deck, several restaurants, and a swimming pool. The resort's location near 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%^{[citation needed]}.

Recent history[]

In September 2012, the Las Vegas Sands Corporation announced that Madrid had been chosen as the destination for the gambling resort project dubbed Eurovegas.^[6] 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.^[7] 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.^[8] However, in December 2013 the Eurovegas project was officially canceled and it will not be established anywhere in Europe.^[9]

In Q1 2015, the company proposed a 65,000-seat Stadium for the Oakland Raiders football team. The total cost would be $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.^[10] The proposal required $420 million from private investors and $780 million in public funding, with benefits from tourism.^[10]

In May 2019, the company sold Sands Bethlehem to the Poarch Band of Creek Indians of Alabama for $1.3 billion.^[11]

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.^[12]

Finances[]

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.^[13]

The company's 2018 annual report anticipated "a significant and adverse effect" from the "proliferation of gaming venues, particularly in Southeast Asia."^[14]

Political contributions[]

According to the Center for Responsive Politics, Las Vegas Sands was the largest single contributor to federal campaigns during the 2012 election cycle, donating $52.9 million, 100% to Republicans.^[15] By comparison, during that same period the second-largest contributor, Adelson Drug Clinic, contributed $42.1 million, 100% to Republicans, and Goldman Sachs donated $8.9 million, 77% to Republicans.^[15] Since 1992, Las Vegas Sands has contributed $70.5 million to federal campaigns, and since 1999 has spent $5.4 million on lobbying.^[16]

Awards and Recognition[]

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^[17] Sands China 2020 Guangdong Human Resources Excellence Award: Best Human Resources Team 2020 Greater China Employer Branding Creativity Awards: Best Social Recruitment Program 2021 Total Rewards Innovation Awards: Best Innovation Plan

Marina Bay Sands 2020 AmCham Cares Awards: Corporate and Societal Excellence 2020 HRD Awards Asia: Employer of Choice 2020 Randstad Employer Brand Awards: Most Attractive Commercial Companies

United States 2020 Forbes Global 2000 – World’s Best Employers (Las Vegas Sands) 2020 Forbes Best Employers in Nevada (The Venetian Resort Las Vegas)

Initiatives[]

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^[18]

Green Buildings To preserve biodiversity and reduce the immediate impact of our developments, Las Vegas Sands uses innovative building design and responsible construction practices. They are dedicated to building an environmentally friendly foundation for conserving natural resources during ongoing operations.

Environmentally Responsible Operations To reduce natural resource consumption, improve air quality, and improve the health and comfort of the guests and Team Members, The Sands employs environmentally sound operational practices.

Green Meetings and Events For meeting planners, clients, and attendees, Las Vegas Sands takes a holistic approach to providing sustainable options.

Properties[]

Image	Property	Location	Date opened
	Sands Macao	Macau Peninsula, Macau	May 18, 2004
	Cotai Arena	Cotai Strip, Macau	April 8, 2007
	The Venetian Macao	Cotai Strip, Macau	August 28, 2007
		Cotai Strip, Macau	August 28, 2008
	Marina Bay Sands	Marina Bay, Singapore	April 27, 2010
	The Londoner Macao	Cotai Strip, Macau	April 12, 2012
	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[]

Image	Property	Location	Date opened	Date closed	Notes
	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.
	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.
	Sands Expo	Las Vegas, Nevada	1990		Part of The Venetian Las Vegas
	The Venetian Las Vegas	Las Vegas, Nevada	May 3, 1999		Sold to Vici Properties and Apollo Global Management
	MSG Sphere at The Venetian	Las Vegas, Nevada	2023		Part of The Venetian Las Vegas
	The Palazzo	Las Vegas, Nevada	December 30, 2007		Part of The Venetian Las Vegas

Ownership and stock[]

In 2012, CEO Sheldon Adelson and his family owned approximately 53% of the company.^[19] 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 in 2013. After 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 would 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 operates its Macau properties, and raised a total of $3.3 billion in equity capital by selling a 29% interest in Sands China Ltd.

Aircraft[]

The Las Vegas Sands fleet is leased by Tradenda Capital and includes the following aircraft (as of August 2019):^[20][21]

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;.^[22]

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

The former Sands Boeing 747SP aircraft

A Sands Boeing 737-300 approaching Singapore Changi Airport

Alleged anti-bribery violations[]

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.^[23] 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." ^[24] 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."^[24]

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^[25] Terms of the settlement were not disclosed, but the Wall Street Journal reported that the company paid Jacobs "more than $75 million".^[26] Jacobs had claimed he was dismissed for "blowing the whistle on improprieties" in Macau,^[27] 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.^[28] Adelson denied these allegations, characterizing Jacobs as a disgruntled ex-employee.^[29]

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.^[30] 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."^[31]

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.^[32]

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.^[33]

References[]

External links[]

• Las Vegas Sands