Las Vegas Sands

Last updated

Las Vegas Sands Corp.
Company type Public
Industry Hospitality, Tourism, Integrated Resorts
FoundedNovember 17, 1988;36 years ago (1988-11-17)
Founder Sheldon G. Adelson
Headquarters Las Vegas, 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)
Products Gambling, hotels, entertainment, casinos, resorts
RevenueIncrease2.svgUS$10.4 billion (2023)
Increase2.svgUS$2.31 billion (2023)
Increase2.svgUS$1.43 billion (2023)
Total assets Decrease2.svgUS$21.8 billion (2023)
Total equity Increase2.svgUS$4.10 billion (2023)
Owner Adelson family (56.7%) [1]
Number of employees
38,700 (2023)
Subsidiaries Sands China (69.9%)
Website sands.com
Footnotes /references
[2]

Las Vegas Sands Corp. is an American casino and resort company with corporate headquarters in Las Vegas, Nevada, United States. 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.

Contents

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 2020, it is the third-largest casino company worldwide by revenue. [3]

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. [4] They opened the 1.2 million square foot Sands Expo and Convention Center, then the largest privately owned convention facility in the world, [5] 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. [6] 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, [4] and its name was changed to the Las Vegas Sands Corp.

Construction on The Palazzo began in 2005. The Palazzo and The Venetian make up the world's largest hotel under one roof, at 7,000 all-suite rooms and 17 million square feet. [7] The 43-story unfinished condominium skyscraper St. Regis Residences at the Venetian Palazzo is on the same campus. Construction halted in 2008 due to company financial issues. [8]

The 2008 financial crisis forced Adelson to invest $1 billion of his own capital to keep the Las Vegas Sands in business, much of which the company spent developing event spaces and high-end retail stores in their properties By 2011, the Las Vegas Sands Corp.'s main profits came from renting convention space. [9]

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, [10] 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. [11] The Venetian Macao, the second-largest in the world at 550,000 square feet, opened in 2007. [12]

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 Marina Bay Sands resort in Singapore, at $5.6 billion the most expensive hotel and casino ever built. [13] The resort was designed by Israeli-Canadian architect Moshe Safdie and is composed of three 57-story towers connected at the top by a 3-acre SkyPark(R). The integrated resort was the second built in Singapore after Resorts World Sentosa. Eight months after opening, Marina Bay Sands set a record for posting a $600 million operating profit.

Recent history

In September 2012, the Las Vegas Sands Corp. announced that Madrid had been chosen as destination for a casino resort project dubbed EuroVegas. [14] In February 2013, the company named the town of Alcorcón, on the outskirts of Madrid, as the site for the EuroVegas project. [15] Plans included six casinos, twelve hotels, a convention center, three golf courses, shopping centers, bars, and restaurants, and was expected to take 10 years to build. In December 2013 the EuroVegas project was officially canceled. [16]

In 2015, the Las Vegas Sands Corp. and California-based co-developer California-based Majestic Realty Co. [17] 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. [17]

The company's 2018 annual report anticipated "a significant and adverse effect" from the "proliferation of gaming venues, particularly in Southeast Asia." [18]

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. [19]

Finances

Sales by region (2023) [20]
Regionshare
Macau63.2%
Singapore37.1%
Intersegment Eliminations-0.3 %

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. [21] 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. [22] The sale was finalized in February 2022. [23]

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. [24]

YearRevenue
in million USD		Net income
in million USD		Total assets
in million USD		Employees
20051,7412843,8806,000
20062,2374427,12615,280
20072,95111711,46728,000
20084,390−18917,14428,500
20094,563−54020,57227,000
20106,85340721,04434,000
20119,4111,27022,24440,000
201211,1311,52422,16446,000
201313,7702,30622,72448,500
201414,5842,84122,35448,500
201511,6881,96620,86346,500
201611,4101,67020,46949,000
201712,8822,80620,68750,000
201813,7292,41322,54750,000
201913,7392,69823,19950,000
20203,612−1,68520,80744,500
20214,234−96120,05944,700
20224,1101,83222,03935,700
202310,3721,22121,77838,700

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. [25] 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. [26]

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. [27]

Two buildings in Singapore are LEED certified, and several in Macau have received awards for Energy Saving Activities. [28]

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.

ImagePropertyLocationDate openedRevenue in US$ millions
(2023) [20]
Sands.JPG Sands Macao Macau Peninsula, MacauMay 18, 2004322
55672-The-Rolling-Stones-14-On-Fire (13063245954).jpg
Cotai Arena Cotai Strip, MacauApril 8, 2007...
Venetian Macau.jpg
The Venetian Macao Cotai Strip, MacauAugust 28, 20072,682
Marina Bay Sands in the evening - 20101120.jpg Marina Bay Sands Marina Bay, SingaporeApril 27, 20103,849
THE LONDONER MACAU 1.jpg The Londoner Macao Cotai Strip, MacauApril 12, 20121,792
The Parisian Macao.jpg The Parisian Macao Cotai Strip, MacauSeptember 13, 2016879

Past properties

ImagePropertyLocationDate openedDate closedNotes
The Sands Hotel and Casino in 1959.jpg Sands Hotel and Casino Las Vegas, Nevada December 15, 1952June 30, 1996The original Sands Hotel in Las Vegas – demolished November 26, 1996.
Casino061.jpg Sands Casino Resort Bethlehem Bethlehem, PennsylvaniaMay 22, 2009Sands 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. On completion of the sale the property was re-branded Wind Creek Bethlehem.
Sands Convention Center 2010.jpg Sands Expo Las Vegas, Nevada 1990Part of The Venetian Las Vegas.
Venetian Las Vegas, NV.jpg The Venetian Las Vegas Las Vegas, Nevada May 4, 1999Sold to Vici Properties and Apollo Global Management in February 2022.
The Sphere at The Venetian Resort (53098837453).jpg Sphere Las Vegas, Nevada September 29, 2023Part of the Venetian; opened after Las Vegas Sands departed the project. [29]
Palazzo-at-night.JPG
The Palazzo Las Vegas, Nevada December 30, 2007Part of The Venetian Las Vegas

Ownership and stock

Alleged anti-bribery violations

In March 2013, the New York Times [31] 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. [32]

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. [33] Terms of the settlement were not disclosed, but the Wall Street Journal reported that the company paid Jacobs more than $75 million. [34] Jacobs had claimed he was dismissed for "blowing the whistle on improprieties" in Macau, [35] 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. [36] Adelson denied these allegations, characterizing Jacobs as a disgruntled ex-employee. [37]

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. Terms of the settlement were not disclosed, but Sands attorney Richard Sauber said the parties had reached an "amicable settlement and resolution." [38] Suen had successfully sued Sands twice in 2004 with the 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 to obtain a Macau casino concession. The trials resulted in awards of $44 million and $70 million, respectively. [39]

In June 2021, the Company was sued in a Macau court by Asian American Entertainment Corporation, who alleged entitlement to $70 million in Las Vegas Sands' profits in Macau as the company began operating there in 2002. [40]

Prior to the November 2022 elections, Las Vegas Sands conducted a petition drive in Florida, spending $49.5 million to amend the State's Constitution to expand casino gambling. The state of Florida is investigating evidence of potentially fraudulent signatures collected during this event. [41]

See also

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References

  1. ↑ "2021 Proxy statement". Archived from the original on February 28, 2022. Retrieved February 28, 2022.
  2. ↑ "Las Vegas Sands 2023 Annual Report". U.S. Securities and Exchange Commission. February 7, 2024.
  3. ↑ "Largest casino companies 2018". Statista. Archived from the original on August 2, 2021. Retrieved October 23, 2016.
  4. 1 2 3 4 5 Stutz, Howard (December 16, 2004). "Investors, Las Vegas Sands hit jackpot as stock goes public". Las Vegas Review-Journal. Archived from the original on December 18, 2004.
  5. ↑ "Renovating The World's Largest Integrated Resort" (PDF). Archived (PDF) from the original on June 19, 2021. Retrieved July 6, 2022.
  6. ↑ Yakowicz, Will; Bertoni, Steven (January 12, 2021). "The Improbable Life Of Sheldon Adelson, Republican Kingmaker And Casino Billionaire". Forbes. Archived from the original on July 7, 2022. Retrieved July 6, 2022.
  7. ↑ "LAS VEGAS SANDS: THE VENETIAN AND THE PALAZZO". Archived from the original on July 7, 2022. Retrieved July 7, 2022.
  8. ↑ Roeben, Scott (August 12, 2015). "The Las Vegas Secret Hidden in Plain Sight". Archived from the original on July 7, 2022. Retrieved July 6, 2022.
  9. ↑ "Coffee With Mike". Las Vegas Sands Blog. April 24, 2011. Archived from the original on March 25, 2013. Retrieved August 29, 2013.
  10. ↑ "Chronology of Gambling Events in Macao" (PDF). Archived (PDF) from the original on July 7, 2022. Retrieved July 6, 2022.
  11. ↑ Wu, Shangchen; Lu, Youshen; Fang, Hanwei. "Evolution process of land reclaimation in Macao and its impact on economy and ecology" (PDF). Archived (PDF) from the original on June 16, 2022. Retrieved July 6, 2022.
  12. ↑ Keaton, Brooke (June 10, 2020). "Top 10 Biggest Casinos In The World Ever". Archived from the original on March 17, 2016. Retrieved July 6, 2022.
  13. ↑ Cohen, Muhammad. "How Marina Bay Sands Transformed The Singapore Skyline And Global Gaming Landscape". Forbes . Archived from the original on July 7, 2022. Retrieved July 6, 2022.
  14. ↑ "Las Vegas Sands Names Madrid As Preferred Location for European Development". Las Vegas Sands. September 7, 2012. Archived from the original on September 11, 2012.
  15. ↑ "Spain's Alcorcon town chosen for EuroVegas resort". February 8, 2013.[ dead link ]
  16. ↑ Tobias Buck (Madrid) (December 13, 2013). "Sheldon Adelson cancels $30bn Eurovegas project in Spain". Financial Times (London). Archived from the original on December 15, 2013. Retrieved December 13, 2013.
  17. 1 2 Stutz, Howard (January 28, 2016). "Las Vegas Sands proposes $1B domed stadium; Adelson to meet with Raiders owner". Las Vegas Review-Journal . Archived from the original on February 27, 2019. Retrieved February 3, 2019.
  18. ↑ 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.
  19. ↑ Harris, Jon (May 31, 2019). "The deal is complete: Sands Bethlehem casino is now owned by Wind Creek Hospitality". The Morning Call. Allentown, PA. Archived from the original on June 8, 2019. Retrieved July 20, 2019.
  20. 1 2 "Las Vegas Sands Corp.: Shareholders Board Members Managers and Company Profile | US5178341070 | MarketScreener". www.marketscreener.com. Retrieved March 24, 2024.
  21. ↑ Komenda, Ed. "Sands: 'Las Vegas is in a world of hurt.' Venetian, Palazzo owner reports $985M loss in Q2". Reno Gazette Journal. Archived from the original on April 27, 2023. Retrieved September 19, 2022.
  22. ↑ "With sale of the Venetian, Las Vegas Sands exits the Strip". AP NEWS. April 30, 2021. Archived from the original on March 9, 2021. Retrieved November 19, 2021.
  23. ↑ Velotta, Richard N. (February 23, 2022). "Las Vegas Sands closes $6.4 billion sale of Venetian to Apollo, Vici". Las Vegas Review-Journal. Retrieved December 4, 2023.
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  25. ↑ "Top Organization Contributors". OpenSecrets . Archived from the original on April 4, 2016. Retrieved June 23, 2016.
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  27. ↑ "Las Vegas Sands Green Ideas Challenge". Archived from the original on July 2, 2022. Retrieved July 6, 2022.
  28. ↑ "Our Planet | Las Vegas Sands". Las Vegas Sands | World-Class Integrated Resorts. February 16, 2022. Archived from the original on January 29, 2022. Retrieved January 29, 2022.
  29. ↑ Velotta, Richard N. (February 23, 2022). "MSG Sphere at The Venetian is getting a 'mohawk.' It's a big deal". Las Vegas Review-Journal. Retrieved December 4, 2023.
  30. ↑ McDonald, Duff (February 8, 2012). "Meet the woman behind Sheldon Adelson". Archived from the original on March 30, 2018. Retrieved September 14, 2017.
  31. ↑ Schwirtz, Michael (March 2, 2013). "In Filing, Casino Operator Admits Likely Violation of an Antibribery Law". The New York Times. Archived from the original on October 20, 2016. Retrieved February 27, 2017.
  32. ↑ "LVS Fires Back at Misleading and Sensationalistic Reporting of Company's Most Recent Financial Disclosure (NYSE:LVS)". Archived from the original on June 21, 2013. Retrieved August 29, 2013.
  33. ↑ Master, Farah (June 1, 2016). "Las Vegas Sands settles with former CEO of Macau casino unit". Reuters. Archived from the original on August 22, 2018. Retrieved March 15, 2019.
  34. ↑ O'Keeffe, Kate; Berzon, Alexandra (June 1, 2016). "Las Vegas Sands to Pay More Than $75 Million to Settle Suit Filed by Former Macau CEO". Wall Street Journal. Archived from the original on March 18, 2019. Retrieved March 15, 2019.
  35. ↑ Velotta, Richard N. (June 1, 2016). "Las Vegas Sands Corp., Steven Jacobs reach confidential settlement in wrongful termination case". Las Vegas Review-Journal. Archived from the original on March 19, 2019. Retrieved March 15, 2019.
  36. ↑ Heuer, Mike (June 2, 2016). "Adelson & Sands Will Pay Ex-CEO Millions". Courthouse News Service. Archived from the original on September 22, 2021. Retrieved March 15, 2019.
  37. ↑ Isaacs, Matt. "Megadonor Sheldon Adelson and the inside story of Chinese casino money flooding our elections". Mother Jones. Archived from the original on March 4, 2019. Retrieved March 15, 2019.
  38. ↑ Ritter, Ken. "Vegas Sands-Macau dealmaker settle 15-year case". Lehigh Valley Business Cycle. Retrieved March 15, 2019.
  39. ↑ Velotta, Richard N. (March 5, 2019). "Judge: Adelson doesn't have to testify in Macau licensing case". Las Vegas Review-Journal. Archived from the original on March 5, 2019. Retrieved March 15, 2019.
  40. ↑ "Las Vegas Sands faces $12B claim in Macau court". Fox Business. Archived from the original on July 14, 2021. Retrieved July 14, 2021.
  41. ↑ Powers, Scott (February 8, 2022). "Casino petition drive fraud claims, investigations multiply". Florida Politics . Archived from the original on September 20, 2022. Retrieved September 20, 2022.
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