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Las Vegas Sands Corp.
S&P 500
$29.4B
Market Cap
27.7
P/E
1.71
PEG
18.7%
ROCE
73.3%
ROE
8.29
D/E
23.6%
OPM
-37.3%
% from 52W High
25
α RS
🔍 LVS is showing a high-conviction setup because it matches 11 of 39 tracked screener presets and large_cap_quality preset's Backtest win rate is 57.8% over 90 days. Net: Partial signal stack, not a recommendation. ? Conviction Backtest
Sources
Conviction 11/39 · Backtest win rate 57.8%
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🌏 Global Investor Returns
Currency-adjusted total returns for LVS including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
📊 Sector Averages
About

Las Vegas Sands Corp., together with its subsidiaries, owns, develops, and operates integrated resorts in Macao and Singapore. It owns and operates The Venetian Macao Resort Hotel, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, and The Sands Macao in Macao, the People’s Republic of China; and Marina Bay Sands in Singapore. The company’s integrated resorts feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants, and other amenities. The company was founded in 1988 and is based in Las Vegas, Nevada.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding LVS
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.45M $78.3M 0.12% Mar 2026
Steve Cohen Point72 Asset Management 1.32M $71.0M 0.09% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Mixed ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →
Mixed quarter Investor Presentation One-Pager? Q2 2026
Revenue
$3.15B
-0.9% YoY
Operating Income
$618M
-21% YoY
Operating Margin
19.6%
-5.0pp YoY
Net Income
$373M
-28% YoY
What Went Right
  • MBS delivered Q2 EBITDA of $689M ($652M hold-adjusted), with mass gaming revenue up 5% YoY despite World Cup and seasonality.
  • Sands China outgrew Macao: rolling volume +73%, non-rolling drop +15%, slot/EPG handle +30%; mass GGR +8% vs market +4% and VIP rolling share reached 26%.
  • Capital returns were aggressive: $787M repurchased in Q2, 16.3% of shares retired over 11 quarters, and the Board raised the buyback authorization to $6B.
What to Watch
  • Macao EBITDA dropped to $430M due to unusually low VIP rolling hold of 1.35%; hold-adjusted EBITDA was $517M.
  • June World Cup disrupted high-value patron visitation in both Macao and Singapore; management said it is too early to quantify a snapback.
  • Reinvestment as a % of revenue increased due to business mix and lower non-rolling hold; management is optimising but premium-segment competition remains intense.
Management Guidance
  • Not provided for Q3 2026 revenue.
  • Not provided for operating income or margin; OpEx growth expected to moderate in H2 2026.
  • Reiterated goal of $700M quarterly EBITDA in Macao over time; MBS Expansion expected to open early 2031; Venetian's 2,900 rooms to be refurbished by Chinese New Year 2028.
Investor Lens
The thesis is mixed in the near term: MBS continues to show elevated earnings power, and Macao's volume/share momentum is real (rolling +73% YoY, VIP share 26%, mass +8% vs market +4%). However, reported results were hurt by negative hold and World Cup disruption, so hold-adjusted figures matter — Macao $517M and MBS $652M. Reinvestment and OpEx discipline are the key near-term watch items. Medium-term catalysts remain the Venetian renovation, premium product ramp, and MBS Expansion, while the $6B buyback authorisation supports shareholder returns.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Mixed Q2: Macao EBITDA $430M on low hold; MBS $689M.
Revenue
Group revenue was $3.15B in Q2 2026, down ~0.9% YoY from $3.18B. SCL revenue was $1.78B, down 0.8% YoY, while MBS mass gaming revenue grew 5% YoY. The decline largely reflects unusually low VIP rolling hold and World Cup impact on high-value patron visitation.
Profitability
Net income fell to $373M from $519M in Q2 2025, down 28% YoY, or $0.53 diluted EPS. Consolidated adjusted property EBITDA was $1.12B versus $1.33B; Macao EBITDA was $430M (or $517M hold-adjusted) and MBS EBITDA was $689M.
Margins
Operating margin fell to roughly 19.6% from 24.6% YoY on lower revenue and hold. Macao's reinvestment as a % of revenue increased due to mix and lower non-rolling hold, while MBS held a 50% EBITDA margin. Management expects OpEx growth to moderate in H2 2026 and sees potential for margin expansion as revenue grows.
Balance Sheet
Q2 ending cash was $3.38B; total debt was $15.11B. Q2 CapEx was $332M ($215M MBS, $86M Macao, $31M corporate). The company also received $1.26B from the Las Vegas seller financing repayment and had $4.26B revolver availability plus $4.68B delayed-draw capacity for the MBS Expansion.
Key Risks
Management flagged exceptionally low VIP rolling hold in Macao at 1.35% and negative hold at MBS. The June World Cup reduced high-value patron visits in both markets, and management could not yet quantify recovery. Competitive pressure in Macao's premium segment remains intense, with reinvestment as a % of revenue up.
Outlook
No formal numerical guidance was given. Management reiterated its Macao target of $700M quarterly EBITDA over time, sees OpEx growth moderating in H2 2026, and expects the MBS Expansion to open in early 2031; the Venetian refurbishment is targeted for completion by Chinese New Year 2028.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (4)
Q2 2026 Q2 2026 2026-07-22
Strong Q2 results at Marina Bay Sands with $689M EBITDA and resilient mass gaming growth, while Macao EBITDA was impacted by low VIP hold but showed robust volume gains. Aggressive share repurchases and ongoing investments in premium offerings and renovations support long-term growth targets.
Q1 2026 Q1 2026 2026-04-22
Q1 2026 saw strong EBITDA growth in both Singapore and Macao, driven by premium segments, robust retail and slot performance, and ongoing investments in service and luxury upgrades. Aggressive share repurchases and major renovations support long-term growth, with margin improvement expected as revenues rise.
Q4 2025 Q4 2025 2026-01-28
Record EBITDA at Marina Bay Sands and strong premium segment growth in Macau drove robust Q4 results. Margins in Macau declined due to mix shift and higher costs, but management remains optimistic about future growth and ongoing investments.
Q2 2025 Q2 2025 2025-07-23
Marina Bay Sands posted record EBITDA, while Macau saw improvement after a strategic shift to aggressive reinvestment. The Londoner is ramping up, and retail sales in Macau are recovering. Capital returns remain a priority, with strong market conditions in both regions.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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Information Sources:
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