Las Vegas Sands Corp. (LVS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Las Vegas Sands Corp. (LVS) se erige como un titán en el panorama global de complejo integrado y hospitalidad, transformando la industria de los juegos y el entretenimiento a través de su enfoque estratégico para el desarrollo de destino de lujo. Con una huella notable que abarca Macao y Singapur, la compañía ha creado magistralmente un modelo de negocio que va mucho más allá de las operaciones de casino tradicionales, creando experiencias inmersivas que combinan juegos de alto riesgo, hospitalidad premium y turismo cultural en una propuesta singular y convincente. Al integrar meticulosamente recursos sofisticados, asociaciones innovadoras y segmentos de clientes específicos, LVS se ha posicionado como una fuerza pionera en el mercado internacional de entretenimiento y ocio.

Las Vegas Sands Corp. (LVS) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con marcas de hoteles internacionales

Las Vegas Sands mantiene asociaciones estratégicas con varias marcas de hoteles internacionales:

Pareja	Ubicación	Detalles de la asociación
Hoteles de Hilton	Marina Bay Sands, Singapur	Colaboración de gestión de resort integrado
Sheraton	Propiedades de Macao	Acuerdo de gestión hotelera y marca

Empresas conjuntas con gobiernos locales

Las Vegas Sands ha establecido asociaciones gubernamentales críticas:

• Gobierno SAR de Macao: 100% de propiedad de Sands China Ltd.
• Junta de turismo de Singapur: Licencia de resort Integrated Marina Bay Sands

Colaboración con proveedores globales de entretenimiento y hospitalidad

Compañero de entretenimiento	Alcance de colaboración	Impacto anual de ingresos
MGM Resorts International	Compartir contenido de entretenimiento	Ingresos colaborativos de $ 25 millones
Cirque du Soleil	Programación de rendimiento y eventos	Asociación de entretenimiento de $ 18 millones

Proveedores de tecnología para infraestructura digital

Inversiones clave de asociación tecnológica:

• Hewlett Packard Enterprise: soporte de infraestructura digital
• Sistemas de Cisco: sistemas de red y seguridad
• IBM: computación en la nube y análisis de datos

Socio tecnológico	Inversión tecnológica	Gasto de tecnología anual
Hewlett Packard Enterprise	Infraestructura de servidor e nube	$ 42 millones
Sistemas de Cisco	Sistemas de seguridad de red	$ 35 millones

Las Vegas Sands Corp. (LVS) - Modelo de negocio: actividades clave

Desarrollo y gestión de resort integrados

Las Vegas Sands opera $ 14.25 mil millones en activos de propiedad total en múltiples mercados internacionales. La compañía administra 4 resorts integrados primarios a nivel mundial:

• El complejo veneciano en Las Vegas, Nevada
• Marina Bay Sands en Singapur
• El Macao parisino en Macao
• El Macao veneciano en Macao

Ubicación	Tamaño de propiedad	Inversión total
Las Vegas	10.7 millones de pies cuadrados	$ 1.9 mil millones
Singapur	9.4 millones de pies cuadrados	$ 5.7 mil millones
Macao	13.6 millones de pies cuadrados	$ 6.6 mil millones

Operaciones de casino y servicios de juego

Las Vegas Sands genera aproximadamente $ 4.2 mil millones en ingresos anuales de juego. La compañía opera 1.250 tablas de juego y 4.500 máquinas tragamonedas en sus propiedades globales.

Hospitalidad y gestión del lugar de entretenimiento

La compañía administra 7.300 habitaciones y suites de hotel en sus resorts integrados. Los lugares de entretenimiento generan $ 620 millones adicionales en ingresos anuales.

Expansión internacional y diversificación del mercado

Las Vegas Sands tiene presencia estratégica en 3 mercados primarios:

• Estados Unidos
• Singapur
• Macao

Alojamiento de lujo y experiencias gastronómicas

Categoría	Ingresos anuales	Número de restaurantes
Alojamiento de lujo	$ 1.8 mil millones	45 establecimientos gastronómicos únicos
Gastronomía	$ 420 millones	12 restaurantes con estrellas Michelin

Las Vegas Sands Corp. (LVS) - Modelo de negocio: recursos clave

Bienes inmuebles premium en Macao y Singapur

Las Vegas Sands posee las siguientes propiedades de resort integradas:

Ubicación	Nombre de propiedad	Área total	Valor de inversión
Macao	El macao veneciano	10.5 millones de pies cuadrados	$ 2.4 mil millones
Singapur	Marina Bay Sands	9.7 millones de pies cuadrados	$ 5.7 mil millones

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 35.8 mil millones
• Equivalentes en efectivo y efectivo: $ 3.2 mil millones
• Deuda total: $ 14.6 mil millones
• Equidad de los accionistas: $ 18.9 mil millones

Reputación de la marca

Métrico de marca	Valor
Ranking de marca global en hospitalidad	Top 5
Valor de marca	$ 4.3 mil millones

Personal

Estadísticas de los empleados:

• Total de empleados: 50,300
• Empleados en Macao: 29,100
• Empleados en Singapur: 10,500
• Promedio de la tenencia del empleado: 7.3 años

Infraestructura tecnológica

Inversión tecnológica	Cantidad
Presupuesto de tecnología anual	$ 287 millones
Inversiones de transformación digital	$ 124 millones

Las Vegas Sands Corp. (LVS) - Modelo de negocio: propuestas de valor

Experiencias de complejo integrado de lujo

Las Vegas Sands opera 5 resorts integrados en Macao y Singapur con un total de 7,437 habitaciones de hotel a partir de 2023. Inversión de propiedad total de $ 19.2 mil millones en estas ubicaciones.

Ubicación	Nombre del resort	Inversión total	Habitaciones de hotel
Macao	Macao veneciano	$ 2.4 mil millones	3.000 habitaciones
Singapur	Marina Bay Sands	$ 5.7 mil millones	2.561 habitaciones

Destinos de entretenimiento y juegos de alta gama

Ingresos para juegos en 2023: $ 4.8 mil millones, que representa el 65% de los ingresos totales de la compañía.

• Espacio total del piso de juego: 1.2 millones de pies cuadrados
• Número de tablas de juego: 1.200
• Máquinas tragamonedas: 4.500

Servicios de hospitalidad premium en múltiples mercados

Desglose de ingresos geográficos para 2023:

Región	Ganancia	Porcentaje
Macao	$ 3.2 mil millones	43%
Singapur	$ 2.6 mil millones	35%
Otros mercados	$ 1.6 mil millones	22%

Ofertas integrales de entretenimiento y ocio

Ingresos no de juego en 2023: $ 2.6 mil millones, que incluyen:

• Espacios minoristas: $ 750 millones
• Centros de convenciones: $ 450 millones
• Cena y entretenimiento: $ 1.4 mil millones

Experiencias culturales y turísticas únicas en Asia

Números de visitantes anuales en todas las propiedades en 2023:

• Venetian Macao: 12.5 millones de visitantes
• Marina Bay Sands: 8.7 millones de visitantes
• Total de turistas internacionales: 4.3 millones

Las Vegas Sands Corp. (LVS) - Modelo de negocios: relaciones con los clientes

Programas de lealtad personalizados

Las Vegas Sands implementa el programa de lealtad de Sands Rewards, que generó el 54% de los ingresos por marketing de bases de datos en 2022. El programa cubre propiedades en Macao, Singapur y Las Vegas, con 17.3 millones de miembros a diciembre de 2022.

Métrica del programa de fidelización	Datos 2022
Miembros del programa de fidelización total	17.3 millones
Ingresos de marketing de bases de datos	54% del programa de fidelización

Servicio al cliente VIP para jugadores de alto riesgo

Las Vegas Sands asigna servicios VIP dedicados para clientes de alto rollero, particularmente en Macao y Singapur. En 2022, el segmento VIP contribuyó con aproximadamente el 35% de los ingresos totales de los juegos.

• Salas de juegos VIP dedicadas
• Servicios de conserje personalizados
• Áreas exclusivas de juego de alto límite

Compromiso digital a través de plataformas móviles y en línea

La compañía invirtió $ 42.5 millones en infraestructura de tecnología digital en 2022 para mejorar la participación del cliente en las plataformas digitales.

Categoría de inversión digital	Gastos de 2022
Infraestructura de tecnología digital	$ 42.5 millones
Descargas de aplicaciones móviles	2.3 millones

Sistemas exclusivos de membresía y recompensas

El programa de estilo de vida de Sands Rewards ofrece membresía escalonada con 4 niveles distintos: membresía, plata, oro y platino, proporcionando beneficios crecientes.

• Estadías en hotel de cortesía
• Check-in prioritario
• Créditos de restaurantes y de compra
• Invitaciones de eventos exclusivas

Marketing dirigido para clientes internacionales y locales

Las Vegas Sands gastó $ 187.3 millones en marketing y ventas en 2022, con estrategias específicas para diferentes mercados geográficos.

Segmento de mercado	Enfoque de marketing
Macao	Rollers chinos y asiáticos
Singapur	Turistas regionales e internacionales
Las Vegas	Viajeros de ocio nacionales e internacionales

Las Vegas Sands Corp. (LVS) - Modelo de negocio: canales

Ventas directas a través de sitios web de resort

Las Vegas Sands genera aproximadamente $ 14.3 mil millones en ingresos anuales a través de canales de ventas directas digitales. Las tasas de conversión de la reserva del sitio web promedian 22.7% en su cartera de propiedades.

Canal digital	Contribución anual de ingresos	Tasa de conversión de reserva
Sitios web de LVS.com Resort	$ 4.2 mil millones	22.7%
Sitio web de Marina Bay Sands	$ 3.6 mil millones	19.5%
Sitio web de Venetian Macao	$ 3.5 mil millones	21.3%

Asociaciones de agencia de viajes

Las Vegas Sands mantiene asociaciones estratégicas con 1,247 agencias de viajes globales, generando $ 3.8 mil millones en reservas anuales.

• Cobertura de la red de agencias de viajes globales: 62 países
• Tasa de comisión promedio: 8-12%
• Integración digital con el 87% de las agencias asociadas

Plataformas de reserva en línea

Las plataformas en línea contribuyen con $ 5.6 mil millones en ingresos anuales, con el 37% de las reservas que se originan en canales digitales de terceros.

Plataforma en línea	Reservas anuales	Cuota de mercado
Expedia	$ 1.4 mil millones	25%
Booking.com	$ 1.2 mil millones	22%
Otras plataformas	$ 3 mil millones	53%

Canales de marketing móvil y digital

Los canales móviles generan $ 2.7 mil millones en ingresos anuales con una tasa de reserva móvil del 41% en todas las propiedades.

• Descargas de aplicaciones móviles: 3.2 millones
• Tasa promedio de conversión móvil: 18.6%
• Gasto de marketing digital: $ 127 millones anualmente

Ventas en el sitio y servicio al cliente

Los canales en el sitio generan $ 4.2 mil millones en ingresos directos con calificaciones de satisfacción del cliente del 96%.

Canal en el sitio	Ingresos anuales	Satisfacción del cliente
Reservas de recepción	$ 1.6 mil millones	94%
Servicios de conserje	$ 1.3 mil millones	97%
Ventas en resortes	$ 1.3 mil millones	96%

Las Vegas Sands Corp. (LVS) - Modelo de negocio: segmentos de clientes

Jugadores internacionales de alto patrimonio

Las Vegas Sands se dirige a jugadores internacionales ultra ricos con perfiles financieros específicos:

Característica de segmento	Datos específicos
Gasto promedio de juego	$ 500,000 - $ 5 millones por visita
Orígenes geográficos primarios	China, Hong Kong, Singapur, Malasia
Ingresos VIP de juego (2023)	$ 3.2 mil millones

Viajeros corporativos y de negocios

Desglose del segmento corporativo:

• Asistentes de convenciones en Macao y Singapur: 275,000 anualmente
• Gasto promedio de eventos corporativos: $ 75,000 por evento
• Ratones (reuniones, incentivos, conferencias, exposiciones) Ingresos: $ 1.1 mil millones en 2023

Mercado de turismo de lujo

Métricas de segmento de lujo	Datos cuantitativos
Tasa de habitación promedio	$ 450 - $ 1,200 por noche
Tasa de ocupación hotelera de lujo	87.5%
Gasto de invitados de lujo	$ 2,300 por estadía

Buscadores de entretenimiento y ocio

Características del segmento de entretenimiento:

• Asistentes anuales para el evento de entretenimiento: 650,000
• Gasto promedio de entretenimiento por invitado: $ 180
• Ingresos totales de entretenimiento: $ 117 millones en 2023

Turistas asiáticos e internacionales

Segmento turístico	Números de visitantes	Gasto promedio
Turistas chinos	425,000 anualmente	$ 1,750 por visita
Turistas del sudeste asiático	210,000 anualmente	$ 1,200 por visita
Turistas internacionales	350,000 anualmente	$ 1,500 por visita

Las Vegas Sands Corp. (LVS) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento inmobiliarios

En 2023, Las Vegas Sands reportó propiedades y equipos totales, neto, de $ 13.34 mil millones. Los costos anuales de mantenimiento y renovación de la propiedad fueron de aproximadamente $ 425 millones.

Ubicación	Costo de mantenimiento de la propiedad (2023)	Inversión anual
Marina Bay Sands, Singapur	$ 138 millones	$ 62 millones
Macao veneciano	$ 187 millones	$ 85 millones

Salarios y capacitación de los empleados

La compensación total de los empleados para 2023 fue de $ 1.2 mil millones. Inversión promedio de capacitación anual por empleado: $ 3,750.

• Total de empleados en todo el mundo: 9.800
• Salario anual promedio: $ 92,000
• Presupuesto de capacitación y desarrollo: $ 36.75 millones

Inversiones de tecnología e infraestructura

El gasto en infraestructura de tecnología en 2023 alcanzó los $ 287 millones, con un enfoque en la transformación digital y la tecnología de juegos.

Categoría de tecnología	Monto de la inversión
Sistemas de juego	$ 124 millones
Ciberseguridad	$ 63 millones
Experiencia digital del cliente	$ 100 millones

Gastos de marketing y promoción

Los gastos de marketing para 2023 totalizaron $ 345 millones en los mercados globales.

• Marketing digital: $ 128 millones
• Publicidad tradicional: $ 92 millones
• Programas de lealtad del cliente: $ 125 millones

Costos de cumplimiento y licencia regulatoria

Los gastos de cumplimiento regulatorio en 2023 fueron de $ 215 millones, incluidas las tarifas de licencia en diferentes jurisdicciones.

Jurisdicción	Costo de licencia	Gasto de cumplimiento
Singapur	$ 62 millones	$ 45 millones
Macao	$ 89 millones	$ 78 millones

Las Vegas Sands Corp. (LVS) - Modelo de negocios: flujos de ingresos

Ingresos para juegos de casino

En 2022, Las Vegas Sands reportó ingresos totales de juegos de casino de $ 4.01 mil millones. El desglose por región fue el siguiente:

Región	Ingresos de juego ($)	Porcentaje
Macao	2.97 mil millones	74.06%
Singapur	1.04 mil millones	25.94%

Servicios de hotel y alojamiento

Los ingresos del hotel para Las Vegas Sands en 2022 totalizaron $ 1.28 mil millones, con propiedades clave que incluyen:

• Marina Bay Sands en Singapur
• El macao veneciano
• Macao parisino

Ventas de alimentos y bebidas

Los ingresos de alimentos y bebidas alcanzaron los $ 812 millones en 2022, lo que representa aproximadamente el 13.5% de los ingresos del resort total.

Alojamiento de entretenimiento y eventos

Los ingresos del Centro de Eventos y Convenciones en 2022 ascendieron a $ 456 millones, con el Centro de Convenciones de Marina Bay Sands como contribuyente principal.

Servicios minoristas y auxiliares

El comercio minorista y otros servicios auxiliares generaron $ 673 millones en 2022, que incluyen:

Categoría de servicio	Ingresos ($)
Tiendas minoristas	412 millones
Ingreso de alquiler	261 millones

Los ingresos consolidados totales para Las Vegas Sands en 2022 fueron de $ 6.01 mil millones, con Los mercados internacionales que contribuyen al 88.5% de los ingresos totales.

Las Vegas Sands Corp. (LVS) - Canvas Business Model: Value Propositions

You're looking at the core value Las Vegas Sands Corp. (LVS) delivers to its customers, which is clearly anchored in its massive, integrated resort model across Asia. It's not just about the casino floor; it's about the whole experience.

World-class, non-gaming amenities (retail, F&B, entertainment)

Las Vegas Sands Corp. positions its properties as destinations where premium accommodations, entertainment, celebrity chef restaurants, and retail malls are central to the offering, driving traffic that supports the entire ecosystem. The success of this model is evident in the overall financial performance, where non-gaming elements are crucial differentiators.

• The company's portfolio includes world-class retail malls, entertainment venues, and dining options.
• The Q2 2025 results showed strong growth at Marina Bay Sands (MBS) following a multi-billion-dollar makeover that included a substantial increase to its suite inventory.

High-margin, mass-market gaming experience and product

The mass-market segment is a significant profit driver, especially in Macao, where the company has focused capital investments. The high-margin nature of this segment underpins the entire operation.

Here's a look at the gaming performance from recent quarters:

Metric	Period/Property	Value
Macau Mass Gaming and Slot Win	Q2 2025	$843 million
The Londoner Macao Casino Revenues	Q2 2025	$495 million
The Londoner Macao Adjusted EBITDA Margin	Q2 2025	31.9%
The Venetian Macao Adjusted Property EBITDA Margin	Q2 2025	35.6%
The Plaza/Four Seasons Macao Adjusted Property EBITDA Margin	Q2 2025	34%

The consolidated adjusted property EBITDA for Q3 2025 was $1.34 billion, demonstrating the overall profitability of the integrated resort structure.

Integrated MICE facilities for large-scale business tourism

Las Vegas Sands Corp. emphasizes its role in supporting the development of Macao as a world center of business and leisure tourism, a value proposition supported by its extensive convention and exhibition facilities.

• The company's properties feature convention and exhibition center operations.
• Management expressed enthusiasm in Q1 2025 about investments enhancing the business and leisure tourism appeal of Macao.

Luxury hospitality via The Londoner and Four Seasons Macao

The luxury hospitality offering is a key component, with specific properties showing strong revenue generation following capital improvements.

The Londoner Macao, after its Phase 2 revamp completion, generated significant revenue in Q2 2025:

• The Londoner Macao Net Revenues (Q2 2025): $642 million.
• The Londoner Macao Adjusted EBITDA (Q2 2025): $205 million.
• The Plaza Macao and Four Seasons Macao combined saw net revenues of $194 million in Q2 2025.

High-quality, safe, and regulated gaming environments

Operating in highly regulated jurisdictions like Macao and Singapore provides a value proposition of security and legitimacy for patrons. The company's commitment to these markets is framed by its decades-long investment strategy in enhancing tourism appeal.

• Marina Bay Sands (Singapore) delivered an Adjusted Property EBITDA of $743 million in Q3 2025, highlighting success in a highly regulated market.
• The income tax rate for the Q2 2025 Singapore operations was primarily driven by a statutory rate of 17%.

Finance: review Q3 2025 non-gaming revenue contribution percentage by Friday.

Las Vegas Sands Corp. (LVS) - Canvas Business Model: Customer Relationships

You're looking at how Las Vegas Sands Corp. (LVS) keeps its high-value customers engaged across its integrated resorts in Asia. The relationship strategy is clearly segmented, focusing heavily on the premium end of the market, which drives significant financial results.

Dedicated VIP/Junket relationship management teams

The management of high-roller relationships is intrinsically linked to the company's casino win rate on table games, which is tracked against an expectation. The expected Rolling Chip win percentage, calculated before loyalty program deferrals, stood at 3.30% for the periods reported in early 2025. The direct financial impact of favorable table performance is evident; for instance, in Q3 2025, a high hold on rolling play positively impacted Adjusted Property EBITDA by $2 million in Macao. This indicates that the relationship management teams are crucial in securing volume where win rates can swing profitability.

The focus on the premium segment is also reflected in the performance of Marina Bay Sands (MBS), which saw its Adjusted Property EBITDA reach $743 million in Q3 2025. The CEO noted that MBS was performing at an unprecedented level, with year-to-date EBITDA through Q3 2025 already exceeding $2.1 billion annually.

Tiered loyalty programs for gaming and non-gaming spend

Las Vegas Sands Corp. utilizes its loyalty programs to manage customer spend across all verticals, though the exact structure of the tiers isn't detailed in the latest filings. What is clear is that revenue calculations explicitly account for these programs, as the expected Rolling Chip win percentage is calculated before discounts, commissions, and deferring revenue associated with the company's loyalty programs. This shows that points and rewards are a direct liability or adjustment to reported gross gaming revenue. Industry-wide data suggests that members of loyalty programs generate 12-18% more incremental revenue growth per year than non-members.

The company's commitment to rewarding loyalty is a significant financial lever. The board extended the share repurchase authorization to $2 billion through 2027, signaling confidence in cash flow strength derived partly from loyal customer spending.

High-touch, personalized service for premium mass players

The premium mass segment is a primary growth driver. In Q3 2025, the mass gaming and slot win at MBS alone hit a record of $905 million, representing 122% growth from Q3 2019 levels. This performance underscores the success of high-touch service in attracting and retaining this segment. Analysts believe that recapturing lost mass-market share in Macao relative to 2019 levels is key for 2025 performance. For every 100 basis points of incremental mass-share improvement in Macao, the conservative estimate suggests an incremental EBITDA of $85 million.

The following table summarizes key revenue and operational metrics that reflect the success of customer engagement across segments in Q3 2025:

Metric	Value (Q3 2025)	Comparison/Context
Net Revenue (Consolidated)	$3.33 billion	Up from $2.68 billion in Q3 2024
Consolidated Adjusted Property EBITDA	$1.34 billion	Up 35% from $991 million in Q3 2024
Marina Bay Sands Adjusted Property EBITDA	$743 million	Driven by premium tourism and higher gaming volumes
Sands China (Macao) Net Revenue	$1.90 billion	Up 7.5% year-over-year
Macao Adjusted Property EBITDA	$601 million	Improved from $566 million in Q2 2025

Direct sales teams for MICE and convention bookings

Meetings, Incentives, Conferences, and Exhibitions (MICE) is cited as a strategic area contributing to revenue growth for Las Vegas Sands Corp.. The company's integrated resort model in Singapore, which includes convention facilities, is noted for attracting business travelers. While specific MICE booking volume or revenue figures for 2025 are not explicitly broken out in the latest reports, the overall growth in non-gaming revenue streams supports the effectiveness of these dedicated sales efforts.

Digital engagement for hotel and retail customers

While the focus in recent reports is heavily on physical property performance and high-roller/mass gaming metrics, the success in hotel operations implies effective digital interaction for bookings and service. For one property mentioned in Q2 2025 data, the hotel occupancy rate was 98.6% with an Average Daily Room Rate (ADR) of $195. By Q3 2025, the ADR for a property mentioned rose to $259, with Revenue per Available Room (RevPAR) at $242. This high utilization suggests strong demand captured through all channels, including digital platforms for hotel and retail bookings.

You should track the next quarterly report to see if Las Vegas Sands Corp. breaks out MICE revenue or provides specific metrics on non-gaming spend growth from loyalty members.

Las Vegas Sands Corp. (LVS) - Canvas Business Model: Channels

Direct booking via proprietary resort websites and apps is a critical component, feeding directly into the high-margin room and non-gaming segments of the Integrated Resorts. The success of these digital channels is reflected in the overall property performance, such as Marina Bay Sands (MBS) achieving $1.44 billion in net revenues in the third quarter of 2025.

Global travel agencies and tour operators remain essential for packaging and moving volume, particularly for the leisure segment into both Macao and Singapore. The sequential improvement in Macao's performance, with Sands China Ltd. reporting $1.90 billion in net revenues for Q3 2025, shows these broad distribution networks are effectively moving customers to the properties.

In-house sales teams for MICE (Meetings, Incentives, Conventions, and Exhibitions) and convention bookings are a core focus, aligning with concession commitments in Macao. While specific MICE revenue isn't isolated, the overall operational strength supports this, with consolidated adjusted property EBITDA reaching $1.34 billion in Q3 2025. The company's revenue segments explicitly include convention and retail services.

Direct access through Macao ferry terminals and airports is the physical gateway for the majority of visitors to the Macao properties. The strong mass market performance in Macao, where the mass market revenue share increased to 25.4% in Q3 2025 from 23.6% in Q1 2025, demonstrates the effectiveness of these access points in driving high-volume traffic.

Retail mall foot traffic driving non-gaming revenue is a key part of the Integrated Resort value proposition. The company's revenue segments include mall revenue, and the Q3 2025 results show that non-gaming revenue streams are robust, evidenced by the record mass gaming and slot win at MBS hitting $905 million in Q3 2025. The company continues to invest in these retail components as part of its concession requirements.

Here's a look at the channel output as measured by the performance of the primary destination properties for the third quarter of 2025:

Metric	Macao (Sands China Ltd.)	Singapore (Marina Bay Sands)
Net Revenue (Q3 2025)	$1.90 billion	$1.44 billion
Adjusted Property EBITDA (Q3 2025)	$601 million	$743 million
EBITDA Margin (Q3 2025)	Not explicitly stated for the whole unit, but Macau portfolio EBITDA margin adjusted for rolling hold was 31.3% in Q2 2025.	51.7%
Key Segment Performance (Q3 2025)	Net Revenue increased 7.5% year-over-year.	Mass Gaming and Slot Win: Record $905 million.

The success in driving traffic through these channels is further supported by the company's overall financial position, which allows for continued capital deployment:

• LVS Total Net Revenue (Q3 2025): $3.33 billion.
• LVS Total Net Income (Q3 2025): $491 million.
• LVS Unrestricted Cash (as of September 30, 2025): $3.35 billion.
• MBS Annual EBITDA Forecast for 2025: Expected to exceed $2.5 billion.
• MBS Mass Gaming and Slot Win Growth (Q3 2025 vs 2019): 122%.

The company's strategic focus on Asia, following the sale of its Las Vegas assets, means these regional channels are the primary engine for revenue generation. The channels must effectively feed the Integrated Resorts to maintain the strong performance seen in Singapore, where MBS EBITDA was $743 million in Q3 2025.

Las Vegas Sands Corp. (LVS) - Canvas Business Model: Customer Segments

You're analyzing the core clientele for Las Vegas Sands Corp. (LVS) as of late 2025, and it's clear the business is overwhelmingly focused on Asia's high-value traveler, split between its two major integrated resort hubs in Macao and Singapore. The financial results from the third quarter of 2025 really drive this home; the company posted Net Revenues of $3,331 million for that quarter alone. The customer base is segmented by the type of spend and the geography they favor, with premium and high-end play being a significant driver of profitability, sometimes even due to favorable win rates.

Here is a breakdown of the key customer groups Las Vegas Sands Corp. targets:

• Asian Premium Mass Market tourists (high-frequency, high-spend)
• High-Net-Worth Individuals (HNWIs) for rolling chip play
• International MICE and convention attendees
• Luxury shoppers and non-gaming leisure tourists
• Regional tourists from mainland China and Southeast Asia

The financial contribution from the two primary operating regions in the third quarter of 2025 shows where the most valuable customers are spending. Consolidated Adjusted Property EBITDA reached $1.34 billion. The split between Singapore and Macao is telling:

Geographic Segment	Q3 2025 Adjusted Property EBITDA	Key Customer Focus Indicated
Marina Bay Sands (Singapore)	$743 million	Premium Tourism, High-Value Leisure, MICE
Macao Properties (Sands China Ltd.)	$601 million	Premium Mass, HNWIs, Regional Tourists

The High-Net-Worth Individuals (HNWIs) for rolling chip play are crucial, as evidenced by the 'hold' impact on earnings. Rolling chip play, which is essentially the high-stakes table game segment, can see its profitability temporarily boosted by a higher-than-average win rate (hold). For instance, in the third quarter of 2025, high hold on rolling play contributed an estimated $43 million to the EBITDA in Singapore and $2 million in Macao. To give you a sense of scale from the prior quarter (Q2 2025), the high hold at Marina Bay Sands positively impacted Adjusted Property EBITDA by $107 million. This segment, often referred to as VIP, is a major focus for margin, even if the volume is more volatile.

The Asian Premium Mass Market tourists and the broader Regional tourists from mainland China and Southeast Asia form the volume base, particularly in Macao. While the VIP segment gets attention for its high margins, the mass market drives consistent cash flow. In the second quarter of 2025, Macau's mass-market slots showed a recovery rate of over 120% compared to pre-pandemic levels, and VIP revenue grew 12% year-over-year. Analysts noted that recapturing lost mass-market share in Macao relative to 2019 is a key driver for Las Vegas Sands Corp.'s share performance in 2025.

For International MICE and convention attendees, the focus is heavily on Marina Bay Sands in Singapore, which has invested significantly in its convention facilities. The property delivered an exceptional Adjusted Property EBITDA of $768 million in Q2 2025, with a margin of 55.3%, benefiting from increased gaming volumes and higher win rates, which often accompany large business events. While the company is also pursuing development opportunities in the US, like Texas, the current revenue engine is clearly Asia-centric MICE and leisure travel.

The Luxury shoppers and non-gaming leisure tourists are captured through the integrated resort model, specifically the retail mall components in both Macao and Singapore. The company's Net Revenues of $3,331 million in Q3 2025 were driven by casino operations, but also included significant contributions from rooms, food and beverage, and mall/retail services. The success of properties like Marina Bay Sands is explicitly linked to attracting high-end tourists through upgraded suite products and overall luxury offerings.

You should keep an eye on the Macao mass share; in a historical data point from September 2015, Las Vegas Sands Corp.'s share of the mass market in Macau had fallen to 26.3%, showing how competitive this segment is. The current strategy centers on leveraging recent capital investments to improve service and product offerings across all these segments to drive revenue growth.

Las Vegas Sands Corp. (LVS) - Canvas Business Model: Cost Structure

You're looking at the core expenses Las Vegas Sands Corp. racks up to keep those integrated resorts running, especially focusing on the third quarter of 2025. This is where the revenue gets eaten up before you get to the bottom line, so it's critical for understanding profitability.

The biggest chunk of day-to-day costs falls under property operating expenses, which cover everything from the staff running the tables and hotels to keeping the lights on. While the exact breakdown isn't explicitly stated in the high-level summaries, the total operating expenses for Q3 2025 were reported at $1,088.00 million.

Gaming taxes and government fees are a major variable cost, directly tied to gaming revenue. We know this cost is significant because the company noted that gaming tax rates at Marina Bay Sands increased in Q3 2025 due to exceeding Gross Gaming Revenue (GGR) thresholds, moving from 8% to 12% on premium play.

Here's a look at the confirmed and required cost components for the third quarter of 2025:

Cost Component	Q3 2025 Amount (Millions USD)	Source/Context
Total Operating Expenses (Aggregate)	$1,088.00	GAAP reported for the quarter
Interest Expense (Net of Capitalized)	$187 million	Confirmed figure from Q3 2025 results
Capital Expenditures (Development/Maintenance)	$229 million	Confirmed figure for the quarter
Total Debt Outstanding (End of Q3 2025)	$15.63 billion	Balance sheet figure as of September 30, 2025

The Capital Expenditures figure of $229 million was specifically allocated across the key properties:

• Marina Bay Sands construction/maintenance: $121 million
• Macao construction/maintenance: $99 million

You should also factor in the costs that make up the difference between Net Revenue ($3,330 million) and Operating Income ($719 million), which is where the specific operating costs reside. The company's weighted average debt balance during the quarter was $15.94 billion, with a weighted average borrowing cost of 4.5%.

The other required cost elements, which are embedded within the Total Operating Expenses, are:

• Property operating expenses (labor, utilities, maintenance) - Included in the $1,088 million total.
• Marketing and promotional allowances to attract players - Included in the $1,088 million total.
• Gaming taxes and government fees - Included in the $1,088 million total, separate from the 15.6% effective income tax rate.

Finance: draft 13-week cash view by Friday.

Las Vegas Sands Corp. (LVS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Las Vegas Sands Corp. (LVS) is bringing in cash as of late 2025, which is heavily weighted toward its Integrated Resorts in Asia, particularly Singapore and Macao.

Casino Gaming Revenue (Mass Market is the focus)

The mass market segment is the engine driving growth, especially in Macao, where recapturing lost share is a primary focus for 2025. For Las Vegas Sands Corp., Macau mass-market gaming revenue share is seen as the biggest element to the 2025 story. Every 100 basis points of incremental share in the mass market in Macao could equate to about $85 million of incremental EBITDA on the conservative side. At Marina Bay Sands, the mass gaming and slot win was a record $905 million in the third quarter of 2025, representing 122% growth from the third quarter of 2019.

Marina Bay Sands Q3 2025 EBITDA of $743 million

Marina Bay Sands (MBS) delivered an Adjusted Property EBITDA of $743 million for the third quarter of 2025. This performance was described as unprecedented in the industry, with the property generating net revenues of $1.44 billion for the quarter. The company noted a favorable $43 million gaming hold positively impacted this EBITDA figure.

The revenue streams from the gaming floor at MBS for Q3 2025 included:

• Casino revenue alone contributed $1.07 billion.
• Mass gaming and slot win reached a record $905 million.

Here's a look at how the key revenue components stacked up for the major properties in the third quarter of 2025:

Revenue Stream (Q3 2025)	Marina Bay Sands (Millions USD)	The Venetian Macao (Millions USD)	The Londoner Macao (Millions USD)	The Parisian Macao (Millions USD)
Casino Gaming	$1,070 - $1,080 (Total Casino)	$543	$525	$163
Hotel Room	$154	$52	$102	$34
Retail Mall	$69	$64	$23	$5
Food and Beverage (F&B)	$95	$16	$31	$14
Convention, Retail and Other	$41	$17	$5	$2

Hotel Room Revenue (premium accommodations)

The focus on premium accommodations is evident in the Average Daily Room Rate (ADR) across the portfolio. For the consolidated portfolio in Q3 2025, the ADR was $262, up from $230 in the prior year quarter. At Marina Bay Sands, hotel room revenue was $154 million, with occupancy rates at 95.5%.

Retail Mall Revenue (tenant rent and overage fees)

Retail mall revenue remains a steady contributor, particularly at the flagship Macao properties. The Venetian Macao generated $64 million in Mall revenue for the quarter. The Londoner Macao saw its Mall revenue increase to $23 million, up from $20 million in the year-ago quarter. Overall net revenues for Sands China Ltd. (SCL) were $1.90 billion, up 7.5% year-over-year.

Food and Beverage (F&B), Convention, and Entertainment Revenue

Non-gaming revenue streams, including F&B and convention services, support the Integrated Resort model. Marina Bay Sands generated $95 million from Food and Beverage revenue and $41 million from Convention, Retail and Other revenue. In Macao, The Londoner Macao brought in $31 million from Food and Beverage, while The Venetian Macao contributed $16 million from F&B.

The consolidated net revenue for Las Vegas Sands Corp. in the third quarter of 2025 was $3.33 billion.