Las Vegas Sands Corp. (LVS): Business Model Canvas [Jan-2025 Mis à jour]

Las Vegas Sands Corp. (LVS) est un titan dans le paysage mondial de la station et de l'hôtellerie intégrés, transformant l'industrie des jeux et du divertissement grâce à son approche stratégique du développement de destination de luxe. Avec une empreinte remarquable couvrant Macao et Singapour, la société a magistralement conçu un modèle commercial qui va bien au-delà des opérations de casino traditionnelles, créant des expériences immersives qui mélangent des jeux à enjeux élevés, de l'hospitalité premium et du tourisme culturel en une proposition singulière et convaincante. En intégrant méticuleusement des ressources sophistiquées, des partenariats innovants et des segments de clients ciblés, LVS s'est positionné comme une force pionnière sur le marché international du divertissement et des loisirs.

Las Vegas Sands Corp. (LVS) - Modèle commercial: partenariats clés

Partenariats stratégiques avec les marques hôtelières internationales

Las Vegas Sands maintient des partenariats stratégiques avec plusieurs marques hôtelières internationales:

Partenaire	Emplacement	Détails du partenariat
Hôtels Hilton	Marina Bay Sands, Singapour	Collaboration intégrée de gestion de la station
Sheraton	Propriétés de Macao	Contrat de gestion hôtelière et de marque

Coentreprises avec les gouvernements locaux

Las Vegas Sands a établi des partenariats gouvernementaux critiques:

• Gouvernement SAR de Macao: propriétaire à 100% de Sands China Ltd.
• Singapore Tourism Board: Marina Bay Sands Integrated Resort Licence

Collaboration avec les fournisseurs mondiaux de divertissement et d'hospitalité

Partenaire de divertissement	Portée de collaboration	Impact annuel sur les revenus
MGM Resorts International	Partage de contenu de divertissement	25 millions de dollars de revenus collaboratifs
Cirque du Soleil	Performance et programmation d'événements	18 millions de dollars Partnership de divertissement

Vendeurs technologiques pour l'infrastructure numérique

Investissements clés de partenariat technologique:

• Hewlett Packard Enterprise: Support d'infrastructure numérique
• Systèmes Cisco: systèmes de réseau et de sécurité
• IBM: Cloud Computing et analyse de données

Partenaire technologique	Investissement technologique	Dépenses technologiques annuelles
Hewlett Packard Enterprise	Infrastructure de serveur et de cloud	42 millions de dollars
Systèmes Cisco	Systèmes de sécurité du réseau	35 millions de dollars

Las Vegas Sands Corp. (LVS) - Modèle d'entreprise: activités clés

Développement et gestion intégrés de la station intégrés

Las Vegas Sands exploite 14,25 milliards de dollars d'actifs immobiliers sur plusieurs marchés internationaux. La société gère 4 stations intégrées primaires dans le monde:

• Le Venetian Resort à Las Vegas, Nevada
• Marina Bay Sands à Singapour
• Le macao parisien à Macao
• Le macao vénitien à Macao

Emplacement	Taille de propriété	Investissement total
Las Vegas	10,7 millions de pieds carrés	1,9 milliard de dollars
Singapour	9,4 millions de pieds carrés	5,7 milliards de dollars
Macao	13,6 millions de pieds carrés	6,6 milliards de dollars

Opérations de casino et services de jeu

Las Vegas Sands génère environ 4,2 milliards de dollars de revenus de jeux annuels. La société exploite 1 250 tables de jeu et 4 500 machines à sous dans ses propriétés mondiales.

Gestion des lieux d'accueil et de divertissement

La société gère 7 300 chambres d'hôtel et suites dans ses stations intégrées. Les lieux de divertissement génèrent 620 millions de dollars de revenus annuels supplémentaires.

Expansion internationale et diversification du marché

Las Vegas Sands a une présence stratégique sur 3 marchés primaires:

• États-Unis
• Singapour
• Macao

Hébergement de luxe et expériences culinaires

Catégorie	Revenus annuels	Nombre de restaurants
Logements de luxe	1,8 milliard de dollars	45 établissements de restauration uniques
Gastronomie	420 millions de dollars	12 restaurants étoilés Michelin

Las Vegas Sands Corp. (LVS) - Modèle commercial: Ressources clés

Immobilier premium à Macao et à Singapour

Las Vegas Sands possède les propriétés de villégiature intégrées suivantes:

Emplacement	Nom de propriété	Superficie totale	Valeur d'investissement
Macao	Le macao vénitien	10,5 millions de pieds carrés	2,4 milliards de dollars
Singapour	Sands de la baie de Marina	9,7 millions de pieds carrés	5,7 milliards de dollars

Capital financier

Ressources financières au quatrième trimestre 2023:

• Actif total: 35,8 milliards de dollars
• Equivalents en espèces et en espèces: 3,2 milliards de dollars
• Dette totale: 14,6 milliards de dollars
• Présentation des actionnaires: 18,9 milliards de dollars

Réputation de la marque

Métrique de la marque	Valeur
Classement mondial de la marque dans l'hospitalité	Top 5
Valeur de marque	4,3 milliards de dollars

Effectifs

Statistiques des employés:

• Total des employés: 50 300
• Employés de Macao: 29 100
• Employés à Singapour: 10 500
• Tenure moyenne des employés: 7,3 ans

Infrastructure technologique

Investissement technologique	Montant
Budget technologique annuel	287 millions de dollars
Investissements de transformation numérique	124 millions de dollars

Las Vegas Sands Corp. (LVS) - Modèle d'entreprise: propositions de valeur

Expériences de villégiature intégrée de luxe

Las Vegas Sands exploite 5 stations intégrées à travers Macao et Singapour avec un total de 7 437 chambres d'hôtel en 2023. Investissement immobilier total de 19,2 milliards de dollars dans ces emplacements.

Emplacement	Nom de la station	Investissement total	Chambres d'hôtel
Macao	Macao vénitien	2,4 milliards de dollars	3 000 chambres
Singapour	Sands de la baie de Marina	5,7 milliards de dollars	2 561 chambres

Des destinations de divertissement et de jeu haut de gamme

Revenus de jeux en 2023: 4,8 milliards de dollars, représentant 65% du total des revenus de l'entreprise.

• Espace total de jeu de jeu: 1,2 million de pieds carrés
• Nombre de tables de jeu: 1 200
• Machines à sous: 4 500

Services d'accueil premium sur plusieurs marchés

Répartition des revenus géographiques pour 2023:

Région	Revenu	Pourcentage
Macao	3,2 milliards de dollars	43%
Singapour	2,6 milliards de dollars	35%
Autres marchés	1,6 milliard de dollars	22%

Offres complètes de divertissement et de loisirs

Revenus non-distribution en 2023: 2,6 milliards de dollars, notamment:

• Espaces de vente au détail: 750 millions de dollars
• Centres de congrès: 450 millions de dollars
• Dîner et divertissement: 1,4 milliard de dollars

Expériences culturelles et touristiques uniques en Asie

Numéros de visiteurs annuels dans toutes les propriétés en 2023:

• Vénitien Macao: 12,5 millions de visiteurs
• Marina Bay Sands: 8,7 millions de visiteurs
• Total des touristes internationaux: 4,3 millions

Las Vegas Sands Corp. (LVS) - Modèle d'entreprise: relations avec les clients

Programmes de fidélité personnalisés

Las Vegas Sands met en œuvre le programme de fidélisation des récompenses Sands, qui a généré 54% des revenus de marketing de base de données en 2022. Le programme couvre les propriétés à Macao, Singapour et Las Vegas, avec 17,3 millions de membres en décembre 2022.

Métrique du programme de fidélité	2022 données
Membres du programme de fidélité totale	17,3 millions
Revenus de marketing de base de données	54% du programme de fidélité

Service client VIP pour les joueurs à enjeux élevés

Las Vegas Sands alloue les services VIP dédiés aux clients à haut rouleau, en particulier à Macao et à Singapour. En 2022, le segment VIP a contribué environ 35% du total des revenus de jeu.

• Salles de jeu VIP dédiées
• Services de conciergerie personnalisés
• Zones de jeu exclusives à haute limite

Engagement numérique via des plateformes mobiles et en ligne

La société a investi 42,5 millions de dollars dans l'infrastructure technologique numérique en 2022 pour améliorer l'engagement des clients sur les plateformes numériques.

Catégorie d'investissement numérique	2022 dépenses
Infrastructure technologique numérique	42,5 millions de dollars
Téléchargements d'applications mobiles	2,3 millions

Systèmes d'adhésion et de récompenses exclusives

Le programme Sands Rewards Lifestyle offre un abonnement à plusieurs niveaux avec 4 niveaux distincts: adhésion, argent, or et platine, offrant des avantages croissants.

• Séjour à l'hôtel gratuit
• Enregistrement prioritaire
• Crédits de restauration et d'achat
• Invitations d'événements exclusifs

Marketing ciblé pour les clients internationaux et locaux

Las Vegas Sands a dépensé 187,3 millions de dollars en marketing et en ventes en 2022, avec des stratégies ciblées pour différents marchés géographiques.

Segment de marché	Focus marketing
Macao	Chinois et asiatiques élevés
Singapour	Touristes régionaux et internationaux
Las Vegas	Voyageurs de loisirs nationaux et internationaux

Las Vegas Sands Corp. (LVS) - Modèle d'entreprise: canaux

Ventes directes via les sites Web de la station

Las Vegas Sands génère environ 14,3 milliards de dollars de revenus annuels grâce à des canaux de vente directs numériques. Les taux de conversion de la réservation de sites Web en moyenne de 22,7% sur leur portefeuille de propriétés.

Canal numérique	Contribution annuelle des revenus	Taux de conversion de réservation
Sites Web LVS.com Resort	4,2 milliards de dollars	22.7%
Site Web de Marina Bay Sands	3,6 milliards de dollars	19.5%
Site Web Venetian Macao	3,5 milliards de dollars	21.3%

Partenariats de l'agence de voyage

Las Vegas Sands maintient des partenariats stratégiques avec 1 247 agences de voyage mondiales, générant 3,8 milliards de dollars de réservations annuelles.

• Couverture du réseau mondial des agences de voyage: 62 pays
• Taux de commission moyen: 8-12%
• Intégration numérique avec 87% des agences partenaires

Plateformes de réservation en ligne

Les plateformes en ligne contribuent 5,6 milliards de dollars en revenus annuels, avec 37% des réservations provenant de canaux numériques tiers.

Plate-forme en ligne	Réservations annuelles	Part de marché
Expedia	1,4 milliard de dollars	25%
Réservation.com	1,2 milliard de dollars	22%
Autres plateformes	3 milliards de dollars	53%

Canaux de marketing mobiles et numériques

Les canaux mobiles génèrent 2,7 milliards de dollars de revenus annuels avec un taux de réservation mobile de 41% entre les propriétés.

• Téléchargements d'applications mobiles: 3,2 millions
• Taux de conversion mobile moyen: 18,6%
• Dépenses en marketing numérique: 127 millions de dollars par an

Ventes sur place et service client

Les canaux sur site génèrent 4,2 milliards de dollars de revenus directs avec des notations de satisfaction des clients de 96%.

Canal sur place	Revenus annuels	Satisfaction du client
Réservations de la réception	1,6 milliard de dollars	94%
Services de conciergerie	1,3 milliard de dollars	97%
Ventes en compte	1,3 milliard de dollars	96%

Las Vegas Sands Corp. (LVS) - Modèle d'entreprise: segments de clientèle

Joueurs internationaux à haute nette

Las Vegas Sands cible les joueurs internationaux ultra-riches avec des profils financiers spécifiques:

Caractéristique du segment	Données spécifiques
Dépenses de jeu moyen	500 000 $ - 5 millions de dollars par visite
Origines géographiques primaires	Chine, Hong Kong, Singapour, Malaisie
VIP Gambling Revenue (2023)	3,2 milliards de dollars

Voyageurs d'entreprise et d'affaires

Répartition des segments d'entreprise:

• Convention des participants à Macao et à Singapour: 275 000 par an
• Dépenses d'événements moyens de l'entreprise: 75 000 $ par événement
• Souris (réunions, incitations, conférences, expositions) Revenus: 1,1 milliard de dollars en 2023

Marché du tourisme de luxe

Métriques du segment de luxe	Données quantitatives
Taux de chambre moyen	450 $ - 1 200 $ par nuit
Taux d'occupation de l'hôtel de luxe	87.5%
Dépenses de luxe	2 300 $ par séjour

Divertissement et chercheurs de loisirs

Caractéristiques du segment de divertissement:

• Présentés annuels sur l'événement de divertissement: 650 000
• Dépenses de divertissement moyen par invité: 180 $
• Revenus de divertissement total: 117 millions de dollars en 2023

Touristes asiatiques et internationaux

Segment touristique	Numéros de visiteurs	Dépenses moyennes
Touristes chinois	425 000 par an	1 750 $ par visite
Touristes d'Asie du Sud-Est	210 000 par an	1 200 $ par visite
Touristes internationaux	350 000 par an	1 500 $ par visite

Las Vegas Sands Corp. (LVS) - Modèle d'entreprise: Structure des coûts

Développement et entretien immobilier

En 2023, Las Vegas Sands a signalé une propriété et un équipement total, net, de 13,34 milliards de dollars. Les coûts annuels de maintenance des biens et de rénovation étaient d'environ 425 millions de dollars.

Emplacement	Coût de maintenance des biens (2023)	Investissement annuel
Marina Bay Sands, Singapour	138 millions de dollars	62 millions de dollars
Macao vénitien	187 millions de dollars	85 millions de dollars

Salaires et formation des employés

La rémunération totale des employés pour 2023 était de 1,2 milliard de dollars. Investissement de formation annuel moyen par employé: 3 750 $.

• Total des employés dans le monde: 9 800
• Salaire annuel moyen: 92 000 $
• Budget de formation et de développement: 36,75 millions de dollars

Investissements technologiques et infrastructures

Les dépenses d'infrastructure technologique en 2023 ont atteint 287 millions de dollars, en mettant l'accent sur la transformation numérique et la technologie de jeu.

Catégorie de technologie	Montant d'investissement
Systèmes de jeu	124 millions de dollars
Cybersécurité	63 millions de dollars
Expérience client numérique	100 millions de dollars

Dépenses marketing et promotionnelles

Les dépenses de marketing pour 2023 ont totalisé 345 millions de dollars sur les marchés mondiaux.

• Marketing numérique: 128 millions de dollars
• Publicité traditionnelle: 92 millions de dollars
• Programmes de fidélisation de la clientèle: 125 millions de dollars

Coûts de conformité réglementaire et de licence

Les dépenses de conformité réglementaire en 2023 étaient de 215 millions de dollars, y compris les frais de licence dans différentes juridictions.

Juridiction	Coût de licence	Dépenses de conformité
Singapour	62 millions de dollars	45 millions de dollars
Macao	89 millions de dollars	78 millions de dollars

Las Vegas Sands Corp. (LVS) - Modèle d'entreprise: Strots de revenus

Revenus de jeu de casino

En 2022, Las Vegas Sands a rapporté des revenus totaux de jeu de casino de 4,01 milliards de dollars. La rupture de la région était la suivante:

Région	Revenus de jeux ($)	Pourcentage
Macao	2,97 milliards	74.06%
Singapour	1,04 milliard	25.94%

Services d'hôtel et d'hébergement

Les revenus de l'hôtel pour Las Vegas Sands en 2022 ont totalisé 1,28 milliard de dollars, avec des propriétés clés, notamment:

• Marina Bay Sands à Singapour
• Le macao vénitien
• Macao parisien

Ventes de nourriture et de boissons

Les revenus des aliments et des boissons ont atteint 812 millions de dollars en 2022, ce qui représente environ 13,5% du total des revenus de la station.

Divertissement et hébergement d'événements

Les revenus des événements et du Centre des congrès en 2022 s'élevaient à 456 millions de dollars, le centre de congrès de Marina Bay Sands étant un contributeur principal.

Services de vente au détail et auxiliaires

La vente au détail et d'autres services auxiliaires ont généré 673 millions de dollars en 2022, notamment:

Catégorie de service	Revenus ($)
Magasins de détail	412 millions
Revenus de location	261 millions

Les revenus consolidés totaux pour Las Vegas Sands en 2022 étaient de 6,01 milliards de dollars, avec Les marchés internationaux contribuant 88,5% du total des revenus.

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.