Las Vegas Sands Corp. (LVS): Business Model Canvas [Dec-2025 Updated]

You're looking at Las Vegas Sands Corp. (LVS) now that they've sold their US properties, and honestly, the story is laser-focused on Asia, which is a major strategic pivot. As an analyst who's seen a few cycles, I can tell you this canvas reveals a business built on irreplaceable real estate, like Marina Bay Sands, which pulled in $743 million in EBITDA in Q3 2025 alone, all while managing a hefty debt load of $15.63 billion. We need to see how their focus on the premium mass market and MICE facilities-backed by $3.35 billion in cash-will service that interest expense, which hit $187 million last quarter. Dive in below to see the nine blocks defining this high-stakes, Asia-centric model.

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

You're looking at the critical relationships Las Vegas Sands Corp. (LVS) maintains to keep its integrated resorts running and growing, especially in Asia. These aren't just vendor agreements; they are foundational government and financial ties.

Macao SAR Government for Gaming Concession Renewal

The relationship with the Macao SAR Government centers on the renewed 10-year gaming concession contract signed in December 2022.

This partnership mandates specific capital commitments from Sands China Ltd., the LVS subsidiary:

• Investment commitment of $3.5 billion over the next decade in nongaming attractions.
• Annual gaming premium commitment of $18,846 per table.
• Annual gaming premium commitment of $124 per slot machine.
• Total annual gaming premium commitment is nearly $32 million based on 1,680 tables and 3,700 slot machines.

Singapore Tourism Board for Marina Bay Sands Expansion

The partnership with the Singapore Tourism Board underpins the massive Marina Bay Sands (MBS) expansion, dubbed IR2. Construction started on July 8, 2025, with an expected completion date by July 8, 2029.

Key figures related to this development include:

• Total project cost: $8 billion.
• LVS's additional upfront payment under the second supplemental agreement: approximately US$1 billion.
• Cumulative investment in Singapore upon completion: expected to exceed $15 billion.
• New hotel tower size: 55-storey structure with 570 luxury suites.
• New entertainment arena capacity: 15,000 seats.

Financial Institutions for Debt Financing

Las Vegas Sands Corp. relies on major financial institutions for substantial debt facilities to fund operations and capital projects. As of June 30, 2025, total debt outstanding (excluding finance leases) was $15.68 billion.

The following table outlines key financial partnership data points:

Local Macao and Singapore Businesses for Supplier Development

Sands China Ltd. has a commitment to local economic support, which is a condition of its concession renewal. This involves specific support mechanisms for local enterprises.

• Support for local SMEs (Small and Medium Enterprises) is a highlighted commitment in the concession agreement.
• Sands China renewed its Shared Services Agreement with parent Las Vegas Sands for 2025.
• Annual cap for marketing, public relations, and management services from LVS: US$12.4 million for 2025.
• Annual cap for transportation services from LVS: US$12.6 million for 2025.

Global Luxury Retail Brands for Mall Tenancy

The partnership structure with global luxury retail brands is embedded in the non-gaming development plans for both Macao and Singapore properties. Specific financial terms for tenancy are not publicly itemized in the latest filings, but the strategy involves attracting high-end tenants to support the non-gaming revenue diversification.

The MBS IR2 expansion includes more luxury retail boutiques.

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

You're looking at the core actions Las Vegas Sands Corp. (LVS) takes to generate revenue and maintain its market position as of late 2025. These activities are heavily focused on managing their massive Asian integrated resorts.

Operating large-scale integrated resorts (IRs)

The primary activity is running the established, large-scale integrated resorts in Macao and Singapore. For the third quarter of 2025, the consolidated adjusted property EBITDA for Las Vegas Sands Corp. reached $1.34 billion, a significant increase from $991 million in the prior year quarter.

The operational performance across the two key regions in Q3 2025 was:

Overall, the company reported total Net Revenues of $3.33 billion for the third quarter of 2025.

Managing high-volume mass-market and premium gaming

Las Vegas Sands Corp. focuses on managing both the high-volume mass-market segment and the premium gaming sector across its properties. The casino operations remain the largest revenue generator across all properties.

The success in Q3 2025 was partially attributed to gaming volumes and high hold on rolling play:

• High Hold on Rolling Play positively impacted Adjusted Property EBITDA by $43 million in Singapore.
• High Hold on Rolling Play positively impacted Adjusted Property EBITDA by $2 million in Macao.

Looking at specific property potential, The Venetian Macao generated $1.05 billion of Adjusted Property EBITDA in 2023. Management previously estimated that The Londoner Macao, post-renovation completion in early 2025, would boost its financial performance to an expected Adjusted Property EBITDA of $1.0-$1.5 billion per year. For Singapore, Marina Bay Sands was estimated to have the potential to generate $2 billion of Adjusted Property EBITDA per annum in the near term.

Developing and maintaining multi-billion-dollar properties

A critical activity involves continuous capital investment for maintenance and expansion to enhance property appeal. Capital expenditures during the third quarter of 2025 totaled $229 million.

This spending included specific development activities:

• Construction, development, and maintenance activities in Macao amounted to $99 million in Q3 2025.
• Las Vegas Sands Corp. initiated construction of an ultra-luxurious resort project in Singapore valued at $8 billion in July 2025.
• The MBS Expansion Project in Singapore, which includes a new hotel tower, had construction commencing in May 2025, with an expected completion by June 2030.
• Phase II of The Londoner project ($1.2 billion) and Marina Bay Sands Phase II ($750 million) were expected to complete by mid-2025.

The company also committed to returning capital, announcing a quarterly dividend of $0.25 per common share for Q3 2025, with an increase to $0.30 per share (totaling $1.20 annually) effective for the 2026 calendar year.

Global marketing and sales for MICE (Meetings, Incentives, Conventions, and Exhibitions)

While specific MICE revenue figures aren't isolated in the Q3 2025 data, the focus on convention facilities and business tourism is evident through property enhancements. The company operates convention, retail, and other services segments contributing to revenue. The upgraded convention facilities at Marina Bay Sands have continued to attract business travelers. The company plans to continue its investment in non-gaming projects in Macao as part of its concession agreement, with a focus on completing these investments by December 2032.

Lobbying for new market entry, like in Texas

Las Vegas Sands Corp. actively engages in significant lobbying to enter new U.S. markets, specifically Texas. The company's efforts in the 2025 legislative session included hiring over 100 lobbyists and spending millions on advertising to promote legislation for destination casinos.

Key data points related to the Texas initiative include:

• The Adelson family acquired the Dallas Mavericks for $3.5 billion.
• Las Vegas Sands owns 108 acres in Irving, near the former Dallas Cowboys stadium site.
• The Texas Sands political action committee has over $9 million in the bank for the two-year political campaign leading up to potential 2026 action.

The 2025 legislative push did not pass, but the company continues its focus on building political support in major Texas cities.

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

You're looking at the core assets that power Las Vegas Sands Corp.'s global integrated resort machine as of late 2025. These aren't just buildings; they are the licenses, the real estate, and the cash that make the whole operation run. Honestly, the value here is concentrated heavily in Asia now, which is a key strategic point.

The company's physical footprint represents some of the most valuable, non-replicable real estate in the world, especially in the Asian gaming and hospitality landscape. These properties are the primary engines for revenue generation.

• Iconic, irreplaceable real estate assets (e.g., Marina Bay Sands)
• Exclusive Macao and Singapore gaming concessions
• $3.35 billion in unrestricted cash balances (Q3 2025)
• Sands China Ltd. majority ownership (74.76% as of October 10, 2025)
• Extensive database of high-value Asian customers

The gaming concessions are perhaps the most critical, as they grant the legal right to operate casinos. The Macao concession is a 10-year contract signed in December 2022, showing a long-term commitment to that market. Management has also emphasized ongoing investments in both Macao and Singapore to meet revised licensing agreements.

The financial strength provides immediate operational flexibility and funding for ongoing capital programs, such as the expansion at Marina Bay Sands in Singapore.

The real estate portfolio is anchored by the following major integrated resorts:

• Marina Bay Sands® in Singapore.
• The Venetian® Macao.
• The Londoner Macao®.
• The Parisian® Macao.
• The Plaza® Macao.
• Four Seasons® Hotel Macao.
• Sands® Macao.

The customer database is a key intangible asset, focused on attracting high-spending clientele. While the latest full-year data is from 2023, it illustrates the scale of the target segment Las Vegas Sands Corp. manages. Here's a quick look at the targeting focus for high-net-worth international gamblers:

The loyalty program data further details the high-value segment Las Vegas Sands Corp. cultivates:

• Platinum Tier Members: 5,200 with an Average Annual Spend per Member of $487,000.
• Gold Tier Members: 18,700 with an Average Annual Spend per Member of $126,500.

The company's strategic decision in late 2025 to shut down its digital gaming arm signals a doubling down on these physical, concession-backed assets. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.