Las Vegas Sands Corp. (LVS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Las Vegas Sands Corp. (LVS) permanece como um titã no cenário global de resort e hospitalidade integrado, transformando a indústria de jogos e entretenimento por meio de sua abordagem estratégica para o desenvolvimento de destinos de luxo. Com uma pegada notável que abrange Macau e Cingapura, a empresa criou magistralmente um modelo de negócios que vai muito além das operações tradicionais de cassino, criando experiências imersivas que misturam jogos de alto risco, hospitalidade premium e turismo cultural em uma proposição singular e convincente. Ao integrar meticulosamente recursos sofisticados, parcerias inovadoras e segmentos de clientes direcionados, o LVS se posicionou como uma força pioneira no mercado internacional de entretenimento e lazer.

Las Vegas Sands Corp. (LVS) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com marcas internacionais de hotéis

Las Vegas Sands mantém parcerias estratégicas com várias marcas internacionais de hotéis:

Parceiro	Localização	Detalhes da parceria
Hilton Hotels	Marina Bay Sands, Cingapura	Colaboração Integrada de Gerenciamento de Resortos
Sheraton	Propriedades de Macau	Contrato de gerenciamento e marca de hotéis

Joint ventures com governos locais

Las Vegas Sands estabeleceu parcerias críticas do governo:

• Macau SAR Governo: 100% de propriedade da Sands China Ltd.
• Conselho de Turismo de Cingapura: Marina Bay Sands Integrated Resort License

Colaboração com provedores globais de entretenimento e hospitalidade

Parceiro de entretenimento	Escopo de colaboração	Impacto anual da receita
MGM Resorts International	Compartilhamento de conteúdo de entretenimento	Receita colaborativa de US $ 25 milhões
Cirque du Soleil	Programação de desempenho e evento	US $ 18 milhões de parceria de entretenimento

Fornecedores de tecnologia para infraestrutura digital

Principais investimentos em parceria de tecnologia:

• Hewlett Packard Enterprise: Suporte à Infraestrutura Digital
• Sistemas Cisco: sistemas de rede e segurança
• IBM: Computação em nuvem e análise de dados

Parceiro de tecnologia	Investimento em tecnologia	Gastos com tecnologia anual
Hewlett Packard Enterprise	Infraestrutura de servidor e nuvem	US $ 42 milhões
Sistemas Cisco	Sistemas de segurança de rede	US $ 35 milhões

Las Vegas Sands Corp. (LVS) - Modelo de negócios: Atividades -chave

Desenvolvimento e Gerenciamento Integrados de Resort

A Las Vegas Sands opera US $ 14,25 bilhões em ativos totais de propriedade em vários mercados internacionais. A empresa gerencia 4 resorts integrados primários globalmente:

• O resort veneziano em Las Vegas, Nevada
• Marina Bay Sands em Cingapura
• O macau parisiense em macau
• O macau veneziano em macau

Localização	Tamanho da propriedade	Investimento total
Las Vegas	10,7 milhões de pés quadrados	US $ 1,9 bilhão
Cingapura	9,4 milhões de pés quadrados	US $ 5,7 bilhões
Macau	13,6 milhões de pés quadrados	US $ 6,6 bilhões

Operações de cassino e serviços de jogo

A Las Vegas Sands gera aproximadamente US $ 4,2 bilhões em receita anual de jogos. A empresa opera 1.250 tabelas de jogos e 4.500 máquinas caça -níqueis em suas propriedades globais.

Gerenciamento de hospitalidade e local de entretenimento

A empresa gerencia 7.300 quartos de hotel e suítes em seus resorts integrados. Os locais de entretenimento geram US $ 620 milhões adicionais em receita anual.

Expansão internacional e diversificação de mercado

Las Vegas Sands tem presença estratégica em 3 mercados primários:

• Estados Unidos
• Cingapura
• Macau

Acomodações de luxo e experiências de refeições

Categoria	Receita anual	Número de restaurantes
Acomodações de luxo	US $ 1,8 bilhão	45 estabelecimentos de jantar exclusivos
Refeições requintadas	US $ 420 milhões	12 restaurantes com estrelas Michelin

Las Vegas Sands Corp. (LVS) - Modelo de negócios: Recursos -chave

Imóveis premium em Macau e Cingapura

Las Vegas Sands possui as seguintes propriedades de resort integradas:

Localização	Nome da propriedade	Área total	Valor de investimento
Macau	O Macau Veneziano	10,5 milhões de pés quadrados	US $ 2,4 bilhões
Cingapura	Marina Bay Sands	9,7 milhões de pés quadrados	US $ 5,7 bilhões

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 35,8 bilhões
• Caixa e equivalentes em dinheiro: US $ 3,2 bilhões
• Dívida total: US $ 14,6 bilhões
• Equidade dos acionistas: US $ 18,9 bilhões

Reputação da marca

Métrica da marca	Valor
Ranking da marca global em hospitalidade	Top 5
Valor da marca	US $ 4,3 bilhões

Força de trabalho

Estatísticas dos funcionários:

• Total de funcionários: 50.300
• Funcionários em Macau: 29.100
• Funcionários em Cingapura: 10.500
• Posse média dos funcionários: 7,3 anos

Infraestrutura tecnológica

Investimento em tecnologia	Quantia
Orçamento de tecnologia anual	US $ 287 milhões
Investimentos de transformação digital	US $ 124 milhões

Las Vegas Sands Corp. (LVS) - Modelo de negócios: proposições de valor

Experiências de resort integrado de luxo

A Las Vegas Sands opera 5 resorts integrados em Macau e Cingapura, com um total de 7.437 quartos de hotel a partir de 2023. Investimento total da propriedade de US $ 19,2 bilhões nesses locais.

Localização	Nome do resort	Investimento total	Quartos de hotel
Macau	Veneziano macau	US $ 2,4 bilhões	3.000 quartos
Cingapura	Marina Bay Sands	US $ 5,7 bilhões	2.561 quartos

Destinos de entretenimento e jogo de ponta

Receita de jogos em 2023: US $ 4,8 bilhões, representando 65% da receita total da empresa.

• Espaço total para jogos: 1,2 milhão de pés quadrados
• Número de tabelas de jogos: 1.200
• Máquinas de caça -níqueis: 4.500

Serviços de hospitalidade premium em vários mercados

Receita geográfica de receita para 2023:

Região	Receita	Percentagem
Macau	US $ 3,2 bilhões	43%
Cingapura	US $ 2,6 bilhões	35%
Outros mercados	US $ 1,6 bilhão	22%

Ofertas abrangentes de entretenimento e lazer

Receita não-gamante em 2023: US $ 2,6 bilhões, incluindo:

• Espaços de varejo: US $ 750 milhões
• Centros de convenção: US $ 450 milhões
• Reding e entretenimento: US $ 1,4 bilhão

Experiências culturais e turísticas únicas na Ásia

Números anuais de visitantes entre propriedades em 2023:

• VENEZIAN MACAU: 12,5 milhões de visitantes
• Marina Bay Sands: 8,7 milhões de visitantes
• TOTAL TOURISTOS INTERNACIONAIS: 4,3 milhões

Las Vegas Sands Corp. (LVS) - Modelo de Negócios: Relacionamentos do Cliente

Programas de fidelidade personalizados

Las Vegas Sands implementa o programa de fidelidade Sands Rewards, que gerou 54% da receita de marketing de banco de dados em 2022. O programa abrange propriedades em Macau, Cingapura e Las Vegas, com 17,3 milhões de membros em dezembro de 2022.

Métrica do Programa de Fidelidade	2022 dados
Membros do programa de fidelidade total	17,3 milhões
Receita de marketing de banco de dados	54% do programa de fidelidade

Atendimento ao cliente VIP para jogadores de alto risco

A Las Vegas Sands aloca serviços VIP dedicados a clientes de alto jogador, principalmente em Macau e Cingapura. Em 2022, o segmento VIP contribuiu com aproximadamente 35% da receita total de jogos.

• Salas de jogos VIP dedicadas
• Serviços de concierge personalizados
• Áreas de jogos com alto limite exclusivo

Engajamento digital através de plataformas móveis e online

A empresa investiu US $ 42,5 milhões em infraestrutura de tecnologia digital em 2022 para aprimorar o envolvimento do cliente em plataformas digitais.

Categoria de investimento digital	2022 gastos
Infraestrutura de tecnologia digital	US $ 42,5 milhões
Downloads de aplicativos móveis	2,3 milhões

Sistemas exclusivos de associação e recompensa

O Programa de Estilo de Vida Sands Rewards oferece membros em camadas com 4 níveis distintos: associação, prata, ouro e platina, proporcionando benefícios crescentes.

• Estadias de hotéis de cortesia
• Check-in prioritário
• Créditos de jantar e compras
• Convites de eventos exclusivos

Marketing direcionado para clientes internacionais e locais

A Las Vegas Sands gastou US $ 187,3 milhões em marketing e vendas em 2022, com estratégias direcionadas para diferentes mercados geográficos.

Segmento de mercado	Foco de marketing
Macau	Rolinhos chineses e asiáticos
Cingapura	Turistas regionais e internacionais
Las Vegas	Viajantes de lazer nacional e internacional

Las Vegas Sands Corp. (LVS) - Modelo de Negócios: Canais

Vendas diretas através de sites de resort

A Las Vegas Sands gera aproximadamente US $ 14,3 bilhões em receita anual por meio de canais de vendas diretas digitais. As taxas de conversão de reservas de sites têm uma média de 22,7% em seu portfólio de propriedades.

Canal digital	Contribuição anual da receita	Taxa de conversão de reserva
Sites de resort lvs.com	US $ 4,2 bilhões	22.7%
Site Marina Bay Sands	US $ 3,6 bilhões	19.5%
Site veneziano macau	US $ 3,5 bilhões	21.3%

Parcerias da agência de viagens

A Las Vegas Sands mantém parcerias estratégicas com 1.247 agências de viagens globais, gerando US $ 3,8 bilhões em reservas anuais.

• Cobertura de rede de agências de viagens globais: 62 países
• Taxa média de comissão: 8-12%
• Integração digital com 87% das agências parceiras

Plataformas de reserva on -line

As plataformas on-line contribuem com US $ 5,6 bilhões em receita anual, com 37% das reservas originárias de canais digitais de terceiros.

Plataforma online	Reservas anuais	Quota de mercado
Expedia	US $ 1,4 bilhão	25%
Booking.com	US $ 1,2 bilhão	22%
Outras plataformas	US $ 3 bilhões	53%

Canais de marketing móvel e digital

Os canais móveis geram US $ 2,7 bilhões em receita anual, com uma taxa de reserva móvel de 41% nas propriedades.

• Downloads de aplicativos móveis: 3,2 milhões
• Taxa média de conversão móvel: 18,6%
• Gastes de marketing digital: US $ 127 milhões anualmente

Vendas no local e atendimento ao cliente

Os canais no local geram US $ 4,2 bilhões em receita direta com 96% de classificação de satisfação do cliente.

Canal no local	Receita anual	Satisfação do cliente
Reservas da recepção	US $ 1,6 bilhão	94%
Serviços de Concierge	US $ 1,3 bilhão	97%
Vendas em resort	US $ 1,3 bilhão	96%

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

Jogadores internacionais de alta rede

Las Vegas Sands tem como alvo os jogadores internacionais ultra-ricos com perfis financeiros específicos:

Característica do segmento	Dados específicos
Gasto médio de jogo	US $ 500.000 - US $ 5 milhões por visita
Origens geográficas primárias	China, Hong Kong, Cingapura, Malásia
Receita de jogo VIP (2023)	US $ 3,2 bilhões

Viajantes corporativos e de negócios

Aparelhamento do segmento corporativo:

• Os participantes da convenção em Macau e Cingapura: 275.000 anualmente
• Gastos médios para eventos corporativos: US $ 75.000 por evento
• RECENDIDAS (RECENDIMENTOS, INCENTIVOS, Conferências, Exposições): US $ 1,1 bilhão em 2023

Mercado de Turismo de Luxo

Métricas de segmento de luxo	Dados quantitativos
Taxa de ambiente médio	$ 450 - US $ 1.200 por noite
Taxa de ocupação de hotéis de luxo	87.5%
Gastos de convidados de luxo	US $ 2.300 por estadia

Entretenimento e buscadores de lazer

Características do segmento de entretenimento:

• Participantes anuais do evento de entretenimento: 650.000
• Gastos médios de entretenimento por hóspede: $ 180
• Receita total de entretenimento: US $ 117 milhões em 2023

Turistas asiáticos e internacionais

Segmento turístico	Números de visitantes	Gastos médios
Turistas chineses	425.000 anualmente	US $ 1.750 por visita
Turistas do Sudeste Asiático	210.000 anualmente	US $ 1.200 por visita
Turistas internacionais	350.000 anualmente	US $ 1.500 por visita

Las Vegas Sands Corp. (LVS) - Modelo de negócios: estrutura de custos

Desenvolvimento imobiliário e manutenção

Em 2023, a Las Vegas Sands relatou propriedade e equipamentos totais, líquidos, de US $ 13,34 bilhões. Os custos anuais de manutenção e renovação de propriedades foram de aproximadamente US $ 425 milhões.

Localização	Custo de manutenção de propriedades (2023)	Investimento anual
Marina Bay Sands, Cingapura	US $ 138 milhões	US $ 62 milhões
VENEZIAN MACAO	US $ 187 milhões	US $ 85 milhões

Salários e treinamento de funcionários

A compensação total dos funcionários para 2023 foi de US $ 1,2 bilhão. Investimento médio de treinamento anual por funcionário: US $ 3.750.

• Total de funcionários em todo o mundo: 9.800
• Salário médio anual: US $ 92.000
• Orçamento de treinamento e desenvolvimento: US $ 36,75 milhões

Investimentos de tecnologia e infraestrutura

Os gastos com infraestrutura de tecnologia em 2023 atingiram US $ 287 milhões, com foco na tecnologia de transformação e jogo digital.

Categoria de tecnologia	Valor do investimento
Sistemas de jogos	US $ 124 milhões
Segurança cibernética	US $ 63 milhões
Experiência digital do cliente	US $ 100 milhões

Despesas de marketing e promocionais

As despesas de marketing para 2023 totalizaram US $ 345 milhões nos mercados globais.

• Marketing Digital: US $ 128 milhões
• Publicidade tradicional: US $ 92 milhões
• Programas de fidelidade do cliente: US $ 125 milhões

Custos regulatórios de conformidade e licenciamento

As despesas de conformidade regulatória em 2023 foram de US $ 215 milhões, incluindo taxas de licenciamento em diferentes jurisdições.

Jurisdição	Custo de licenciamento	Despesa de conformidade
Cingapura	US $ 62 milhões	US $ 45 milhões
Macau	US $ 89 milhões	US $ 78 milhões

Las Vegas Sands Corp. (LVS) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Em 2022, a Las Vegas Sands registrou receitas totais de jogos de cassino de US $ 4,01 bilhões. O colapso da região foi o seguinte:

Região	Receita de jogos ($)	Percentagem
Macau	2,97 bilhões	74.06%
Cingapura	1,04 bilhão	25.94%

Serviços de hotel e acomodação

As receitas de hotéis para Las Vegas Sands em 2022 totalizaram US $ 1,28 bilhão, com propriedades importantes, incluindo:

• Marina Bay Sands em Cingapura
• O Macau Veneziano
• Macau parisiense

Vendas de alimentos e bebidas

As receitas de alimentos e bebidas atingiram US $ 812 milhões em 2022, representando aproximadamente 13,5% da receita total do resort.

Entretenimento e hospedagem de eventos

As receitas do Centro de Eventos e Convenções em 2022 totalizaram US $ 456 milhões, com o Marina Bay Sands Convention Center sendo um colaborador principal.

Serviços de varejo e auxiliares

O varejo e outros serviços auxiliares geraram US $ 673 milhões em 2022, incluindo:

Categoria de serviço	Receita ($)
Lojas de varejo	412 milhões
Renda de aluguel	261 milhões

A receita total consolidada para as areias de Las Vegas em 2022 foi de US $ 6,01 bilhões, com Mercados internacionais que contribuem com 88,5% da receita total.

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.