LAS VEGAS SANDS Business Summary

Las Vegas Sands Corp (LVS) is a preeminent developer and operator of world-class integrated resorts, generating revenue through a high-margin mix of casino gaming, luxury hotel accommodations, convention and exhibition (MICE) facilities, premium retail mall leasing, and diverse dining and entertainment offerings. Following its strategic exit from the United States market, the company’s operations are exclusively concentrated in Asia, managed through its majority-owned subsidiary Sands China Ltd. in Macao—which includes flagship properties like The Venetian Macao and The Londoner Macao—and its wholly-owned Marina Bay Sands in Singapore. LVS utilizes a MICE-based business model that leverages massive scale to attract high-value business and leisure travelers, with casino operations accounting for the vast majority of its approximately $13 billion in annual revenue. Its primary direct competitors include Galaxy Entertainment Group, Wynn Resorts, MGM Resorts International, and Melco Resorts & Entertainment. Within this landscape, LVS maintains a dominant position as the world’s largest integrated resort operator by market capitalization, leading the premium mass-market segment in Macao and holding a near-monopoly on high-end convention-integrated services in Singapore. Founded by the late visionary Sheldon G. Adelson, the company is currently led by Chairman and CEO Patrick Dumont, who assumed the role on March 1, 2026, after serving as President and COO since 2021. Dumont, a Columbia Business School MBA with over 25 years of experience in corporate finance and operations, also serves as the Governor of the NBA's Dallas Mavericks and is supported by Executive Vice President and CFO Randy Hyzak and Global General Counsel D. Zachary Hudson. The leadership team is currently executing large-scale capital reinvestment programs, including the multi-billion dollar expansion of Marina Bay Sands and the ongoing transformation of its Macao portfolio. The company remains under the majority control of the Adelson family, with Dr. Miriam Adelson serving as the primary shareholder with a stake of approximately 54%. Institutional backing is anchored by major firms such as The Vanguard Group and BlackRock, while the Board of Directors provides oversight through industry veterans, ensuring the company’s continued focus on high-growth Asian markets.