On this page of StockholderLetter.com we present the latest annual shareholder letter from LAS VEGAS SANDS CORP — ticker symbol LVS. Reading current and past LVS letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT 202 4
F E L L O W S T O C K H O L D E R S, I am pleased to present to you our 2024 Annual Report. We remain enthusiastic about our future growth prospects in both Macao and Singapore as travel and tourism spending in Asia continues to expand in the years ahead. We continued to invest in our Integrated Resort property portfolio throughout the year to position the Company for future JURZWK 2XU IRFXV RQ LQYHVWPHQW ZKLOH HQVXULQJ WKH ZHOO EHLQJ RI RXU SHRSOH DQG RXU FRPPXQLWLHV GLUHFWO\ UH HFWV WKH YDOXHV of our visionary founder, Mr. Sheldon G. Adelson. We remain deeply committed to continuing to execute his vision for the Company while building upon his legacy. Nowhere is that legacy more evident than in our market-leading investments in Macao. Sands China has now invested DSSUR[LPDWHO\ ELOOLRQ WR GHOLYHU RQ RXU SURPLVH WR KHOS 0DFDR LQ LWV HFRQRPLF GLYHUVL FDWLRQ DQG LWV FRQWLQXHG HYROXWLRQ LQWR $VLD V OHDGLQJ EXVLQHVV DQG OHLVXUH WRXULVP GHVWLQDWLRQ 2XU VFDOH DQG QDQFLDO VWUHQJWK DOORZ XV WR FRQWLQXH RXU PDUNHW OHDGLQJ FDSLWDO LQYHVWPHQW SURJUDPV LQ VXSSRUW RI 0DFDR V GLYHUVL FDWLRQ DQG ORQJ WHUP GHYHORSPHQW REMHFWLYHV 7KHVH investments include the development of The Londoner Macao, which will be substantially completed in the second quarter of 2025. We believe The Londoner Macao and our portfolio of Integrated Resorts in Macao position us to deliver market-leading growth as travel and tourism spending in Macao continues to expand. We also continued to invest in our iconic Integrated Resort in Singapore, Marina Bay Sands. Our $1.75 billion investment SURJUDP ZKLFK ZLOO EH VXEVWDQWLDOO\ FRPSOHWHG LQ WKH VHFRQG TXDUWHU RI KDV HQKDQFHG RXU VXLWH SURGXFW R HULQJV DQG the appeal of Marina Bay Sands to premium customers seeking immersive travel experiences. Looking ahead, we remain enthusiastic about the development of what will essentially be a second Integrated Resort in 6LQJDSRUH DGMDFHQW WR 0DULQD %D\ 6DQGV 2XU GHYHORSPHQW SODQV DUH QHDULQJ FRPSOHWLRQ DQG ZH H[SHFW WR EUHDN JURXQG RQ WKLV LQ :H UHPDLQ FRQ GHQW WKDW JURZWK LQ WUDYHO DQG WRXULVP VSHQGLQJ LQ 6LQJDSRUH ZLOO FRQWLQXH LQ WKH IXWXUH DQG ZH look forward to continuing to contribute to the success of Singapore as a leading leisure and business tourism destination in the years ahead. Our balance sheet strength and liquidity have enabled us to continue investing in both Macao and Singapore while pursuing RSSRUWXQLWLHV LQ QHZ PDUNHWV :H DUH SOHDVHG WKDW RXU VWURQJ FDVK RZ HQDEOHG XV WR PHDQLQJIXOO\ LQFUHDVH RXU UHWXUQ RI capital to shareholders during 2024 through share repurchases and dividends. We believe we are very well positioned to deliver growth as travel and tourism spending in Asia continues to grow. We look forward to future investment in our properties and communities in both Macao and Singapore. In addition, we believe there DUH PHDQLQJIXO SRWHQWLDO GHYHORSPHQW RSSRUWXQLWLHV LQ HPHUJLQJ MXULVGLFWLRQV ZKHUH FDSLWDO LQYHVWPHQW FRXOG SURYLGH D VXEVWDQWLDO HFRQRPLF EHQH W WR WKRVH MXULVGLFWLRQV ZKLOH GHOLYHULQJ VWURQJ UHWXUQV IRU WKH &RPSDQ\ We remain deeply committed to our mission of enhancing the leisure and business tourism appeal of our host markets, creating local employment opportunities, investing in our people and our communities, and providing growth opportunities for local businesses while protecting our environment. Our success in these areas is only possible through the contributions of our Team Members. They have always responded to the challenges and opportunities of the Company with great HQWKXVLDVP , UHPDLQ JUDWHIXO IRU WKHLU H RUWV 7KDQN \RX DJDLQ IRU WKH FRQ GHQFH \RX KDYH SODFHG LQ RXU &RPSDQ\ :H ORRN IRUZDUG WR VKDULQJ RXU RQJRLQJ VXFFHVV ZLWK you in the years ahead. Robert G. Goldstein Chairman of the Board and Chief Executive O cer APRIL 3, 2025
 • shareholder letter icon 4/3/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/31/2023 LVS Stockholder Letter
 • stockholder letter icon 3/28/2024 LVS Stockholder Letter
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 • Benford's Law Stocks icon LVS Benford's Law Stock Score = 97


LVS Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
202 4

F E L L O W S T O C K H O L D E R S,
I am pleased to present to you our 2024 Annual Report.
We remain enthusiastic about our future growth prospects in both Macao and Singapore as travel and tourism spending in
Asia continues to expand in the years ahead.
We continued to invest in our Integrated Resort property portfolio throughout the year to position the Company for future
JURZWK  2XU IRFXV RQ LQYHVWPHQW ZKLOH HQVXULQJ WKH ZHOO EHLQJ RI RXU SHRSOH DQG RXU FRPPXQLWLHV GLUHFWO\ UH  HFWV WKH YDOXHV 
of our visionary founder, Mr. Sheldon G. Adelson. We remain deeply committed to continuing to execute his vision for the
Company while building upon his legacy.
Nowhere is that legacy more evident than in our market-leading investments in Macao. Sands China has now invested
DSSUR[LPDWHO\     ELOOLRQ WR GHOLYHU RQ RXU SURPLVH WR KHOS 0DFDR LQ LWV HFRQRPLF GLYHUVL  FDWLRQ DQG LWV FRQWLQXHG HYROXWLRQ 
LQWR $VLD  V OHDGLQJ EXVLQHVV DQG OHLVXUH WRXULVP GHVWLQDWLRQ  2XU VFDOH DQG   QDQFLDO VWUHQJWK DOORZ XV WR FRQWLQXH RXU PDUNHW 
OHDGLQJ FDSLWDO LQYHVWPHQW SURJUDPV LQ VXSSRUW RI 0DFDR  V GLYHUVL  FDWLRQ DQG ORQJ WHUP GHYHORSPHQW REMHFWLYHV  7KHVH 
investments include the development of The Londoner Macao, which will be substantially completed in the second quarter of
2025. We believe The Londoner Macao and our portfolio of Integrated Resorts in Macao position us to deliver market-leading
growth as travel and tourism spending in Macao continues to expand.
We also continued to invest in our iconic Integrated Resort in Singapore, Marina Bay Sands. Our $1.75 billion investment
SURJUDP  ZKLFK ZLOO EH VXEVWDQWLDOO\ FRPSOHWHG LQ WKH VHFRQG TXDUWHU RI       KDV HQKDQFHG RXU VXLWH SURGXFW R   HULQJV DQG 
the appeal of Marina Bay Sands to premium customers seeking immersive travel experiences.
Looking ahead, we remain enthusiastic about the development of what will essentially be a second Integrated Resort in
6LQJDSRUH DGMDFHQW WR 0DULQD %D\ 6DQGV  2XU GHYHORSPHQW SODQV DUH QHDULQJ FRPSOHWLRQ  DQG ZH H[SHFW WR EUHDN JURXQG RQ 
WKLV LQ        :H UHPDLQ FRQ  GHQW WKDW JURZWK LQ WUDYHO DQG WRXULVP VSHQGLQJ LQ 6LQJDSRUH ZLOO FRQWLQXH LQ WKH IXWXUH  DQG ZH 
look forward to continuing to contribute to the success of Singapore as a leading leisure and business tourism destination in
the years ahead.
Our balance sheet strength and liquidity have enabled us to continue investing in both Macao and Singapore while pursuing
RSSRUWXQLWLHV LQ QHZ PDUNHWV  :H DUH SOHDVHG WKDW RXU VWURQJ FDVK   RZ HQDEOHG XV WR PHDQLQJIXOO\ LQFUHDVH RXU UHWXUQ RI 
capital to shareholders during 2024 through share repurchases and dividends.
We believe we are very well positioned to deliver growth as travel and tourism spending in Asia continues to grow. We look
forward to future investment in our properties and communities in both Macao and Singapore. In addition, we believe there
DUH PHDQLQJIXO SRWHQWLDO GHYHORSPHQW RSSRUWXQLWLHV LQ HPHUJLQJ MXULVGLFWLRQV ZKHUH FDSLWDO LQYHVWPHQW FRXOG SURYLGH D 
VXEVWDQWLDO HFRQRPLF EHQH  W WR WKRVH MXULVGLFWLRQV ZKLOH GHOLYHULQJ VWURQJ UHWXUQV IRU WKH &RPSDQ\ 
We remain deeply committed to our mission of enhancing the leisure and business tourism appeal of our host markets,
creating local employment opportunities, investing in our people and our communities, and providing growth opportunities
for local businesses while protecting our environment. Our success in these areas is only possible through the contributions
of our Team Members. They have always responded to the challenges and opportunities of the Company with great
HQWKXVLDVP   , UHPDLQ JUDWHIXO IRU WKHLU H   RUWV  
7KDQN \RX DJDLQ IRU WKH FRQ  GHQFH \RX KDYH SODFHG LQ RXU &RPSDQ\  :H ORRN IRUZDUG WR VKDULQJ RXU RQJRLQJ VXFFHVV ZLWK 
you in the years ahead.
Robert G. Goldstein
Chairman of the Board and
Chief Executive O   cer
APRIL 3, 2025



shareholder letter icon 4/3/2025 Letter Continued (Full PDF)
 

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