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.

 •  3/28/2024 Letter Continued (Full PDF)
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 •  LVS Benford's Law Stock Score = 94

LVS Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
2023

FELLOW SHAREHOLDERS,
I am pleased to present to you our 2023 Annual Report.
The reduction in travel and tourism spending related to the pandemic dramatically impacted the operating environment in both Singapore
and Macao for much of 2020, 2021 and 2022. We were fortunate that a recovery in travel and tourism spending began in Singapore in April
2022, and in Macao in January 2023. The recovery process in both markets is now well underway, and our    nancial and operating performance
improved meaningfully throughout the year. We are enthusiastic about our future growth prospects in both Macao and Singapore as the travel
and tourism spending recovery continues to progress in 2024 and the years ahead.
Throughout the last four years, we steadily invested in strategic initiatives designed to position us to deliver future growth as the recovery in
travel and tourism spending progresses. While we implemented a wide range of e   ciency measures over the last four years, we maintained
our commitments to our employees, avoided mass workforce reductions and protected jobs and health care bene   ts for our Team Members.
Our focus on positioning the company for strong growth while ensuring the well-being of our people and our communities directly re   ects the
values 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 more than $16 billion to
deliver on our promise to help Macao in its economic diversi   cation and its continued evolution into Asia   s leading business and leisure tourism
destination. We were grati   ed to receive a new concession in early 2023 to operate in Macao through 2032. This will enable us to continue
our decades-long commitment to investing in the business and leisure tourism appeal of Macao and contributing to its growth objectives as a
world center of business and leisure tourism.
Despite the challenging operating environment presented by the pandemic, our scale and    nancial strength allowed us to continue our capital
investment programs in support of Macao   s diversi   cation and long-term development objectives. These investments included the addition
of luxurious new suite o   erings at the Grand Suites at Four Seasons, as well as the expansion and transformation of Sands Cotai Central into
a new destination Integrated Resort, The Londoner Macao. We believe these new o   erings, together with the unrivaled scale of our additional
Integrated Resort o   erings in Macao, position us exceedingly well to deliver growth as the travel and tourism recovery in Macao continues.
We have also continued to invest in our iconic Integrated Resort in Singapore, Marina Bay Sands. Our ongoing $1.75 billion investment program,
designed to meaningfully enhance our suite product o   erings and the appeal of Marina Bay Sands to premium customers seeking immersive travel
experiences, will be substantially completed by the end of 2024. In addition, we remain enthusiastic about our plans for the expansion of Marina Bay
Sands in the years ahead. We are con   dent that the ongoing recovery in travel and tourism spending in Singapore will continue during 2024, and we
look forward to continuing to contribute to the success of Singapore as a leading leisure and business tourism destination in the years ahead.
While the impact of the pandemic meaningfully impacted our    nancial performance over the last four years, our balance sheet strength
and liquidity enabled us to continue investing in future growth opportunities in both Macao and Singapore, while pursuing additional growth
opportunities in new markets. We are pleased that the cash flow recovery we experienced in 2023 enabled us to reinstate our long-standing
program to return excess capital to shareholders through share repurchases and dividends.
Looking ahead, we believe we are very well positioned to deliver growth as travel and tourism spending in Asia continue to recover. We look
forward to future investment in our properties and communities in both Macao and Singapore. In addition, we believe there are meaningful
potential development opportunities in emerging jurisdictions in both the U.S. and elsewhere where capital investment could provide a
substantial economic bene   t to those jurisdictions while delivering strong returns for the Company.
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 responded to
the challenges and opportunities presented during the last four years with great optimism, creativity, and resilience. I am grateful for their e   orts.
Thank you again for the con   dence you have placed in our Company. We look forward to sharing our ongoing success with you in the years ahead.
Robert G. Goldstein
Chairman of the Board and
Chief Executive O   cer
March 28, 2024



 3/28/2024 Letter Continued (Full PDF)