LVS Report

 LVS Statement Essay

Analyst Report

Made by:

Michael Boone

John Attendre

The spring 29, 2012

The Company

Las Vegas Sands Corporation (LVS) is the leading programmer of global vacation spot properties. LVS offers high quality accommodations, gambling activities, selling locations, exhibit facilities, and high-end dinning to their customers. Currently LVS features facilities in Asia and the United States, and is actively looking to expand its operations further more in Asia as well as in Europe in the near future.

The Business Model

LVS operates in three main markets: Macao, Singapore, plus the United States.


LVS operates the Venetian Macao, the 4 Seasons Hotel Macao, the Sands Macao, and the Sands Cotai Central in Macao. The Sands Cotai Central was opened in The spring 2012 and is also the 1st phase associated with an integrated resort complex prepared to open over the next a few years. In 2011, operations in Macao accounted for around 52 percent of total revenues intended for LVS.


LVS works the storied Marina Gulf Sands in Singapore and has ideas to open additional facilities in the near future. In 2011, the Marina Gulf Sands made up 30 percent of the company's income.


LVS features properties in Las Vegas, Nevada as well as Bethlehem, Pennsylvania. In Las Vegas the organization owns and operates the Venetian Las Vegas, The Edificio, and the Sands Exposition and Convention Centre. In Bethlehem, LVS works the Sands Casino Vacation resort Bethlehem. Functions in the United States made up 18 percent of total revenues this year.

LVS derives its revenues via five main segments of its operations: casino, rooms/accommodations, food and beverage, mall and selling, and convention/exhibition. During 2011, the online casino segment of LVS made up 79 percent of revenues, rooms/accommodations 12. 6 percent, food and beverage six. 4 percent, mall and retail a few. 7 percent, and convention/exhibition 5. several percent of total profits. The on line casino segment of LVS remains its major operation and it is expected to continue its development in the future.

Economic Moat

LVS has a wide economic moat that can be related to its functions in Asia and more specifically the licenses granted to LVS by governments of Macao and Singapore. Macao is the planet's largest video gaming market plus the only site in Cina that has legalized gaming. LVS currently holds one of six gaming licenses in Macao. The permit grants LVS the right to operate gambling services in Macao. Only five other companies also provide that right. In 2011, Macao had more than 28 , 000, 000 visitors and people numbers are required to increase gradually in the future. Initial quarter profits for LVS were lately announced and revenues in Macao increased 25 percent by first 1 / 4 results this past year.

In Singapore, LVS holds one of only two gaming permit in the country. Singapore continues to be a nice-looking and developing gaming market, for the first 1 / 4 of 2012 revenues increased over 45 percent via 2011. Analysts believe industry for betting will increase for a steady price of about 15 percent in the next five years in Singapore. Singapore also has lower gaming taxation than Macao, which attracts some tourist away from Macao and potential clients them to Singapore. The anticipated growth of the gaming industry in Singapore along with the decrease tax prices make Singapore an attractive market to be in and increase the width of LVS's moat.

Other factors contributing to the wide economical moat of LVS include the rising midsection class in Southeastern Asia, the company's remarkable occupancy rates, and also the distance of its resorts to major Asia cities. A rising middle section class in Asia translates into a more wealthy population. Because consumers continue to accumulate even more wealth they tend to spend the consume even more leisure items. Gambling is quite definitely a leisure item, and Hard anodized cookware consumers are seen to have a very good fascination with wagering. Occupancy costs are a significant...



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