Las Vegas Sands Corp (LVS)

Shariah status: NON-COMPLIANT. This needs to be stated clearly upfront before anything else — Las Vegas Sands Corp (LVS) derives the vast majority of its revenue from casino/gaming operations, so it fails Shariah screening regardless of how strong its financials are, and this status cannot be "fixed" by any operational improvement. This report is written purely for educational and analytical purposes — many Malaysian investors are interested in understanding global gaming/travel names even though they cannot personally invest per Shariah rules. This is NOT a buy/sell recommendation.

Despite still carrying the "Las Vegas Sands" name, the company no longer owns a single casino property in Las Vegas — it sold The Venetian Las Vegas and The Palazzo to Apollo/VICI Properties in 2021-2022 (Sands Bethlehem, Pennsylvania was sold even earlier). "Las Vegas Sands" is now purely a legacy brand name — the actual business today is 100% Asia-focused, a pure-play integrated resort operator.

Two core segments:

• Macau — via ~70%-owned Sands China Ltd (separately listed on the Hong Kong Stock Exchange): The Venetian Macao, The Parisian Macao, The Londoner Macao, Sands Cotai Central, and Four Seasons Macao. This is the larger revenue base versus Singapore, and mass-market gaming volumes here actually continued growing this past quarter even though reported EBITDA came in lower (see the "hold" note below).
• Marina Bay Sands (MBS), Singapore — 100%-owned by LVS: the group's crown-jewel asset, consistently delivering the highest EBITDA margins in the global integrated resort industry (~49.9% margin this past quarter).

MBS is now undergoing a major expansion called "Integrated Resort 2.0" — a new fourth tower complete with hotel, mall, and a 15,000-seat arena. This multi-billion-dollar capex program is expected to complete around 2029-2030 and represents the group's key long-term growth driver.

Sands China's Macau gaming concession has been renewed through December 31, 2032, providing long-term operating stability. However, Macau government policy (the junket ban since 2021, the shift toward mass-market play, and capex commitments tied to the concession) remains a structural overhang for all Macau operators, including Sands China.

LVS currently trades around $46.08 with a market cap of ~$32.0 billion (as of July 31, 2026) — well below its 52-week high of $70.45, reflecting a sharp market reaction to this past quarter's headline miss.

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