{"slug":"las-vegas-sands","name":"라스베이거스 샌즈","name_en":"Las Vegas Sands Corp.","ticker":"LVS","updated_at":"2026-09-24T03:46:37.907613+00:00","canonical":"https://valuechain.wiki/las-vegas-sands","citable":"밸류체인 그래프 기준 라스베이거스 샌즈의 직접 연결 기업은 4곳(관계 기준 공급 1·매출 2·투자 1)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, Las Vegas Sands Corp. is directly linked to 4 companies (1 supply, 2 revenue, 1 investment relationships) and reaches 10 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-09-24).","kicker":"아시아 복합리조트 운영사","kicker_en":"Asian integrated resort operator","lead":"라스베이거스 샌즈는 마카오와 싱가포르의 복합리조트에서 카지노, 객실, 식음료, 쇼핑몰 임대, 컨벤션 매출을 올린다. 리조트 확장 공사와 호텔 브랜드 사용료, 운영 조달에 자금을 쓰며 샌즈차이나 지분을 늘려 마카오 사업에 대한 지배력을 높였다.","lead_en":"Las Vegas Sands earns revenue from casino gaming, rooms, food and beverage, mall leases and conventions at integrated resorts in Macao and Singapore. It spends on resort construction, hotel franchise rights and operating procurement, while increasing its ownership of Sands China to strengthen control of its Macao operations.","categories":[{"key":"hospitality-gaming-operators","ko":"숙박·카지노·레저 운영","en":"Hospitality, Gaming & Leisure Operators","theme":"consumer-commerce","theme_ko":"소비 브랜드·유통","theme_en":"Consumer Brands & Commerce","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"마카오 사업","note":"FY2025 순매출 74억3,300만 달러"},{"name":"마리나 베이 샌즈","note":"FY2025 순매출 55억8,400만 달러"}],"total":"FY2025 총매출 130억1,700만 달러","track":"C"},"segments_en":{"parts":[{"name":"Macao operations","note":"FY2025 net revenue of $7.433 billion"},{"name":"Marina Bay Sands","note":"FY2025 net revenue of $5.584 billion"}],"total":"FY2025 total revenue of $13.017 billion"},"returns_yearly":{"2021":-36.8,"2022":27.7,"2023":3.1,"2024":6.2,"2025":29.5,"2026":-30.6},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":3,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":4}},{"slug":"echostar","name":"에코스타","name_en":"EchoStar Corporation","tier":3,"returns_yearly":{"2021":24.4,"2022":-36.7,"2023":-0.7,"2024":38.2,"2025":374.7,"2026":-17.4}},{"slug":"target","name":"타깃","name_en":"Target Corporation","tier":2,"returns_yearly":{"2021":32.9,"2022":-34.2,"2023":-1.4,"2024":-2.3,"2025":-24.5,"2026":72.9}},{"slug":"take-two-interactive","name":"테이크투 인터랙티브","name_en":"Take-Two Interactive Software, Inc.","tier":2,"returns_yearly":{"2021":-14.5,"2022":-41.4,"2023":54.6,"2024":14.4,"2025":39.1,"2026":-16.6}},{"slug":"t-mobile-us","name":"T-모바일","name_en":"T-Mobile US, Inc.","tier":2,"returns_yearly":{"2021":-14,"2022":20.7,"2023":15,"2024":39.7,"2025":-6.6,"2026":-25.6}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":1,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":18}},{"slug":"lvmh","name":"LVMH","name_en":"LVMH Moet Hennessy Louis Vuitton","tier":1,"returns_yearly":{"2021":46.6,"2022":12.7,"2023":-1.8,"2024":-7.3,"2025":-20.4,"2026":-29.4}}],"benefiting":[{"slug":"marriott-international","name":"메리어트 인터내셔널","name_en":"Marriott International, Inc.","tier":1,"returns_yearly":{"2021":25.3,"2022":-9.3,"2023":53.1,"2024":24.9,"2025":12.3,"2026":9.1}},{"slug":"sands-china","name":"샌즈차이나","name_en":"Sands China","tier":1,"returns_yearly":{"2021":-30.3,"2022":36.3,"2023":-30,"2024":-9.3,"2025":-5.8,"2026":-27.7}},{"slug":"cintas","name":"신타스","name_en":"Cintas Corporation","tier":2,"returns_yearly":{"2021":26.5,"2022":3,"2023":34.8,"2024":22.2,"2025":3.8,"2026":7.4}},{"slug":"booking-holdings","name":"부킹 홀딩스","name_en":"Booking Holdings Inc.","tier":2,"returns_yearly":{"2021":7.7,"2022":-16,"2023":76,"2024":41.3,"2025":8.6,"2026":-9.3}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":2,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-26.5}},{"slug":"bloom-energy","name":"Bloom Energy","name_en":"Bloom Energy","tier":3,"returns_yearly":{"2021":-23.5,"2022":-12.8,"2023":-22.6,"2024":50.1,"2025":291.2,"2026":191}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":183.9}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":23.2}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":8.3}},{"slug":"dte-energy","name":"DTE 에너지","name_en":"DTE Energy","tier":3,"returns_yearly":{"2021":19.4,"2022":1.2,"2023":-2.8,"2024":13.5,"2025":10.4,"2026":7.2}},{"slug":"trip-com-group","name":"트립닷컴그룹(씨트립)","name_en":"Trip.com Group","tier":3,"returns_yearly":{"2022":44.5,"2023":-3,"2024":95.8,"2025":-12.2,"2026":-36.8}}],"analysis":"아시아 복합리조트 운영사 기업. 2025년 +29.5% 뒤 2026년 -30.6%로 크게 되돌렸다. 공급단(평균 +9.1%)이 본주(-30.6%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 애플(+18%), 가장 처진 곳은 LVMH (루이비통모에헤네시)(-20.3%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Las Vegas Sands Corp. operates across Asian integrated resort operator. After +29.5% in 2025, it gave back -30.6% in 2026. The supply side (avg +9.1%) has moved harder than the stock (-30.6%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Apple (+18%) and the furthest behind is LVMH Moet Hennessy Louis Vuitton (-20.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on resort construction, hotel franchise rights and operating procurement, while increasing its ownership of Sands China to strengthen control of its Macao operations.","analysis_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"Marriott International","counterparty_slug":"marriott-international","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-06","basis":"Londoner Grand 15년 프랜차이즈 계약의 고정지급액 현재가치","value":57000000,"period":"2025-2040","basis_en":"Present value of fixed payments under the 15-year Londoner Grand franchise agreement","qualifier":null},"note":"샌즈차이나 자회사는 Londoner Grand를 Marriott의 Luxury Collection 브랜드로 운영하기 위해 15년 프랜차이즈 계약을 맺었다. 2025년 1월 계약상 고정지급액의 현재가치 5,700만 달러를 무형자산과 금융부채로 인식했다.","note_en":"A Sands China subsidiary entered a 15-year franchise agreement to operate Londoner Grand under Marriott's Luxury Collection brand. In January 2025, it recognized $57 million as the present value of contractual fixed payments.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm","title":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","title_en":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","excerpt":"공시는 Marriott 프랜차이즈 계약 기간이 15년이라고 명시한다.","excerpt_en":"effective January 1, 2025, for a period of 15 years"},{"stance":"confirms","publisher":"라스베이거스 샌즈","publisher_en":"Las Vegas Sands","kind":"ir","lang":"en","published_at":"2025-10-29","url":"https://www.sands.com/news/a-look-at-the-londoner-macao-sands-chinas-largest-and-most-updated-integrated-resor/","title":"런더너 마카오: 샌즈차이나의 최대 최신 복합리조트","title_en":"A Look at The Londoner Macao: Sands China's Largest and Most Updated Integrated Resort","excerpt":"회사는 Londoner Grand가 Marriott Bonvoy의 마카오 첫 Luxury Collection 호텔이라고 밝혔다.","excerpt_en":"Marriott Bonvoy's first Macao Luxury Collection hotel"},{"stance":"confirms","publisher":"메리어트 인터내셔널","publisher_en":"Marriott International","kind":"news","lang":"en","published_at":"2025-02-18","url":"https://www.prnewswire.com/news-releases/the-luxury-collection-debuts-in-macao-with-the-unveiling-of-londoner-grand-a-luxury-collection-hotel-macao-302376528.html","title":"럭셔리 컬렉션, Londoner Grand 공개와 함께 마카오 진출","title_en":"The Luxury Collection Debuts in Macao with the Unveiling of Londoner Grand, a Luxury Collection Hotel, Macao","excerpt":"Marriott는 Londoner Grand를 Luxury Collection 호텔로 공개했다.","excerpt_en":"Londoner Grand, a Luxury Collection Hotel, Macao"}]},{"direction":"investment","counterparty":"샌즈차이나","counterparty_slug":"sands-china","confidence":"high","metric":{"type":"share","unit":"percent","as_of":"2026-02-06","basis":"2025년 12월 31일 샌즈차이나 발행주식 보유 비율","value":74.8,"period":"FY2025","basis_en":"Ownership of Sands China issued shares as of December 31, 2025","qualifier":null},"note":"라스베이거스 샌즈는 2025년에 샌즈차이나 주식을 추가 매입해 연말 지분율을 72.13%에서 74.80%로 높였다. 이 지분을 통해 마카오의 주요 복합리조트들을 지배한다.","note_en":"Las Vegas Sands purchased additional Sands China shares in 2025, increasing its year-end ownership from 72.13% to 74.80%. The stake gives it control of the major Macao integrated resorts.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm","title":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","title_en":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","excerpt":"공시는 연말 샌즈차이나 지분율이 74.80%라고 확인한다.","excerpt_en":"own 74.80% of SCL"},{"stance":"mentions","publisher":"키움증권 리서치센터","publisher_en":"Kiwoom Securities Research Center","kind":"research","lang":"ko","published_at":"2025-03-14","url":"https://invest.kiwoom.com/inv/resource/202503/UploadFile_20250317102628000423.pdf","title":"라스베이거스 샌즈: 리노베이션 효과로 성장성 재확립","title_en":"Las Vegas Sands: Re-establishing Growth through Renovation","excerpt":"보고서는 샌즈차이나의 마카오 시장점유율과 샌즈차이나 관련 자본지출을 별도로 분석한다.","excerpt_en":"The report separately analyzes Sands China's Macao market share and Sands China-related capital expenditure."}]},{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-06","basis":"Apple 개별 임대료 비공개","value":null,"period":"FY2025","basis_en":"Apple-specific rent was not disclosed","qualifier":"confirmed_no_disclosed_value"},"note":"Apple은 마카오 런더너와 싱가포르 마리나 베이 샌즈 쇼핑몰의 주요 임차인이다. 라스베이거스 샌즈는 쇼핑몰 임차인에게서 기본 임대료, 매출연동 임대료와 공용관리비를 받는다.","note_en":"Apple is a significant tenant at the Londoner Macao and Marina Bay Sands malls. Las Vegas Sands earns base rent, overage rent and common-area reimbursements from mall tenants.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm","title":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","title_en":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","excerpt":"공시는 Apple을 쇼핑몰의 주요 임차인으로 열거한다.","excerpt_en":"Selected Significant Tenants ... Apple"},{"stance":"confirms","publisher":"Apple","publisher_en":"Apple","kind":"news","lang":"en","published_at":"2020-09-08","url":"https://www.apple.com/sg/newsroom/2020/09/apple-marina-bay-sands-opens-thursday-in-singapore/","title":"Apple Marina Bay Sands opens Thursday in Singapore","title_en":"Apple Marina Bay Sands opens Thursday in Singapore","excerpt":"Apple은 마리나 베이 샌즈 수상 매장의 개장을 발표했다.","excerpt_en":"Apple Marina Bay Sands is the first Apple Store to sit directly on the water."}]},{"direction":"revenue","counterparty":"LVMH","counterparty_slug":"lvmh","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-06","basis":"LVMH 개별 임대료 비공개","value":null,"period":"FY2025","basis_en":"LVMH-specific rent was not disclosed","qualifier":"confirmed_no_disclosed_value"},"note":"LVMH의 Louis Vuitton은 마카오와 싱가포르의 샌즈 쇼핑몰에서 주요 임차인으로 영업한다. 개별 임대료는 공개되지 않았지만 공시가 임차 관계와 쇼핑몰 임대수익 구조를 직접 확인한다.","note_en":"LVMH's Louis Vuitton operates as a significant tenant across Sands malls in Macao and Singapore. Individual rent is undisclosed, but the filing directly confirms the tenant relationship and mall-rental revenue model.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm","title":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","title_en":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","excerpt":"공시는 Louis Vuitton을 여러 샌즈 쇼핑몰의 주요 임차인으로 열거한다.","excerpt_en":"Selected Significant Tenants ... Louis Vuitton"},{"stance":"confirms","publisher":"마리나 베이 샌즈","publisher_en":"Marina Bay Sands","kind":"news","lang":"en","published_at":"2024-09-23","url":"https://www.marinabaysands.com/content/dam/revamp/company-information/media-centre/2024/sep/the-shoppes-spotlights-personal-shopping-new-to-market-brands-and-refreshed-boutique-concepts.pdf","title":"마리나 베이 샌즈 쇼핑몰, 퍼스널 쇼핑과 신규 브랜드 및 리뉴얼 부티크 조명","title_en":"The Shoppes at Marina Bay Sands spotlights personal shopping, new-to-market brands and refreshed boutique concepts","excerpt":"쇼핑몰은 Louis Vuitton의 신규 매장 구성을 입점 브랜드 사례로 소개했다.","excerpt_en":"introduced ... Le Chocolat Maxime Frédéric at Louis Vuitton to the mall"}]},{"direction":"cost","counterparty":"Woh Hup","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-03-20","basis":"Woh Hup 주계약자 계약의 정확한 귀속 금액 비공개","value":null,"period":"2026-2030","basis_en":"Exact value attributable to Woh Hup under the main construction contract was not disclosed","qualifier":"confirmed_no_disclosed_value"},"note":"라스베이거스 샌즈는 싱가포르의 신규 초고급 복합리조트 개발 주계약자로 Woh Hup을 선정했다. 발표는 계약을 수십억 달러 규모라고만 밝혀 Woh Hup 귀속 금액은 비워 둔다.","note_en":"Las Vegas Sands selected Woh Hup as the main contractor for its new ultra-luxury Singapore development. The announcement described the contract only as multi-billion-dollar, so the counterparty-specific amount is left undisclosed.","sources":[{"stance":"confirms","publisher":"마리나 베이 샌즈","publisher_en":"Marina Bay Sands","kind":"ir","lang":"en","published_at":"2026-03-20","url":"https://www.marinabaysands.com/content/dam/marinabaysands/company-information/media-centre/press-releases-and-factsheets/2026/mar/las-vegas-sands-appoints-singapores-woh-hup-to-lead-construction-of-new-development.pdf","title":"라스베이거스 샌즈, 싱가포르 신규 개발 공사 주계약자로 Woh Hup 선정","title_en":"Las Vegas Sands Appoints Singapore's Woh Hup to Lead Construction of New Development","excerpt":"라스베이거스 샌즈는 경쟁입찰을 거쳐 Woh Hup에 수십억 달러 규모 공사계약을 수여했다.","excerpt_en":"awarded a multi-billion-dollar construction contract to Woh Hup"}]}]}