Asian integrated resort operator
Las Vegas Sands Corp.
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.
Business categories Hospitality, Gaming & Leisure Operators · Consumer Brands & Commerce · primary
LVS Updated Sep 24, 2026 4 AI consumers· 2 recurring
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).
Financials & Segments
- Total revenue · FY2025 total revenue of $13.017 billion
- Segments · Macao operations · Marina Bay Sands
Revenue from
- Apple High confidence
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. - LVMH Moet Hennessy Louis Vuitton High confidence
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.Confirms EN Marina Bay Sands Published Sep 23, 2024: The Shoppes at Marina Bay Sands spotlights personal shopping, new-to-market brands and refreshed boutique concepts
Pays to
- Marriott International, Inc. High confidence· Contract value $57M · 2025-2040 · Present value of fixed payments under the 15-year Londoner Grand franchise agreement
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.Confirms EN Las Vegas Sands Published Oct 29, 2025: A Look at The Londoner Macao: Sands China's Largest and Most Updated Integrated ResortConfirms EN Marriott International Published Feb 18, 2025: The Luxury Collection Debuts in Macao with the Unveiling of Londoner Grand, a Luxury Collection Hotel, Macao - Woh Hup (Private) Limited High confidence
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.Confirms EN Marina Bay Sands Published Mar 20, 2026: Las Vegas Sands Appoints Singapore's Woh Hup to Lead Construction of New Development
Investments
- Sands China High confidence· Market share 74.8 percent · FY2025 · Ownership of Sands China issued shares as of December 31, 2025
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.Mentions KO Kiwoom Securities Research Center Published Mar 14, 2025: Las Vegas Sands: Re-establishing Growth through Renovation
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Target Corporation | lead2 | +32.9 | -34.2 | -1.4 | -2.3 | -24.5 | +72.9 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
| T-Mobile US, Inc. | lead2 | -14 | +20.7 | +15 | +39.7 | -6.6 | -25.6 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| LVMH Moet Hennessy Louis Vuitton | lead1 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -29.4 |
| Las Vegas Sands Corp. | node | -36.8 | +27.7 | +3.1 | +6.2 | +29.5 | -30.6 |
| Marriott International, Inc. | benef1 | +25.3 | -9.3 | +53.1 | +24.9 | +12.3 | +9.1 |
| Sands China | benef1 | -30.3 | +36.3 | -30 | -9.3 | -5.8 | -27.7 |
| Cintas Corporation | benef2 | +26.5 | +3 | +34.8 | +22.2 | +3.8 | +7.4 |
| Booking Holdings Inc. | benef2 | +7.7 | -16 | +76 | +41.3 | +8.6 | -9.3 |
| Oracle | benef2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -26.5 |
YTD as of 2026-09-04 · source: Yahoo Finance
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 generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple