Las Vegas Sands LVS Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Net revenues by Product | ||||||
| Casino | $2.74B+28.8% | $2.74B+30.3% | $2.51B+29.4% | $2.42B+18.7% | $2.13B-4.5% | |
| Food and Beverage | $176M+24.8% | $191M+21.7% | $165M+8.6% | $147M-0.7% | $141M-6.0% | |
| Mall | $204M+9.7% | $229M+5.0% | $199M+5.3% | $187M+7.5% | $186M+6.9% | |
| Rooms | $377M+16.4% | $379M+19.6% | $374M+19.1% | $345M+10.2% | $324M-1.8% | |
| Accounts receivable, gross by Product | ||||||
| Casino | $822M+58.4% | $828M+79.2% | $636M+29.0% | $633M+14.1% | $519M+1.0% | |
| Mall | $31M0.0% | $80M+27.0% | $46M+43.8% | $30M+42.9% | $31M-29.5% | |
| Rooms | $19M0.0% | $22M-21.4% | $23M-28.1% | $21M-32.3% | $19M-32.1% | |
| Cost of revenue by Product | ||||||
| Casino | $1.51B+30.1% | $1.52B+29.6% | $1.35B+20.8% | $1.24B+8.9% | $1.16B-1.9% | |
| Food and Beverage | $149M+18.3% | $162M+21.8% | $144M+11.6% | $130M+4.8% | $126M0.0% | |
| Mall | $25M+13.6% | $23M-8.0% | $25M+8.7% | $22M+15.8% | $22M+10.0% | |
| Rooms | $92M+13.6% | $95M+20.3% | $89M+12.7% | $87M+13.0% | $81M+3.8% | |
| Net revenues by Geography | ||||||
| Macao | $2.1B+23.5% | —— | $1.9B+7.7% | $1.79B+2.4% | $1.7B-5.7% | |
| Singapore | $1.49B+27.9% | —— | $1.43B+55.9% | $1.39B+36.6% | $1.16B+0.5% | |
| United States | -$87M-42.6% | —— | -$80M-33.3% | -$67M-6.3% | -$61M+3.2% | |
| Revenues before intercompany eliminations by Geography | ||||||
| Macao | $2.11B+23.7% | —— | $1.91B+7.6% | $1.8B+2.5% | $1.71B-5.6% | |
| Singapore | $1.49B+27.9% | —— | $1.44B+56.3% | $1.39B+36.6% | $1.16B+0.4% | |
| United States | $87M+42.6% | —— | $80M+33.3% | $67M+6.3% | $61M-3.2% | |
| Long-term debt, gross by Geography | ||||||
| Macao | $1.9B— | $1.9B— | —— | —— | —— | |
| Singapore | $2.85B— | $2.88B— | —— | —— | —— | |
| United States | $1B— | $1B— | —— | —— | —— | |
| Other Cost and Expense, Operating by Geography | ||||||
| Macao | $1.48B+26.1% | —— | $1.31B+10.0% | $1.23B+3.2% | $1.17B-2.2% | |
| Singapore | $699M+25.3% | —— | $693M+35.1% | $620M+23.0% | $558M-0.5% | |
| United States | $87M+42.6% | —— | $80M+33.3% | $67M+6.3% | $61M-3.2% | |
| Adjusted property ebitda by Geography | ||||||
| Macao | $633M+18.3% | —— | $601M+2.7% | $566M+0.9% | $535M-12.3% | |
| Singapore | $788M+30.2% | —— | $743M+83.0% | $768M+50.0% | $605M+1.3% | |
| United States | $0— | —— | $0— | $0— | $0— | |
| Total Assets by Geography | ||||||
| Macao | $10.63B+4.5% | $10.55B-5.3% | $10.18B-6.6% | $10.06B-4.4% | $10.18B-1.2% | |
| Singapore | $7.39B+6.4% | $7.76B+25.7% | $7.46B+13.4% | $7.48B+18.9% | $6.95B+10.5% | |
| Other expenses by Geography | ||||||
| Macao | $286M+31.2% | —— | $257M+19.0% | $223M+5.7% | $218M-0.5% | |
| Singapore | $223M+25.3% | —— | $217M+20.6% | $193M+19.1% | $178M-6.3% | |
| United States | $87M+42.6% | —— | $80M+33.3% | $67M+6.3% | $61M-3.2% | |
| Payroll and related expenses by Geography | ||||||
| Macao | $355M+13.1% | —— | $314M+6.1% | $322M+7.3% | $314M+5.0% | |
| Singapore | $204M+18.6% | —— | $196M+13.3% | $184M+11.5% | $172M+3.6% | |
| United States | $0— | —— | $0— | $0— | $0— | |
| Statutory tax rate by Geography | ||||||
| Macao | 12%— | —— | —— | —— | —— | |
| Singapore | 17%— | —— | —— | —— | —— | |
| Gaming taxes by Geography | ||||||
| Macao | $840M+30.8% | —— | $734M+8.9% | $686M+0.6% | $642M-6.0% | |
| Singapore | $272M+30.8% | —— | $280M+75.0% | $243M+37.3% | $208M+1.5% | |
| United States | $0— | —— | $0— | $0— | $0— | |
| Finance lease, liability by Geography | ||||||
| Macao | $32M+39.1% | $35M+192% | $23M+53.3% | $26M+62.5% | $23M+15.0% | |
| Singapore | $1M0.0% | $1M0.0% | $1M— | $1M— | $1M— | |
| United States | $122M+4.3% | $121M+5.2% | $119M+3.5% | $118M— | $117M— | |
| Debt instrument, interest rate, stated percentage by Geography | ||||||
| Macao | 5.4%— | —— | —— | —— | —— | |
| United States | 6.2%— | —— | —— | 6%-0.2pp | —— | |
| Debt instrument, interest rate, period end rate by Geography | ||||||
| Macao | 4.9%— | —— | 5.2%— | 2.4%— | —— | |
| Singapore | 2.2%-1.1pp | —— | 2.7%— | 3.3%— | 3.3%— | |
| CapEx by Geography | ||||||
| Macao | $89M-54.8% | —— | $99M-68.4% | $138M+5.3% | $197M+119% | |
| Singapore | $102M-41.7% | —— | $121M-43.7% | $129M-7.9% | $175M+76.8% | |
| Line of Credit Facility, Remaining Borrowing Capacity by Geography | ||||||
| Macao | $13.3B-59.0% | —— | $19.5B+10.6% | $19.5B+10.6% | $32.45B+84.1% | |
| Singapore | $588M0.0% | —— | $588M-0.2% | $588M-0.2% | $588M-0.2% | |
| United States | $1.5B0.0% | —— | $1.5B0.0% | $1.5B0.0% | $1.5B0.0% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Las Vegas Sands break its business down?
- Las Vegas Sands (LVS) reports gain (loss) on disposition of property plant equipment by business across 2 parts — Corporate and Other and The Venetian Macao. Each is extracted from the segment footnotes and tracked over time.
- Where does Las Vegas Sands's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Las Vegas Sands's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
