Rather than compete in crowded U.S. gambling markets, Las Vegas Sands is betting on Macao and Singapore, where limited competition and rising wealth support stronger growth. With a major expansion underway in Singapore and a unique opportunity to establish a foothold in Texas if gambling laws change, Las Vegas Sands has several potential catalysts for future growth. The market values Las Vegas Sands like its U.S. competitors, potentially underestimating the value of its dominant Asian casino properties. Don’t let the name fool you: Despite being headquartered in Nevada, Las Vegas Sands doesn’t operate a casino in the United States and is focused instead on Asian markets in Macao and Singapore, where it is the market leader. With the legalization of casino gambling in many states, the expansion of state lotteries, the advent of tribal gaming and the proliferation of sports betting and online gambling, the U.S. has become a tough market to compete for gamblers’ dollars. Asia hasn’t seen nearly such expansion with gambling being more tightly regulated by governments. Las Vegas Sands has positioned itself in Asia as the industry leader in integrated casino resorts and is poised to benefit from the rise of the middle and upper classes in an area steeped in in-person gaming traditions. While Las Vegas Sands looks to expand its grip on the wealthy Singapore market, there could also be an opportunity to establish itself as a leader in Texas if casino gambling is legalized there — seeing as one lucrative prospect within the saturated U.S. market. Even with its position and competitive moat, the stock trades at valuations similar to its U.S. counterparts that don’t have such advantages. Las Vegas roots Las Vegas Sands traces its history to the Sands Hotel and Casino, opened in 1952 as the seventh casino on the famed Vegas strip. During the 1950s, Rat Pack members such Frank Sinatra, Dean Martin and Sammy Davis Jr. performed in the Sands’ famous Copa Room. Howard Hughes purchased the Sands for $15 million in 1967. After being sold several times, Las Vegas Sands founder Sheldon Adelson purchased it in 1989. That same year Steve Wynn opened the Mirage, the world’s first high-end integrated casino featuring non-gaming attractions such as top-tier restaurants, shopping, a Siegfried and Roy show and a gigantic fake volcano. These amenities helped broaden the Vegas Strip’s appeal beyond hard-core gamblers and diversify revenue. If Wynn pioneered the integrated casino resort, Adelson perfected it. The Sands was demolished in 1996 to make way for The Venetian — now the second largest hotel in the world, replete with nods to Venice including an intricate canal with gondola rides that snakes through its Grand Canal Shoppes mall. As the founder of computer industry trade show Comdex, Adelson leveraged his expertise to attract conventioneers with the addition of the Venetian Expo convention hall. Las Vegas Sands still uses this concept to keep its rooms filled outside of the weekends and holidays that are popular with gamblers. In 2004, Las Vegas Sands went public and opened its first casino in Macao. In 2021, it exited the U.S. with the sale of The Venetian. Adelson died the same year. The company is majority owned by Sheldon’s widow, Dr. Miriam Adelson and her family. Her son-in-law, Patrick Dumont, is CEO and chairman. Dumont told participants at the Bernstein 42nd Annual Strategic Decisions Conference in New York on May 28 that the company is “very focused on doing the things that we’re market leaders in.” Macao leadership Via its approximate 75% stake in Sands China Ltd ., Las Vegas Sands holds about a quarter of the market share in Macao based on gross gaming revenue, the largest of the six casino groups allowed to operate in the autonomous region of China. Casino gaming isn’t allowed in other parts of China, which means Macao is the only option for many living on the mainland. With origins reaching back 4,000 years to the Xia dynasty, gambling has long been woven into Chinese society. It was particularly fashionable among nobles, officials, and prosperous merchants who viewed gaming as both a leisure activity and a marker of social standing. Today, wealthy VIPs travel to Macao where they bet upwards of $10,000 — and sometimes $100,000 — a hand. Casinos often offer these “whales” perks that include private jet or helicopter transportation, private villas with butler service and dedicated concierges. The VIP market in Macao has been pressured by Chinese government crackdowns, aimed at curbing capital flight and money laundering, that have targeted junket operators that bring in high rollers from the mainland. Also, analysts are cautious amid fears the World Cup will reduce visits in the near term, with CLSA analyst Jeffrey Kiang saying in a recent note that he thinks “this will weigh on sentiment towards Macao gaming stocks rather than undermine gross gaming revenue.” I visited Macao in April on a Monday afternoon and the few casinos that I walked through were packed with gamblers. Visitors to Macao this summer are expected to increase 10% year-on-year, according to its tourism office. Still, Macao is becoming a destination for mass-market gamblers. While such gamblers don’t bet enormous sums, they play games that have higher margins. They also spend more money on hotels, restaurants and entertainment — things that VIPs often get for free. Wins and losses are spread across more people, which means less earnings volatility. Las Vegas Sands is attempting to cater to the premium-mass market — gamblers that place bets in hundreds of dollars, not thousands. In 2025, it renovated and rebranded its Sands Cotai Central property, which previously included a Holiday Inn, to become the Londoner Macao. The refreshed property is a more upscale complex that looks to woo clients with an extensive suite inventory across six hotels and includes a life-size replica of Big Ben. It also is the entertainment leader in Macao with the most seats and shows. In October, it brought two preseason NBA games to the Venetian Arena, including a game with the Dallas Mavericks, which are majority-owned by the Adelsons. Las Vegas Sands said it controls about 70% of the convention and group meeting space in Macao. With less than 50,000 hotel rooms compared with about 150,000 in Las Vegas, Macao has trouble competing for the largest global conferences, but that could change if the Chinese government commits to building more non-casino hotels in the area. The adjacent island, Taipa, is part of its plan to develop cultural and tourism zones along the waterfront, a development that would disproportionately benefit Las Vegas Sands. Doubling down on Singapore While VIPs may not be flocking to Macao from China, people are coming from all over the world to Singapore, which has emerged as a global powerhouse for wealth creation and management. Ranked fourth worldwide in high-net-worth individuals and second only to Switzerland in wealth management, it leads Asia in private wealth and is home to more than 242,000 resident millionaires who are drawn by its political stability, crypto-friendly policies, low crime rates, and excellent infrastructure. Only two casinos are allowed to operate in Singapore: Resorts World Sentosa, operated by Genting on the island of Sentosa, and Marina Bay Sands, located in the city center. With three skyscraper towers attached at the top by an ocean liner-shaped skybridge with an infinity pool, MBS has become one of Singapore’s most recognizable landmarks, an iconic national treasure featured in movies such as 2018’s “Crazy Rich Asians.” The property drew more than 36 million visitors last year. Daily room rates average about $1,000 a night and adjusted property EBITDA increased by 30% year-on-year to $788 million in the first quarter. Those results left Stifel analyst Steven Wieczynski flabbergasted. Reacting in a post-earnings note, he said he isn’t “even sure what to say anymore about Singapore. Every quarter it seems like MBS sets new records, with a $2.5B EBITDA run rate now looking laughable, and a $3B target seemingly like that might become stale. Is there going to be a day when we are talking about MBS doing $3.5B-$4B in EBITDA (and this is the existing asset we are talking about)? MBS continues to post such strong results even the management team at LVS is hesitant to talk about the EBITDA potential of this asset.” An ultra-luxury fourth tower is being built that’s not included in the estimates. The tower will cost $8 billion to build and include 570 suites — that’s about $14 million a suite. Wieczynski values MBS at $50 a share. Deutsche Bank’s Steven Pizzella put its value, plus the royalty fees from Sands China, at about $52 a share. Both are more than the $46.50 LVS currently trades at, which means investors are getting the Macao operations for free. Las Vegas Sands currently has 16 buy, five hold and no underperform ratings with an average price target of $69.23. Texas upside Las Vegas Sands isn’t totally averse to opening a casino in the U.S. But the goal would be to do so in a market where it can lead with a unique offering. Dumont has flagged Texas even though Las Vegas Sands withdrew a plan in March 2025 to build a casino in Irving, amid strong local opposition. The state doesn’t allow non-tribal Las Vegas-style casino gaming, but that could change. An East Texas appellate court decided last year that slot machines containing a memory element are legal and the North Texas Commission is studying the potential impact of legalized gambling. If regulations change, Las Vegas Sands could build a casino next to the Dallas Mavericks’ new arena. Earlier this month, the Mavericks entered an options agreement to purchase 104 acres in Far North Dallas adjacent to a major freeway to build a sports and entertainment complex. That’s big enough to house an integrated casino resort. For comparison, the Venetian in Las Vegas sits on about 50 acres. The competition At 8.2x next-12-months EBITDA, Las Vegas Sands trades broadly in line with many Las Vegas-focused peers despite operating in markets that offer materially higher gaming revenue and earnings potential. Additionally, large investors are finding value in casinos that have an integrated resort model that can monetize customer relationships across multiple revenue streams. Recent M & A in the space validates Las Vegas Sands valuation. Caesars , which operates over 50 casinos, mostly in the U.S. including eight in Las Vegas, agreed in May to be taken private by Fertitta Entertainment for $31 a share. The stock trades at 7.1x next-twelve-months EBITDA and is currently not profitable. MGM Resorts , which operates 10 casinos in Las Vegas, two in Macao through its subsidiary MGM China Holdings, and several regional casinos, received a bid earlier this month to be acquired for $48.30 per share in cash by 26.1% shareholder People Inc. With strategic investors chasing traditional U.S. casino operators, Las Vegas Sands’ current valuation appears to overlook the quality and scarcity of its assets. As Singapore continues to generate record profits and Macao evolves into a higher-margin, premium mass-market destination, the disconnect between the company’s market value and intrinsic worth may become increasingly difficult to justify. THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
