Free Essay

Las Vegas Sands Essay

In: Business and Management

Submitted By chynadoll1
Words 5541
Pages 23
Executive Summary
Las Vegas Sands Corporation (“LVS”) is arguably the world’s premier casino resort operator. With its operations in Las Vegas, Macau, Pennsylvania, and its new development in Singapore and Europe LVS, is now well-positioned to capture a large slice of what is becoming an increasingly huge pie. They are the biggest company in its industry with a USD market cap of 35.1 billion as of 2011. The casino operator has been a pioneer in opening new markets in Asia, and will continue to aggressively focus on a variety of other development opportunities where it’s needed. However, LVS has faced significant financial challenges since the economic recession began in the fourth quarter of 2008. Among the significant ones is its large amount of long term debt currently at 9.58 billion. Las Vegas Sands Corporation has strategically sold some of their “non-core” assets such as the Venetian retail mall, and its Shoppes at the Palazzo in order to remain compliance with its credit covenants. With this said, there are now in the position to return to profitable operations with its Asian pipeline and its new development project in Europe with the assumption that upon completing these projects it will generate enough revenue to get rid of all their debts. In addition, to their debt issues are the ongoing lawsuits that have brought a threat from government officials questioning how the company conducts its domestic and foreign operations. This is an issue of growing importance especially, for firms competing on a more global basis and have significant profit margins associated with intellectual property in this case it would be in the best interest of the company to play by the rules in order to avoid any disciplinary actions that can jeopardize their license or sub-concession in those countries they operate in. Overall the company has repeatedly demonstrated their ability to map read in the irregular waters of change, which has allowed them to maintain a good track record and move forward with minimal bruising.

Aileen Shah
Company Name: Las Vegas Sands Corp
Industry: Tourism Services
Market: NYSE
Symbol: LVS
Revenue (Latest Year): US $38 Billion (FY 2011)

Company Profile
Las Vegas Sands Corp was founded in 1988 by an entrepreneur named Sheldon Gary Adelson who along with his partners bought the famous Sands Hotel in 1989. The company is headquartered in Las Vegas, Nevada (A Brief History of the Sands pg.1). It owns, develops, and operates casino resorts and convention centers in the United States, Macau, and Singapore. Their resorts offer various amenities that feature world-class gaming, and entertainment, convention and exhibition facilities, celebrity chef restaurants, as well as overnight accommodations (A Brief History of the Sands pg.3). They own and operate the: * Venetian Resort Hotel Casino * The Palazzo Resort Hotel Casino, * The Sands Expo and Convention Center in Las Vegas, Nevada * The Sands Macao Casino * The Venetian Macao Resort Hotel * The Four Seasons Hotel Macao * The Marina Bay Sands Mission, Vision, and Value
Las Vegas Sands is a firm believer in promoting a safe and healthy work environment for its employees, guests, and communities in which the business operates. Therefore by creating a sustainable development program like SANDS Eco 360 and incorporating into all their properties around the globe gives them a competitive advantage over rivals. The Venetian Resorts and Sands Expo Convention Center in Las Vegas has achieved LEED (Leadership in Energy and Environmental Design) an international accepted benchmark in design, construction and high performance green building (Sands Eco 360 Global Sustainability). It provides verification that a building or community was designed and built using strategies aimed at improving performance such as energy savings, water effiency, improved indoor environmental quality and stewardship of resorts. Las Vegas Sands is also an active community partner through its various charitable organizations such as the Sands Foundation a non-profit organization. Its funding comes from contributions from other companies and employee donations (Sands Foundation). The foundation organizes philanthropic activities that are permitted within the tax exempt laws. These charitable gift funds supports and empowers underprivileged communities by expanding educational opportunities particularly the youth, as well as promoting health.

Main Competitors
The company competes with the major industry players like the Wynn Resorts ( Nasdaq: WYNN), also considered to be one of the finest hotels in the world whose earned five star ratings in every category from its restaurant, spa, entertainment venues, to its luxurious attractions such as the lake of dreams and their historical golf course. It owns and operates four luxurious casino resorts in Las Vegas and Macau with revenue growth of 5.3 billion. MGM Resorts (NYSE: MGM), a Paradise, Nevada based gaming and hospitality company that owns and operates fifteen resorts in the United States including its joint ventures in China, United Kingdom, and in the United Arab Emirates with a revenue of 7.8 billion (MGM Resorts International). Melco Crown Entertainment (Nasdaq: MPEL) An entertainment and resort company focused only on the Macau market. It owns four casino-based operations in Macau with revenue of $939 million. (Bloomberg Businessweek).
Key Products: * Casino Resorts * Hotels, Convention Centers * Exhibition Centers, Restaurants * Real Estate

Competitive Advantage
While other hotels were focusing mainly on gambling, Adelson and his partners promoted the convention meetings and trade show industry as a way to encourage guests that it was not only about gambling but, also for various meetings and conventions. The hotel rooms were made into luxury suites with comfortable workspace in the rooms, which made the numbers of the hotel rooms kept to a minimum (A Brief History of the Sands pg 3 ). The strategy paid off as it increased the midweek occupancy.
The Las Vegas Sands Corp saw a potential expansion by positioning there business in the Asian market before their American competitors could make a move to locate their companies in Asia. Macau, a Portuguese colony that was given back to China in 1999, was the only place in mainland China were gambling is legal (A Brief History of the Sands pg.4) There was a drawing population of about a billion people within three hours flight from Macau and an estimated population of five billion people within five hours flight from Macau. In order to accommodate this large population they built a casino strip like the “Las Vegas Strip” which was done by filling a bay between two islands (Coloane and Taipa) and called it the “Cotai Strip”. And, along this strip the Venetian Macao Resort Hotel and the Sands Macao was brought to life.
By 2010 despite of financial difficulty the company was still facing, Adelson continued to expand his enterprise. He invested $5.6 billion into building the Marina Bay Sands located in Singapore (A Brief History of the Sands pg 5 ). It displays a unique feature of the hotel in the Sands Sky Park, set at the top of three towers. The park has lush vegetation, observation deck, several restaurants, and a swimming pool (A Brief History of the Sands pg 6). It serves as the main attraction resort for locals and business travelers. Surprisingly, it turned out to be very successful and profitable investment considering that Singapore has only one other competitor.
Customer Segments Las Vegas Sands Corp’s customer base consists of people who or are there for conventions with trade shows, tourists, and mainly those who are inclined to gamble.
Future Overview The future of Las Vegas Sands Corp doesn’t seem to be slowing down anytime soon. Casino Mogul Sheldon Adelson is on a new venture for a massive strip-style casino resort in Europe and is eyeing Madrid or Barcelona as its location (BBC news Business ). Other expansions in the making are in Japan, Korea, Vietnam, and Taiwan and India. (BBC news Business). In the US, the company continues to expand its 2009 resort in Bethlehem, Pennsylvania, which opened in 2009 to compete with Atlantic City for some of the New York area market.

Hot Issues Macau’s casino gaming industry has been facing negative reports about their social corporate responsibility and its view on problem gamblers (Lam, Desmond). Gambling as we know can be a fun activity as long as theirs control yet, it can also ruin the social fabric of our community by committing crimes, bankruptcy due excessive gambling, and even loss of social contact (Lam, Desmond ). Therefore, by implementing a Responsible Gaming program not only will minimize the risk of harm to gamblers but, gambling-associated crimes will also be minimized and controlled (Lam, Desmond). In order for China and Macau to become a better place it must embrace social responsibility on all sides of the spectrum, starting with Macau operators, goverments, local residents, and gamblers who all play an important role in making gaming measures effective. Responsibe gaming is good business and it is not a cost but, an investment for the future of Macau’s casino gaming industry.

BARRIERS TO ENTRY
Due to government regulations, high capital cost, existing relationships between firms and suppliers, and expected retaliation are some of the many reasons that can discourage competitors from entering a market (Hitt, Ireland, Hoskisson). Barriers to entry force is probably the most restricting aspects of the competitive landscape in the casino-resort industry because it requires legislative approval of gaming licenses, and in some cases land concessions for building a casino resort (Regulatory Management Counselors). Because this industry is highly regulated and highly taxed there are requirements that have to be met before granting licenses and permits to applicants such as criminal and civil background checks, educational, financial and litigation history (Regulatory Management Counselors).Another,signficant barrier is the high amount of capital needed in order to achieve financing for a casino resort, which can cost several millions to a few billion dollars.
THREAT OF SUBSTITUTES
Customers have the tendency to shift towards other betting games like state lotteries which can give out a large amount of winnings for an insignificant amount of $1 ticket. Another threat of substitute associated with gambling is internet poker with a share of about ten billion a year (Guru Focus).,along with blackjack, roulette, and electronic slot machines that has become an alternative for pathological gamblers. This transformation can bring significant downturn in profits for big fortune 500 companies like Las Vegas Sands who primarily depends on its flow of customers.
RIVALRY
The casino and resort industry faces tough challenges, especially in certain geographical locations where the Las Vegas market is competing directly with smaller establishments such as Atlantic City and The Native American Reservations like Mohegan Sun and Foxwood to our neighboring Resort World Casino in New York City. With the economy still recovering people are more inclined to gamble to where it would cost them much less time and money to get there (Strategic Report for Las Vegas Sands Corp).
At the other extreme, industries with only a few firms of equivalent size and power also tend to have strong rivalries. For Example, The Marina Bay Sands in Singapore which LVS opened on April 2010 faces a duopoly structure with Genting’s Resorts World Sentosa. As the only two casinos licensed to operate in Singapore, both firms are in competition to capture 50 percent of the market share. Although Genting had just opened in 2010 and manages large-scale intergrated resorts with two key attractions such as a Universal Theme Park and a Marine life Park it does not compare to the fact that LVS has more leverage in its VIP-gaming capacity and experience. In addition, LVS has advantage in the mass market because of its MICE business strategy which has more synergies with gaming spend than does Genting’s theme parks. (Strategic Report for Las Vegas Sands Corp)
Buyer Power
Buyers in the casino resort industry have some market power because they are capable of bargaining for lower prices primarily on room rates. As far as gaming is concerned there is little to no buyer power because if a customer is dissatisfied with one casino they can easily go to another one that is more appeasing (Industry Analyis: The Fundamental). However, there is consideration given to a few “high rollers” who have potential to spend money. For example, Las Vegas Sands fly their “V.I.P’” customers to one of their casinos as well as extend their lines of credit (Strategic Report for Las Vegas Sands Corp).
Supplier Power
In the casino gaming industry there is almost no supplier power present due to highly competitive market in which price is determined by supply and demand (Strategic Report for Las Vegas Sands Corp). Such cost of obtaining supplies like betting chips, game tables, slot machines and furniture are relatively not an aspects of the business as well as other furnishing and general supplies for the hotel, bars, restaurants within the resorts that all come from competitive markets with an abundance of supplies (Strategic Report for Las Vegas Sands Corp). Suppliers at times are willing to compromise its prices and even form partnership with the gaming industry in order to not lose their business to other competitors.

Porter’s Five Force Analysis

Buyer Power
Low

Buyer Power
Low

BARRIERS TO ENTRY
High.

BARRIERS TO ENTRY
High.

THREAT OF SUBSTITUTES
High

THREAT OF SUBSTITUTES
High

RIVALRY
Intense

RIVALRY
Intense

Supplier Power
Low

Supplier Power
Low

| External Factor Evaluation Matrix (EFE)Las Vegas Sands | Key External Factors | Weight | Rating | Weighted Score | Opportunities | | | | The casino gaming market expanding globally. | .50 | 3 | .80 | Retirees are at high earning level. | .05 | 2 | .10 | Restrictions of internet gambling | .05 | 2 | 0.1 | Threats | | | | Antitrust Legislation surfaces. | .15 | 4 | .60 | Government regulations and Policies | .15 | 4 | .20 | Low occupancy rate | .10 | 4 | .40 | Total | 1.00 | | 2.20 |

OPPORTUNITIES
Global Expansion
Las Vegas Sands Corp has said to have successful track records of securing major development opportunities in the foreign sector. Recovering from its massive debts incurred during the recession, LVS is now in a position of relative strength due to their booming revenue in Macau, and because of their prudent management of cash flow they now have the opportunity to invest on future development projects. Local Government in Spain and Barcelona are already negotiating plans with CEO, Sheldon Adelson on building a multi -billion dollar gambling complex similar to the Vegas strip (Ibero Sphere). Adelson believes this endeavor can benefit a profitable investment for the company as well as Spain’s struggling economy by promising to create a quarter of a million more jobs (Ibero Sphere).
Retirees high earning level
As of Jan 1, 2011 the oldest members of the baby boomer generation are now starting to retire. In fact research shows that 10,000 of them will reach the age of 65 from this day and every day for the next 19 years (Pew Research Center Data Bank).This particular class of demographic retiring makes up 26% of the population. By 2030 study shows that 18% of all members of the baby boomer generation will have fully reached that age (Pew Research Center Data Bank). This leaves a huge opportunity for the gaming industry in many ways: (1) they have more leisure time; (2) “Typically” big spenders (NBRI). (3) Good amount of disposable income; (4) Represent an important segment of the target market as being the contributing factor for a business’s financial performance.
Restrictions on Internet Gambling
Recent efforts have been aimed at slowing the growth of internet gambling by restricting the fee transfer of credit card money to gambling sites around the world (Online Gaming Restrictions). It would amend the Federal Wire Act to ban U.S. financial institutions such as banks and credit card companies from processing any deposits or withdrawal with internet gambling sites (Online Gaming Restrictions). Card games such as poker are amongst those in the proposed ban. This change could mean an increase in revenue for the casino resort industry like Las Vegas Sands because online gamblers would have no choice but, to find alternate routes for their e-betting.
Threats
Antitrust Legislation
Recently, Las Vegas Sands Corp is being investigated for possible breach of the Foreign Corrupt Practice Act that prohibits bribery of foreign officials by U.S. companies, in its Macau businesses (Huff Post Politics). Because of this investigation the Nevada regulators are also now looking into the compliance of this act that leaves officials questioning about how Las Vegas Sands have been conducting its businesses in all its operational locations as well as their financial reportings. On the political side there’s speculations that there’s political support behind this investigation since Adelson is a major Republican donor who plans to spend $100 million for Mitt Romney’s campaign (Huff Post Politics).
Government Regulations and Policies
Macau’s restrictions on limiting the number of visas to its mainland Chinese visitors along with restricting the use of credit card spending has slowed the revenue growth in the world’s largest gambling hub (Business). “Apparantly, under the new rule as of October 1, 2009 travelers are restricted to one visit every two months, scaling back from one visit per month.” (Market Watch) Las Vegas Sands which have Macau’s subsidiaries listed on the Hong Kong Stock Exchange is worried that if the Macau government continue to place these restrictions the company may lose millions of dollars in gaming revenue, a huge decline in their stock value, and places a negative outcome in its mass market, “which comprises 40 percent of Macau’s gaming market.” (Business).
Low Occupancy Rate
The impact of the recession prompted visitors and conventioneers at the Sands to gamble less, and stay for shorter periods of time resulting in a double-digit decline in both their daily room rate and revenue per-available room at their Venetian and Palazzo resort as well as its Venetian Macau casino (Market Watch The Wall Street Journal). In addition, Las Vegas Sands business model strategy referred to as MICE whose goal is to maintain mid-week demand by drawing guests who attend conventions, conference meetings, and group activities have been experiencing a low revenue stream Any kind of decline in the number of attendees does not go well with the market especially, if the customers are the heart of your business.

| Internal Factor Evaluation Matrix (IFE)Las Vegas Sands | Key Internal Factors | Weight | Rating | Weighted Score | Strengths | | | | Strong liquidity position | .15 | 3 | .45 | Strong market position | .30 | 4 | 1.2 | Experienced management team | .20 | 3 | 0.6 | Strong operating performance | .10 | 4 | 0.4 | Weakness | | | | Increased debt financing | .10 | 3 | 0.3 | Strictly gaming | .05 | 2 | 0.1 | Ongoing lawsuits | .10 | 2 | 0.2 | Total | 1.00 | | 3.25 |

Strengths
Strong Liquidity Position
Las Vegas Sands Corporation liquidity has consistently been above average compared to its industry due to the high amounts of cash on their books, credit availability, and “their successful track record of securing new major development opportunities”(iStock Analyst). As of 2012 LVSC has generated significant free cash flow of $2.2 billion from its U.S., Macau, and Singapore subsidiaries, growing it to 3.2 million by 2013 once they finish their major development of parcel 3 and 4 in Cotai. Which they will fund $1.5 billion of it towards capital expenditures and $75 million dividends paid to preferred stockholders (iStock Analyst). With the excess capital they have available they plan on investing in bridges, ferry, buses other means of transportation that will facilitate its customers going to their casinos. They also have the pioneering ability of investing their businesses globally like their new project development in the European market which they are setting their sites on before their American competitors can locate their companies there.
Strong Market Position
LVS is the biggest company in its industry with a USD market cap of 35.1 billion and a P/E ratio of $24.6 this is likely due to the fact that Las Vegas Sands Corps’ has strong presence in Macau and Singapore (Stock Analyst). This expansion will allow them to become more progressive in future expansions due to the growing population of middle class citizens as well as the infrastructure improvements that are being made to increase the market penetration in the Asian market (Stock Analyst). As of 2012 five Asian countries (Japan, Taiwan, South Korea, and Thailand) have pushed for the implementation of policy to allow casino and gaming operations. Las Vegas Sands has an advantage to gain additional markets in these countries due to their experience in developing integrated destination resorts and business conventions.
Experienced Management Team
Knowledge of the Asian markets through its operation in Macau and Singapore, gives LVS a competitive advantage among its competitors. Las Vegas Sands Corp. is committed to recruiting, employing, training, and developing individuals of all ages, cultural and racial backgrounds, and religious beliefs. Their main goal is to: * Establish a work environment where the diversity of its team members is respected, and where that diversity become a part of the fabric of the organization. * To meet, if not exceed, the diverse population of the community in which our Team Members live. * Team Members or the vendors we work with, we want to offer opportunities for the community as a whole.
Las Vegas Sands Corp builds a strong and solid foundation of mutual respect and support (Senior Manager Revenue Management). They maintain and strengthen the foundation by continuing their commitment to equal opportunity. As their business expands their committed to growing together with their community and seek to continue to lead the industry in setting the standard not only as one of the best places to work and conduct business but, as the industry leader in providing equal business and employment opportunities for its citizens and Team Members (Senior Manager Revenue Management).
Strong Operating Performance
LVS has a good track record in maintaining their operating expenses year after year through cost cutting opportunities such as payroll, corporate expenses, and green initiatives. Since launching its Sands Eco 360 degree program on March 17, LVS is in position to generate huge cost savings on its energy, water, and waste disposal bills (Senior Manager Revenue Management). These include saving nearly 100 million gallons of potable water per year, recycling 55 percent of daily trash and 75 percent of food waste, utilizing the largest solar-thermal system in the U.S. and using steel with 95 percent recycled content (iStock Analyst).
Weakness
Increased Debt Financing
The company's large debt burden incurred during the recession and its track record of adding substantial leverage to fund development opportunities may bring problems obtaining funding for development projects in the future. The company’s current liabilities are at 14.39 billion with a long term debt of 9.58 billion (iStock Analyst). LVS two most worrisome credit covenants are for its domestic (U.S.) credit facility and its Macau credit facility. In order to raise additional capital, LVS plans on selling some of their non-core assets such as their retail malls in Macau, and its Four Season Macao apart-hotel so it can pay off some of its substantial debt, which in turn would keep LVS leverage ratios below the maximum of 4.0x for all quarterly periods stipulated in its credit facilities (EDGAR Online). Furthermore, LVS can use this cash to prepare financing plans for other projects, such as Parcel 3 in Macau, which LVS can risk losing its contract if it does not comply with its financial covenants under these credit facilities (EDGAR Online).
Strictly Gaming Las Vegas Sands owns one of the best properties in the industry yet it lacks major tourist attraction because it’s strictly a gaming market. LVS has the capability of setting its sights beyond gaming and into a more diverse entertainment capital. Unlike their competitors, Wynn Resorts which has golf course and a Lake of Dreams where customers can relax and enjoy the ambiance or Singapore’s Genting World Sentosa that has a Marine Life Park and a Universal Theme Park which is more of family/friendly atmosphere that will attract people of different age groups. As LVS continues to expand its property portfolio this plan can gradually change the market by including more weekend-trippers and family vacationers instead of just the day trippers and VIP gamblers that dominate the present market (.Net Developers Journal).
Ongoing Lawsuits Despite the fact that the business seems to be outperforming its industry, the company’s history of ongoing lawsuits has been a growing concern in recent years regarding their failure to report large cash transactions and its compliance with standard policy. With the recent investigation involving bribery of overseas official and misrepresentation of official documents, management worries that these reoccurring issues might reflect arise in their current liabilities and a significant decline in future revenues. According, to the federal law the casino business is being looked upon as financial institutions which holds businesses responsible for reporting any suspicious activities of illicit cash being used in their operation (The Wall Street Journal).
Currently, Las Vegas Sands has not been charged with these allegations but, it can complicate its relationship with regulators which can make it difficult to expand into new markets (The Wall Street Journal). Tows Matrix | Strengths – S | Weaknesses - W | | 1. Strong liquidity position 2. Strong market position 3. Experienced management team 4. Strong operating performance | 1. Increased debt financing 2. Strictly gaming 3. Ongoing lawsuits | Opportunities - O | SO Strategies | WO Strategies | 1. The casino gaming market expanding globally. 2. Retirees are at high earning level. 3. Restrictions of internet gambling | 1. (S1, S2, S3, S4 :O1)Power House Horizontal Integration | 1. (W2: O1, O2)Think Outside the Box Horizontal Diversification | Threats – T | ST – Strategies | WT – Strategies | 1. Antitrust Legislation surfaces 2. Government regulations and Policies 3. Low occupancy rate | 1. ( S3, S4 :T3)The Missing Link Product Development | 1. (W1, W3 :T2) Buckle Up! Retrenchment |
SO-Strategies
S1, S2, S3, S4: O1—Horizontal Integration Strategy
Las Vegas Sands Corp can utilize its strong liquidity position, large market share, knowledge in the Asian market and operating performance, through purchasing ownership with smaller firms like Zynga a U.S. based company and the maker of Farmville that can develop a virtual video game app for betting games like poker, or craps an online goldmine but without the use of real money. In this way the players can’t lose any money but, can learn the basic rules of the game and when they feel confident enough to play the real deal they have the advantage to loose less. By using this strategy the firm can gain monopolistic characteristics without attracting government attention. And because they relatively have strong connections in the Asian market this can be a great opportunity for first mover advantage to produce and market a stream of innovative products.

WO-Strategies
W2: O1, O2—Horizontal Diversification Strategy
Las Vegas Sands is a strictly gaming market where it lacks major tourist attractions which is why I think they should set their sights beyond gaming and into a more diverse entertainment capital such as nightclubs that will benefit the younger generations or a theme park that will attract people of different age groups. With the rise of baby boomers retiring this is a huge opportunity for the gaming industry like Las Vegas Sands to branch off into a new, more profitable business avenue. With the capital and human resources they have available they can invest in a golf course or even a beach since Nevada is all desert.
ST-Strategies
S3, S4: T3—Product Development Strategy
While the economy is still on the road to recovery Las Vegas Sands needs to adjust its services with the needs of its customers. By using the product development strategy they can offer better deals in their room rates during the week when hotels and casinos are experiencing lower demand. It can also use its various source of revenue stream coming in from its retail sales, and restaurants by initiating a marketing strategy such as direct mailing rewards containing coupons and offers that can be redeemed any time or have an executive give out special pins to their best players and based by observation various members of the staff would give those folks extra special service. Not only does this strategy earn customer value but also maintain strategic distinctiveness to gain and sustain a competitive advantage.

WT-Strategies
W1, W3: T2—Retrenchment Strategy
When a firm has to use any defensive tactic strategy to eliminate its threat it usually means there’s trouble heading their way and it needs to take drastic steps to either return to or maintain profitability. The objective behind the retrenchment strategy in this case with Las Vegas Sands Corp is that they need to refrain from any suspected activity like bribery, money laundering, and falsifying its financial reporting’s. Failing to comply with these acts can ultimately bring the means to an end. Therefore, LVS should be vigilant in their efforts to verify that how they conduct business remains consistent with government regulations and policies.

-------------------------------------------------
References

A Brief History of the Sands pg.1-6. 2012. 13 July 2012 <http://sands.com/corporate-overview/history/>.
Sands Eco 360 Global Sustainability. 2012. 13 July 2012 <http://sands.com/sands-eco-360/sands-360-properties/>.
Sands Foundation. 2012. 13 July 2012 <http://sands.com/sands-foundation/>. BBC news Business. 11 April 2012. 15 July 2012 <http://www.bbc.co.uk/news/business-17673629>. Daily political. 12 July 2012. 15 July 2012 <http://www.dailypolitical.com/finance/stock-market/las-vegas-sands-corp-stock-rating-reaffirmed-by-wells-fargo-co-lvs.htm>.
Lam, Desmond. Macau Must Embrace An Integrated Responsible Gaming Framework. October 24 2009. 16 July 2012 <http://www.urbino.net/articles.cfm?specificArticle=Macau%20Must%20Embrace%20An%20Integrated%20Responsible%20Gaming%20Framework>.

MGM Resorts International. 8 August 2012. 17 August 2012 <http://en.wikipedia.org/wiki/MGM_Resorts_International>.

Las Vegas Review Journal. 17 August 2012. 17 August 2012 <http://www.lvrj.com/business/wynn-resorts-earnings-hit-by-slumps-in-las-vegas-macau-162774066.html>.

Bloomberg Businessweek. 17 August 2012. 17 August 2012 <http://investing.businessweek.com/research/stocks/earnings/earnings.asp?ticker=MPEL>.

Guru Focus. 18 June 2012. 29 July 2012 <http://www.gurufocus.com/news/180020/what-are-porters-five-forces>.
Hitt, Ireland, Hoskisson. Strategic Management Competitiveness and Globalization Concepts 9e. Ohio: South-Western Cengage Learning, 2011.
Regulatory Management Counselors. Overview of Casino Gaming Industry Vendor Licensing. 1999-2012. 29 July 2012 <http://www.casinovendors.com/vendor-licensing/>.

Industry Analyis: The Fundamentals. n.d. 30 July 2012 <http://www.blackwellpublishing.com/grant/pdfs/CSA5eC03.pdf>. Strategic Report for Las Vegas Sands Corp. 14 April 2010. 30 July 2012 <http://economics-files.pomona.edu/jlikens/SeniorSeminars/vector2010/pdf/lvs.pdf>.

Resort World Casino New York City. n.d. 31 July 2012 <http://www.rwnewyork.com/en/about-resorts-world/news-articles/130-rivals-ready-onslaught-to-sway-casino-debate>.

New Questions about Sheldon Adelson’s Casino Operations in Macau. 27 July 2012. 31 July 2012 <http://www.pbs.org/wgbh/pages/frontline/criminal-justice/new-questions-about-sheldon-adelsons-casino-operations-in-macau/>.

Huff Post Politics. 11 August 2012. 11 August 2012
<http://www.huffingtonpost.com/2012/08/04/las-vegas-sands-target-of_n_1741855.html>.
Ibero Sphere. 16 July 2012. 11 August 2012
<http://iberosphere.com/2012/07/spain-news-a-slice-of-vegas-in-spain-stirs-controversy/6539>.
Online Gaming Restrictions. 1 June 2011. 1 August 2012 <http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2010/05/online-gambling-restrictions-in-effect.html>.

NBRI. 2012. 12 August 2012 <http://www.nbrii.com/customer-survey-white-papers/knowledge-of-generational-differences-increases-gaming-profits/>.

Las Vegas Review Journal. 12 August 2012. 12 August 2012 <http://www.lvrj.com/business/gaming-stocks-decline-on-hong-kong-exchange-160380515.html>. Pew Research Center Data Bank. 2012. 13 August 2012 <http://pewresearch.org/databank/dailynumber/?NumberID=1150>.
Business. 26 June 2012. 13 August 2012 <http://www.lvrj.com/business/gaming-stocks-decline-on-hong-kong-exchange-160380515.html>. Market Watch. 15 October 2009. 13 August 2012 <http://articles.marketwatch.com/2009-10-15/markets/30807463_1_wynn-macau-casino-stocks-macau-government>.

Journal, Wall Street. Market Watch The Wall Street Journal. 30 June 2009. 14 August 2012 <http://articles.marketwatch.com/2009-07-30/industries/30706146_1_sands-macau-casino-revenue-las-vegas-sands>.

Senior Manager Revenue Management. 15 August 2012. 25 August 2012 <http://www.hospitalityonline.com/jobs/193472-senior-manager-revenue-management>.

iStock Analyst. 8 August 2012. 27 August 2012 <http://www.istockanalyst.com/finance/story/5983190/las-vegas-sands-lvs-upside-potential-for-growth-margins-makes-stock-attractive#>.

EDGAR Online. 9 August 2012. 27 August 2012 <http://idc.api.edgar-online.com/efx_dll/edgarpro.dll?FetchFilingConvPDF1?SessionID=PM0ZFxWPzzMXqIS&ID=8760107>.

The Wall Street Journal. 7 August 2012. 27 August 2012 <http://online.wsj.com/article/SB10000872396390444320704577566803521121134.html>.

.Net Developers Journal. 25 July 2012. 28 August 2012
<http://dotnet.sys-con.com/node/2320057>.

MSN Money. 28 August 2012. 28 August 2012 <http://investing.money.msn.com/investments/key-ratios?symbol=US%3aLVS&page=GrowthRates>.

Similar Documents

Free Essay

Raiders in Vegas

...Raiders in Vegas The Oakland Raiders owner Mark Davis is exploring the option of moving the team to Las Vegas and has been meeting up with the Las Vegas Sands Chairman Sheldon Adelson to see if would support a stadium in town. Multiple representatives of the Raiders were in Las Vegas on Friday to check out potential stadium sites. Howard Stutz of the Las Vegas Review-Journal said that Vegas could support a $1 Billion stadium that the University of Nevada Las Vegas had bought. “Correspondingly, the Sands leadership team let us know that officials from the Oakland Raiders are scheduled to travel to Las Vegas and tour locations around the valley for a potential new home, and they have asked for us to meet them at our 42-acre site on Friday morning to answer questions about that site.” (Jessup) The Raiders do not have a lease for a home stadium for the 2016 season. Many people expect them to stay in Oakland for at least another year. They could also join the Rams in Inglewood if the Chargers decline. Mike Florio, of Pro Football Talk implied that it is probably more of a bargaining tool in an effort to convince Oakland to finance a new stadium. Raiders are still discussing plans to have a short term lease with the O.co Coliseum for the 2016 season, yet an agreement has not been reached. University of Nevada Las Vegas has been helping the Raiders find a site in Vegas on land that is owned by the University. Also, if the Chargers make the move to Los Angeles, the......

Words: 296 - Pages: 2

Free Essay

Lvs Strategy

...MGMT 102 Strategy Las Vegas Sands A Company and Industry Analysis Submitted by: Adhitya Christian Martin (G3525406X) Chye Hui Lin (S8734971C) Darren Chng Meng Hoe (S8509392D) Jasmin Hamdani Ham (G3529740K) Karina Ondang (G0638741T) Liu Fang (G3529124K) Louis Lim Wei Chun (S8416257D) * Contents Executive Summary | 1 | Company Overview | 2 | External Environment | 2 | Internal Environment | 4 | Acquisitions, Restructuring and Cooperative Strategies | 6 | Business-Level Strategy of Las Vegas Sands in the U.S. | 6 | Corporate- Level Strategy of Las Vegas Sands in the U.S. | 11 | International Business-Level Strategy of Las Vegas Sands | | Macau | 14 | Singapore | 17 | Bibliography | i | Appendix | iv | * Executive Summary Las Vegas Sands is a hotel, gaming and resort development company which operates in many countries worldwide. It has 3 significant establishments; The Venetian and The Palazzo in United States, The Venetian Macao in Macau and Marina Bay Sands in Singapore. The company places strong focus on their code of conduct and ethical behavior of their employees. The company has both tangible and intangible resources. Their capabilities include excellent management of operations and human resources, specifically tailored offerings to the Asian market, the MICE business and Eco 360 cost savings initiative. We have identified their core competencies to be in MICE, the Eco 360 program, its Paiza Club......

Words: 8702 - Pages: 35

Free Essay

History of the 2001 -2002 Concession Public Tender Process in Macau

...B-A7-0070-2 Date: 30 April 2010 Abstract The purpose of the report this time is to share and have a discussion in the concession public tender process in 2001 – 2002. By reading this sharing, I hope we can have a clear picture about the whole tender process, what has happened, and how was it organized during those 2 years. As this is a very important topic in the gaming sector. Moreover, I will also have a discussion to see the main reason why were those 3 companies won in the competition, and also some specific issue that raised by some of the candidates. Introduction Macau has a very long history in the area of gaming business. In the old days, Macau is being named as “Eastern Monte Carlo”. Now, Macau can be called as “Eastern Las Vegas”, as many foreign companies have started their business in Macau after the liberalization of the gaming industry in 2002. This change let Macau step into a new era and increase its reputation all over the world. Why Macau can have such a big change after the operation in the style of monopoly concession for more than 70 years? How the tender process has been gone through? Why result in these 3 concessions – even though now there are 3 plus 3 sub/concessions, but this is another story. The main purpose of this paper is to go through the tender process in the year 2001 – 2002. Through our discussion, let you understand and think about is government really do good in this area. The reason why government liberalized the gaming industry in......

Words: 3243 - Pages: 13

Premium Essay

Gaming Operations

...William Angliss Institute Final Report Integrated Resorts The Report for Gaming Operations Subject By Quynh Nhu Dang 28 August 2013 Teacher: Simon Hamm Table of Contents Introduction3 Body3 1.An overview of what is Integrated resort a) Sun city – South Africa 2. An overview of the Singapore Government’s approach to Integrated Resorts b) Singapore + Marina Land Bay + Sentosa 3.Objectives and aims, what will happen in the future ? . Discussion and Conclusion Recommendations and Implementation . References Integrated resorts I. Introduction The purpose of this report was to analyse the definition of the topic Integrated resort, also to explain different fields including geography locations, operational aspect and business entity. According to Nunkoo and Ramkinsoon (2010), the implementation of integrated resorts has been regarded as an option to operate sustain the economy and cash flows .While investigating these aspects of integrated destinations, it is also very important to consider the standard features and benefits. The information used will depend consisting of online website and individual knowledge. The intention of society dissection is to specify and provide ways to enhance the life of the citizens and the socio-economic requirements of the community (Board of Investment, 2009). Gaming areas, restaurant, hotels, retail shopping and other tourist attractions are consisting to be one: Integrated resort. When the term “IR”......

Words: 2283 - Pages: 10

Free Essay

Casino

...Industry Growth Marketing Strategies Analysis of Management Stock Performance International Strategies Strategic Position…………………………………………………………………………………21 Current Core Competencies Competitive Advantages Performance Indicators Recommendations and Discussion………………………………………………………………23 Long-Term Options SBU Level Recommendations Short-Term Options Corporate Social Responsibility Environment and Sustainability Introduction Las Vegas Sands Corporation (LVS) is a multinational casino and resort company that began in 1989 when Sheldon Adelson purchased the Sands Hotel in Las Vegas, Nevada. Since 1990, LVS has grown into a luxury hotel, entertainment, and gambling corporation with locations in the United States in China. Among their most well-known American properties are The Venetian and Palazzo, both of which are in Las Vegas, and they also boast ownership of the Four Seasons Hotel, Sands Cotai Central, and The Venetian Macao in the Cotai Strip in Macao, China. Additionally, they operate the Marina Bay Sands in Marina Bay, Singapore. LVS is hoping to increase their presence in Singapore and Japan as well. They are planning to open The Parisian Macau, another...

Words: 15899 - Pages: 64

Free Essay

Las Vegas Sands Corp

...Las Vegas Sands Corporation History The Las Vegas Sands Corporation started in 1989 as “Las Vegas Sands Incorporated” with the purchase of the Sands hotel and casino by entrepreneur Sheldon Adelson and his partners. In 1995 Sheldon Adelson bought out his partners in The Interface Group (TIG), the group that made the initial purchase of the Sands, and began planning the Venetian. In 1996 the Sands was imploded and in 1999 the Venetian was opened. Five years later, in December of 2004, Adelson took the Las Vegas Sands Inc. group public and it has since been the Las Vegas Sands Corporation (LVSC). Financial history The initial offering on December 14th, 2004 consisted of 23,809,524 shares at a price of $29 per share. From Bloomberg Business week, also shown in Appendix 1, we can see that since the first full month that LVSC has been traded on the NYSE its average record monthly high stock value was $103.05 and its average monthly record low stock trade value was $10.17. Within the last five years, the LVSC has suffered through the world’s economic downturn just like any other company. In Appenix 2 we can see that the early part of 2009 was the worst, in terms of stock prices, for the LVSC. We can also see that within the last two years, LVSC has also regained a lot of ground. There current share price is on the NYSE is at 51.50 and the performance of the Macau and Singapore markets continues to positively increasing the value of the overall company. Political......

Words: 3090 - Pages: 13

Premium Essay

Porter 5-Forces Model

...[pic] Keuka College Bachelor of Science in Management List 1. Develop a Porter 5-forces model of the casino industry. Make sure you discuss each of the five forces in a separate paragraph or section 3 2. How are the gambling companies in Las Vegas responding to the changes in the industry structure and the increased competition . 21 3. How have the casinos in Atlantic City tried to compete with Las Vegas? What threats do they face . 23 Chen Huisheng 323945 Lin Weijie 324066 1.Develop a Porter 5-forces model of the casino industry. Make sure you discuss each of the five forces in a separate paragraph or section. For purposes of this case, we will define the casino industry as including full-service, diverse entertainment (i.e. traditional) casinos of Las Vegas and Atlantic City, and treat other gambling alternatives (e.g. Native American casinos, riverboat gambling, etc.) as substitutes. When discussing each of the five forces, be sure to consider each of the factors relevant to each of these five forces as we discussed in class. In terms of Porter’s 5 forces analysis, the bargaining power of suppliers is weak because of the fact that casinos basically provide their own services with internal resources, such as employees properly trained in various casino games. The bargaining power of customers is strong, especially because even a slight change in the demand for casino services could directly impact the revenues of the......

Words: 6744 - Pages: 27

Premium Essay

Business Law

...Question Zarul and his wife, Zanira, received a pamphlet from Oo La La Travel and Tour Ltd (OLLT). In the said pamphlet, OLLT advertised a tour package to Pulau Gemia, Terengganu for a family package of four for the price of RM20,000. The tour package included these items: a) Four nights and five days stay at Hotel Seri Gemia, two suites with ocean view; b) Four meals at Hotel Seri Gemia, the restaurant serving international dishes; c) Free access to Hotel Seri Gemia’s gym, SPA, Oympic size swimming pool and two days of scuba diving activity; d) Free bicycles to tour the whole island; and e) Free island hopping tour around the islands surrounding Pulau Gemia. Zarul then made a reservation with OLLT and the tour was set for 2.2.2014 till 7.2.2014. Zarul then paid the sum RM20, 000 to OLLT. Zarul and his wife took their sons Zahim and Zamani with them to the island. When all of them went to Hotel Seri Gemia, they found that the said hotel was not conductive for holiday leisure. They did not get the suites as promised but got only one room with two single beds and the room was also very small. The room was not facing the sea but the swimming pool instead. The food served was not international cuisine but local dishes instead. There was no gym, no SPA, no Olympic size swimming pool. Actually, there was only one pool for children. There was no scuba diving activity as well. The bicycle tour and the island hopping activities were also not carried out. When......

Words: 5958 - Pages: 24

Free Essay

Logistics

...RESEARCH and WRITING CUSTOM EDITION Taken from: Writing Research Papers: A Complete Guide, Eleventh Edition by James D. Lester and James D. Lester, Jr. To the Point: Reading and Writing Short Arguments by Gilbert H. Muller and Harvey S. Wiener ISBN 0-558-55519-5 Research and Writing, Custom Edition. Published by Pearson Custom Publishing. Copyright © 2006 by Pearson Custom Publishing. Taken from: Writing Research Papers: A Complete Guide, Eleventh Edition by James D. Lester and James D. Lester, Jr. Copyright © 2005 by Pearson Education, Inc. Published by Pearson Longman, Inc. New York, New York 10036 To the Point: Reading and Writing Short Arguments by Gilbert H. Muller and Harvey S. Wiener Copyright © 2005 by Pearson Education, Inc. Published by Pearson Longman, Inc. Copyright © 2006 by Pearson Custom Publishing All rights reserved. Permission in writing must be obtained from the publisher before any part of this work may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying and recording, or by any information storage or retrieval system. All trademarks, service marks, registered trademarks, and registered service marks are the property of their respective owners and are used herein for identification purposes only. Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 ISBN 0-536-97722-4 2005240359 AP Please visit our web site at www.pearsoncustom.com ISBN 0-558-55519-5 PEARSON CUSTOM......

Words: 70562 - Pages: 283

Free Essay

Singapore Tourism

...Tourism background in Singapore Tourism is at its rapid expanding stage. Being in the 21st century, most of people are traveling and visiting attractions all around the world. There are seven continents on earth and these continents constitutes of many states and even tiny islands that can be considered as a tourism destinations and attractions. Where it is accessible, there will be tourists. Singapore has one of the largest service sectors in tourism. For Singapore to take this advantage as a tourism destination, it has contributed 3% of Singapore's GDP which has generated a sum of US$ 9.4 billion in 2007. As one of the most popular countries in Asia, Singapore has been growing rapidly for the past few years. With the help of the tourism industry, it has strengthened the infrastructure developments, in addition of various events and the countries strategic location in the heart of region. This shows how much the role of tourism industry can play in Singapore's economy. To ensure that tourism remains a key economic pillar, a bold target, Tourism 2015, was unveiled in the year 2005. The objectives of Singapore is to triple the tourism receipts to US$ 30 Billion, doubling visitor arrivals to 17 Million, and creating an additional 100,000 jobs in the services sector by 2015, according to "Opportunities in Singapore Tourism Industry (2007-2009)". Having all these advantages, the negatives are also a factor to look at so by doing this research; I will have a better view on the...

Words: 5276 - Pages: 22

Premium Essay

Royal Caribbean

...incorporation into the product marketed to tourists; and deterritorialization, cultural theming, and simulation. The paper asserts that this ``globalization at sea'' illustrates the contradictions, ambiguities, and unchartered course of contemporary globalization processes. Keywords: globalization, tourism, cruise industry, Caribbean, migration, ethnicity. 5 2000 Elsevier Science Ltd. All rights reserved. ReÂsumeÂ: Le tourisme de croisiÁere aux CaraÈõbes: la globalisation en mer. Le tourisme de croisiÁere aux CaraÈõbes fournit un point de vue particuliÁerement appropriÂe pour comprendre le processus de globalisation dans le monde d'aujourd'hui. AprÁes avoir passÂe en revue la rapide expansion de ce genre de commerce, l'article explore trois manifestations centrales de la globalisation aÁ l'úuvre dans l'industrie des croisiÁeres aux CaraÈõbes: la restructuration de l'industrie confrontÂee Áa la concurrence globale, aÁ la mobilitÂe du capital et aÁ la migration du travail; les nouveaux modes de recrutement et de strati®cation ethniques globaux; et la dÂeterritorialisation, le thÁeme culturel...

Words: 12509 - Pages: 51

Premium Essay

Steel Industry Bdangladesh

...Doing business in Singapore Table 1. Profile of Singapore Name Singapore Geographic location East Asia Current form of state City state with parliamentary democracy Previous form of state British colony (1819±1959) Member of Malaysia (1959±1965) Land area 647.5 sq. km Population 3.04 million (mid-1996 estimate) Population growth (1993±1997) 2% per year Population make-up Chinese (77.3%) (Singapore, as of June 1996) Malay (14.1%) Languages English, Chinese, Malay and Tamil GDP (US$) $94.1 billion (1996) GDP per head (US$) $30 900 (1996) GDP growth (1988±1997) 2.67 times Economic status Newly industrialized economy Type of industrialization Export-oriented Major industries by % of GDP ......

Words: 7473 - Pages: 30

Free Essay

Xxxx

...Ik’s Mood (dope) Mark Asari –Revive (dope AF) Michael Jackson – The Lady in my life (Dope) Ericka Baduh – didn’t u know (ill) Switch- I call your name(coo) Erick Sermon – Fat gold chain (Dope AF) Silver Convention – Fly robin, fly (Checkit) SWV – Weak Mikey Dread – Roots and Culture (nice) Charles Earland – Happy ‘cause I’m goin’ home (Dope) Cortex – Juit Octobre 1971 (dope AF) Cortex – Triypeau bleu (coo) Cortex – Chanson D’un jour D'hiver (This shit is crazy!!!) Carole King – It’s to late (nice) The Shirelles – Baby it’s you (???) Tony! Toni! Tone! – Pillow (???) Luther Vandross – So Amazing (The Montserrat session) (nice) Melvin Sparks – Cranberry Sunshine Kaskade-Fire and Ice (kaskade mix) (Coo) Blank & Jones – Face La Mer (this shit is ill) Zeb – The Circle (This is it!!!) Smadj – Sel (Dope AF) Ella Fitzgerald & Louis Armstrong – Summertime (the end is trill) Joe – All the things (the break down in the middle is ill) Earl Klugh –A Certain Smile (intro) Earl Klugh – Another Time, Another Place Earl Klugh – Could it be I’m falling in love (coo) Glenn Lewis – Simple things (the intro) Savant – Prelude (the inro is dope AF) Magnum Force – share my love Nat King Cole – Almost like being in Love (the intro is Dope) Adam Feeney & Chester Stone Hansen – vibes (NICE!!!) The Intruders – I wanna know your name Main Ingredient – I’m so proud (nice) Continental 4 – the way I love you baby (nice) 2 Cellos – Clocks...

Words: 14135 - Pages: 57

Premium Essay

Ec Chapo

...One afternoon last August, at a hospital on the outskirts of Los Angeles, a former beauty queen named Emma Coronel gave birth to a pair of heiresses. The twins, who were delivered at 3:50 and 3:51, respectively, stand to inherit some share of a fortune that Forbes estimates is worth a billion dollars. Coronel’s husband, who was not present for the birth, is a legendary tycoon who overcame a penurious rural childhood to establish a wildly successful multinational business. If Coronel elected to leave the entry for “Father” on the birth certificates blank, it was not because of any dispute over patrimony. More likely, she was just skittish about the fact that her husband, Joaquín Guzmán, is the C.E.O. of Mexico’s Sinaloa cartel, a man the Treasury Department recently described as the world’s most powerful drug trafficker. Guzmán’s organization is responsible for as much as half of the illegal narcotics imported into the United States from Mexico each year; he may well be the most-wanted criminal in this post-Bin Laden world. But his bride is a U.S. citizen with no charges against her. So authorities could only watch as she bundled up her daughters and slipped back across the border to introduce them to their dad. Known as El Chapo for his short, stocky frame, Guzmán is 55, which in narco-years is about 150. He is a quasi-mythical figure in Mexico, the subject of countless ballads, who has outlived enemies and accomplices alike, defying...

Words: 7734 - Pages: 31

Free Essay

Maximum Principles and Principal Eigenvalues

...Preface During the past century, the impact of mathematics on humanity has been more tremendous than ever since Galileo's agonizing fight against the old establishment and the revolution which physics experienced after Newton's subsequent synthesis. At the beginning of the last century, mathematical ideas and techniques were spread to theoretical and applied physics by the influence of two of the greatest mathematicians of all times, D. Hilbert and H. Poincar6, being then at the zenith of their careers. Their ability to establish very deep at first glance often hidden connections between a priori separated branches of science convinced physicists to adopt and work with the most powerful existing mathematical tools. Whereas the 20th century really was the century of physics, mathematics enjoyed a well deserved reputation from its very beginning, so facilitating the huge impact it had subsequently on humanity. This reputation has been crucial for the tremendous development of science and technology. Although mathematics supported the development of weapons of mass destruction, it simultaneously promoted the advancement of computers and high technology, without which the substantial improvement of the living conditions humanity as a whole has experienced, could not have been realized. In no previous time the world has seen such a spectacular growth of scientific knowledge as during the last century, with mathematics playing a central role in most scientific......

Words: 40272 - Pages: 162