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Las Vegas Sands Essay

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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.

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.
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.
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

Buyer Power







Supplier Power

Supplier Power

| 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 |

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.
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 |

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).
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 |
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.

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.
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.

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.


A Brief History of the Sands pg.1-6. 2012. 13 July 2012 <>.
Sands Eco 360 Global Sustainability. 2012. 13 July 2012 <>.
Sands Foundation. 2012. 13 July 2012 <>. BBC news Business. 11 April 2012. 15 July 2012 <>. Daily political. 12 July 2012. 15 July 2012 <>.
Lam, Desmond. Macau Must Embrace An Integrated Responsible Gaming Framework. October 24 2009. 16 July 2012 <>.

MGM Resorts International. 8 August 2012. 17 August 2012 <>.

Las Vegas Review Journal. 17 August 2012. 17 August 2012 <>.

Bloomberg Businessweek. 17 August 2012. 17 August 2012 <>.

Guru Focus. 18 June 2012. 29 July 2012 <>.
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 <>.

Industry Analyis: The Fundamentals. n.d. 30 July 2012 <>. Strategic Report for Las Vegas Sands Corp. 14 April 2010. 30 July 2012 <>.

Resort World Casino New York City. n.d. 31 July 2012 <>.

New Questions about Sheldon Adelson’s Casino Operations in Macau. 27 July 2012. 31 July 2012 <>.

Huff Post Politics. 11 August 2012. 11 August 2012
Ibero Sphere. 16 July 2012. 11 August 2012
Online Gaming Restrictions. 1 June 2011. 1 August 2012 <>.

NBRI. 2012. 12 August 2012 <>.

Las Vegas Review Journal. 12 August 2012. 12 August 2012 <>. Pew Research Center Data Bank. 2012. 13 August 2012 <>.
Business. 26 June 2012. 13 August 2012 <>. Market Watch. 15 October 2009. 13 August 2012 <>.

Journal, Wall Street. Market Watch The Wall Street Journal. 30 June 2009. 14 August 2012 <>.

Senior Manager Revenue Management. 15 August 2012. 25 August 2012 <>.

iStock Analyst. 8 August 2012. 27 August 2012 <>.

EDGAR Online. 9 August 2012. 27 August 2012 <>.

The Wall Street Journal. 7 August 2012. 27 August 2012 <>.

.Net Developers Journal. 25 July 2012. 28 August 2012

MSN Money. 28 August 2012. 28 August 2012 <>.

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