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Consumer Cyclical - Gambling, Resorts & Casinos - NYSE - US
$ 47.96
-1.17 %
$ 34.8 B
Market Cap
23.74
P/E
1. INTRINSIC VALUE

Las Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States. It owns and operates The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao in Macao, the People's Republic of China; and Marina Bay Sands in Singapore. The company also owns and operates The Venetian Resort Hotel Casino on the Las Vegas Strip; and the Sands Expo and Convention Center in Las Vegas, Nevada. Its integrated resorts feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants, and other amenities.[ Read More ]

The intrinsic value of one LVS stock under the base case scenario is HIDDEN Compared to the current market price of 48 USD, Las Vegas Sands Corp. is HIDDEN

2. FUNDAMENTAL ANALYSIS

Price Chart LVS

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FINANCIALS
10.4 B REVENUE
152.36%
2.31 B OPERATING INCOME
395.40%
1.43 B NET INCOME
-21.89%
3.23 B OPERATING CASH FLOW
505.91%
-1.25 B INVESTING CASH FLOW
-30.13%
-3.19 B FINANCING CASH FLOW
-284.14%
2.68 B REVENUE
-2.86%
504 M OPERATING INCOME
-17.38%
353 M NET INCOME
0.00%
761 M OPERATING CASH FLOW
-4.16%
-541 M INVESTING CASH FLOW
-87.85%
-772 M FINANCING CASH FLOW
-3.07%
Balance Sheet Decomposition Las Vegas Sands Corp.
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Current Assets 5.78 B
Cash & Short-Term Investments 5.1 B
Receivables 484 M
Other Current Assets 188 M
Non-Current Assets 16 B
Long-Term Investments 0
PP&E 11.4 B
Other Non-Current Assets 4.56 B
Current Liabilities 4.42 B
Accounts Payable 167 M
Short-Term Debt 1.9 B
Other Current Liabilities 2.36 B
Non-Current Liabilities 13.3 B
Long-Term Debt 12.4 B
Other Non-Current Liabilities 862 M
EFFICIENCY
Earnings Waterfall Las Vegas Sands Corp.
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Revenue 10.4 B
Cost Of Revenue 5.2 B
Gross Profit 5.17 B
Operating Expenses 5.91 B
Operating Income 2.31 B
Other Expenses 882 M
Net Income 1.43 B
RATIOS
49.82% GROSS MARGIN
49.82%
22.30% OPERATING MARGIN
22.30%
11.77% NET MARGIN
11.77%
29.65% ROE
29.65%
5.61% ROA
5.61%
10.28% ROIC
10.28%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Las Vegas Sands Corp.
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Net Income 1.43 B
Depreciation & Amortization 1.27 B
Capital Expenditures -1.02 B
Stock-Based Compensation 44 M
Change in Working Capital 390 M
Others 583 M
Free Cash Flow 1.97 B
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Las Vegas Sands Corp.
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Wall Street analysts predict an average 1-year price target for LVS of $58.6 , with forecasts ranging from a low of $47 to a high of $70 .
LVS Lowest Price Target Wall Street Target
47 USD -2.00%
LVS Average Price Target Wall Street Target
58.6 USD 22.21%
LVS Highest Price Target Wall Street Target
70 USD 45.95%
4. DIVIDEND ANALYSIS
0.40% DIVIDEND YIELD
0.2 USD DIVIDEND PER SHARE
5. COMPETITION
6. Ownership
Insider Ownership Las Vegas Sands Corp.
image
Sold
0-3 MONTHS
7.67 M USD 1
3-6 MONTHS
0 USD 0
6-9 MONTHS
5.21 M USD 1
9-12 MONTHS
2 B USD 1
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
Date Value Insider Amount Avg Price
1 week ago
Nov 07, 2024
Sell 1.26 M USD
Goldstein Robert G
Chairman & CEO
- 24324
52 USD
2 weeks ago
Oct 29, 2024
Sell 6.41 M USD
Goldstein Robert G
Chairman & CEO
- 119221
53.73 USD
8 months ago
Mar 15, 2024
Sell 5.21 M USD
Goldstein Robert G
Chairman & CEO
- 100000
52.06 USD
11 months ago
Dec 01, 2023
Sell 530 M USD
Adelson Miriam
10 percent owner
- 12253628
43.23 USD
11 months ago
Dec 01, 2023
Sell 1.47 B USD
Adelson Miriam
10 percent owner
- 34010540
43.23 USD
1 year ago
Apr 28, 2023
Sell 948 K USD
Forman Charles D
Director
- 15000
63.17 USD
5 years ago
Sep 13, 2019
Sell 3.89 M USD
Jacobs Lawrence A
EVP & Global General Counsel
- 64632
60.14 USD
5 years ago
Sep 13, 2019
Sell 124 K USD
Jacobs Lawrence A
EVP & Global General Counsel
- 2035
60.73 USD
6 years ago
Sep 06, 2018
Sell 4.06 M USD
Jacobs Lawrence A
EVP & Global General Counsel
- 66667
60.95 USD
6 years ago
Jul 31, 2018
Bought 711 K USD
Goldstein Robert G
President & COO
+ 10000
71.1252 USD
6 years ago
Mar 13, 2018
Sell 2.98 M USD
Goldstein Robert G
President & COO
- 39155
76 USD
7 years ago
Nov 14, 2017
Bought 67 K USD
Jamieson George
Director
+ 1000
66.9605 USD
7 years ago
Nov 25, 2016
Sell 3.14 M USD
Goldstein Robert G
President & COO
- 50000
62.8327 USD
7 years ago
Nov 28, 2016
Sell 7.49 M USD
Goldstein Robert G
President & COO
- 119111
62.8437 USD
8 years ago
Jan 04, 2016
Sell 4.14 M USD
Goldstein Robert G
President & COO
- 97943
42.25 USD
8 years ago
Dec 31, 2015
Sell 278 K USD
TANASIJEVICH GEORGE
Pres & CEO/Marina Bay Sands
- 6341
43.768 USD
9 years ago
Nov 02, 2015
Sell 436 K USD
Raphaelson Ira H
EVP & Global General Counsel
- 8768
49.755 USD
9 years ago
Oct 28, 2015
Bought 48 K USD
GERARD STEVEN L
Director
+ 1000
47.95 USD
9 years ago
Sep 18, 2015
Sell 543 K USD
LEVEN MICHAEL A
Director
- 11887
45.7016 USD
9 years ago
Sep 18, 2015
Sell 424 K USD
LEVEN MICHAEL A
Director
- 9113
46.5212 USD
9 years ago
Aug 07, 2015
Sell 5.65 M USD
Goldstein Robert G
President & COO
- 100000
56.5 USD
9 years ago
Mar 25, 2015
Sell 996 K USD
LEVEN MICHAEL A
Director
- 18000
55.3239 USD
9 years ago
Mar 19, 2015
Sell 5.5 M USD
Goldstein Robert G
President & COO
- 100000
55 USD
9 years ago
Feb 13, 2015
Sell 3.01 M USD
Goldstein Robert G
President & COO
- 50000
60.2244 USD
9 years ago
Feb 17, 2015
Sell 3.05 M USD
Goldstein Robert G
President & COO
- 50000
61.0833 USD
9 years ago
Jan 02, 2015
Sell 2.44 M USD
LEVEN MICHAEL A
Director
- 43533
56.0977 USD
10 years ago
Nov 03, 2014
Sell 550 K USD
Raphaelson Ira H
EVP & Global General Counsel
- 8815
62.347 USD
10 years ago
Jun 27, 2014
Sell 1.74 M USD
CAPARELLA JOHN
Pres. & COO - Venetian Casino
- 22840
76.2448 USD
10 years ago
May 06, 2014
Sell 316 K USD
CAPARELLA JOHN
Pres. & COO - Venetian Casino
- 3980
79.4 USD
10 years ago
May 06, 2014
Sell 318 K USD
KOO GEORGE P
Director
- 4000
79.458 USD
10 years ago
May 06, 2014
Sell 294 K USD
KOO GEORGE P
Director
- 3696
79.4613 USD
10 years ago
Mar 11, 2014
Sell 42.8 K USD
KOO GEORGE P
Director
- 500
85.612 USD
10 years ago
Mar 05, 2014
Sell 448 K USD
Siegel Irwin A
Director
- 5100
87.7469 USD
10 years ago
Mar 05, 2014
Sell 548 K USD
Siegel Irwin A
Director
- 6250
87.74 USD
10 years ago
Feb 27, 2014
Sell 4.25 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 50000
85 USD
10 years ago
Feb 21, 2014
Sell 2.8 M USD
LEVEN MICHAEL A
President and COO
- 34670
80.7066 USD
10 years ago
Feb 21, 2014
Sell 1.1 M USD
LEVEN MICHAEL A
President and COO
- 13500
81.1717 USD
10 years ago
Feb 21, 2014
Sell 2.36 M USD
LEVEN MICHAEL A
President and COO
- 29280
80.7105 USD
10 years ago
Feb 21, 2014
Sell 877 K USD
LEVEN MICHAEL A
President and COO
- 10800
81.1787 USD
10 years ago
Feb 20, 2014
Sell 8.08 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 100000
80.8224 USD
10 years ago
Feb 18, 2014
Sell 4.04 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 50000
80.8 USD
10 years ago
Feb 07, 2014
Sell 2.22 M USD
LEVEN MICHAEL A
President and COO
- 29035
76.413 USD
10 years ago
Feb 07, 2014
Sell 1.51 M USD
LEVEN MICHAEL A
President and COO
- 19590
76.9056 USD
10 years ago
Feb 07, 2014
Sell 2 M USD
LEVEN MICHAEL A
President and COO
- 26176
76.4199 USD
10 years ago
Feb 07, 2014
Sell 1.07 M USD
LEVEN MICHAEL A
President and COO
- 13914
76.931 USD
10 years ago
Jan 24, 2014
Sell 2.16 M USD
LEVEN MICHAEL A
President and COO
- 28999
74.6392 USD
10 years ago
Jan 24, 2014
Sell 475 K USD
LEVEN MICHAEL A
President and COO
- 6300
75.3527 USD
10 years ago
Jan 24, 2014
Sell 475 K USD
LEVEN MICHAEL A
President and COO
- 6200
76.5998 USD
10 years ago
Jan 24, 2014
Sell 563 K USD
LEVEN MICHAEL A
President and COO
- 7272
77.3582 USD
10 years ago
Jan 24, 2014
Sell 1.68 M USD
LEVEN MICHAEL A
President and COO
- 22559
74.6245 USD
10 years ago
Jan 24, 2014
Sell 463 K USD
LEVEN MICHAEL A
President and COO
- 6150
75.262 USD
10 years ago
Jan 24, 2014
Sell 360 K USD
LEVEN MICHAEL A
President and COO
- 4700
76.5395 USD
10 years ago
Jan 24, 2014
Sell 517 K USD
LEVEN MICHAEL A
President and COO
- 6686
77.3323 USD
10 years ago
Jan 10, 2014
Sell 3.87 M USD
LEVEN MICHAEL A
President and COO
- 48242
80.2016 USD
10 years ago
Jan 10, 2014
Sell 3.07 M USD
LEVEN MICHAEL A
President and COO
- 38253
80.2018 USD
10 years ago
Dec 30, 2013
Sell 6.57 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 83507
78.7 USD
10 years ago
Dec 31, 2013
Sell 1.02 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 13028
78.5314 USD
10 years ago
Dec 30, 2013
Sell 3.7 M USD
TANASIJEVICH GEORGE
Pres & CEO, Marina Bay Sands
- 47070
78.6974 USD
10 years ago
Dec 27, 2013
Sell 7.13 M USD
LEVEN MICHAEL A
President and COO
- 90800
78.493 USD
10 years ago
Dec 27, 2013
Sell 7.19 M USD
LEVEN MICHAEL A
President and COO
- 91600
78.5039 USD
10 years ago
Dec 27, 2013
Sell 71.3 K USD
LEVEN MICHAEL A
President and COO
- 900
79.23 USD
10 years ago
Dec 27, 2013
Sell 135 K USD
LEVEN MICHAEL A
President and COO
- 1700
79.1682 USD
10 years ago
Dec 13, 2013
Sell 6.82 M USD
LEVEN MICHAEL A
President and COO
- 89466
76.244 USD
10 years ago
Dec 13, 2013
Sell 6.87 M USD
LEVEN MICHAEL A
President and COO
- 90128
76.2464 USD
10 years ago
Dec 13, 2013
Sell 233 K USD
LEVEN MICHAEL A
President and COO
- 3034
76.9088 USD
10 years ago
Dec 13, 2013
Sell 182 K USD
LEVEN MICHAEL A
President and COO
- 2372
76.9075 USD
10 years ago
Nov 26, 2013
Sell 5.8 M USD
LEVEN MICHAEL A
President and COO
- 82500
70.3025 USD
10 years ago
Nov 26, 2013
Sell 6.5 M USD
LEVEN MICHAEL A
President and COO
- 92500
70.2984 USD
11 years ago
Nov 15, 2013
Sell 2.67 M USD
LEVEN MICHAEL A
President and COO
- 37619
70.8994 USD
11 years ago
Nov 18, 2013
Sell 91.2 K USD
LEVEN MICHAEL A
President and COO
- 1270
71.7724 USD
11 years ago
Nov 18, 2013
Sell 113 K USD
LEVEN MICHAEL A
President and COO
- 1580
71.7795 USD
11 years ago
Nov 15, 2013
Sell 655 K USD
LEVEN MICHAEL A
President and COO
- 9137
71.7198 USD
11 years ago
Nov 15, 2013
Sell 2.07 M USD
LEVEN MICHAEL A
President and COO
- 29267
70.8913 USD
11 years ago
Nov 15, 2013
Sell 590 K USD
LEVEN MICHAEL A
President and COO
- 8227
71.6591 USD
11 years ago
Sep 26, 2013
Sell 159 K USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 2376
67.03 USD
11 years ago
Sep 24, 2013
Sell 2.92 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 44187
66.1945 USD
11 years ago
Sep 25, 2013
Sell 477 K USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 7169
66.5 USD
11 years ago
Sep 17, 2013
Sell 459 K USD
SCHWARTZ JEFFREY H
Director
- 7189
63.873 USD
11 years ago
Sep 17, 2013
Sell 1.62 M USD
SCHWARTZ JEFFREY H
Director
- 25351
63.873 USD
11 years ago
Sep 16, 2013
Sell 297 K USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 4592
64.6506 USD
11 years ago
Sep 18, 2013
Sell 2.61 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 40408
64.5737 USD
11 years ago
Sep 11, 2013
Sell 5.17 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 81268
63.6678 USD
11 years ago
Aug 30, 2013
Sell 350 K USD
Siegel Irwin A
Director
- 6250
56.074 USD
11 years ago
Jul 01, 2013
Sell 379 K USD
TANASIJEVICH GEORGE
Pres & CEO, Marina Bay Sands
- 7080
53.5 USD
11 years ago
Jun 27, 2013
Sell 1.15 M USD
Kay Kenneth J
EVP & Chief Financial Officer
- 22000
52.283 USD
11 years ago
May 08, 2013
Sell 490 K USD
CAPARELLA JOHN
Pres. & COO - Venetian Casino
- 8631
56.8288 USD
11 years ago
May 03, 2013
Sell 221 K USD
CAPARELLA JOHN
Pres. & COO - Venetian Casino
- 3869
57.2136 USD
11 years ago
Dec 28, 2012
Sell 2.99 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 66523
45.0206 USD
11 years ago
Dec 31, 2012
Sell 4 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 88477
45.2213 USD
11 years ago
Dec 27, 2012
Sell 4.46 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 100000
44.628 USD
11 years ago
Dec 24, 2012
Sell 2.11 M USD
Goldstein Robert G
EVP & Pres., Global Gaming Ops
- 45865
46.017 USD
7. News
MGM vs. Las Vegas Sands: Which Casino Stock Is the Better Bet? Casino and gaming stocks have been in recovery mode since the reopening after being hard hit by the COVID-19 pandemic. It's hard to believe, but the world's largest gaming destination, Macau, was only completely reopened in February of 2023 as China finally relaxed its zero-COVID restrictions after three years. marketbeat.com - 1 week ago
Why Investors Need to Take Advantage of These 2 Consumer Discretionary Stocks Now The Zacks Earnings ESP is a great way to find potential earnings surprises. Why investors should take advantage now. zacks.com - 1 week ago
Casino Stock Crumbles on Surprise Q3 Loss Shares of casino stock Caesars Entertainment Inc (NASDAQ:CZR) are down 9.2% at $41.13 at last glance, after the company reported third-quarter losses of 4 cents per share, compared to the profits of 12 cents per share anticipated by analysts. schaeffersresearch.com - 2 weeks ago
Las Vegas Sands Stock Seen As 'Overly Compelling' As Analysts Highlight Macau Recovery, Project Return To 'Pre-Pandemic Levels' Las Vegas Sands Corp LVS receives praise from analysts for its strong position in Macau and the recovery of the region after missing third-quarter earnings per share and revenue estimates. benzinga.com - 3 weeks ago
Las Vegas Sands' Q3 Earnings & Revenues Lag Estimate, Down Y/Y LVS' third-quarter 2024 results reflect challenges from disruptions in Macao and a lower-than-expected hold in Singapore, impacting the company's recovery. zacks.com - 3 weeks ago
Volunteers from Sands China and Four Community Partners Assemble 30,000+ Hygiene Kits for Clean the World in One Day Over 330 tons of hotel amenities diverted from landfills by Sands China since 2014 MACAO , Oct. 24, 2024 /PRNewswire/ -- A total of 350 Sands China team members and local community group volunteers worked together to assemble more than 30,000 hygiene kits for international social enterprise Clean the World on Thursday at The Venetian® Macao's Cotai Expo, marking the initiative's 11th consecutive year. Sands Cares Ambassadors and other Sands China team members joined volunteers from four organisations for the service activity: local green enterprise Macau ECOnscious, Green Future, the Bosco Green Store of Bosco Youth Service Network, and the University of Saint Joseph. prnewswire.com - 3 weeks ago
Las Vegas Sands Corp. (LVS) Q3 2024 Earnings Call Transcript Las Vegas Sands Corp. (NYSE:LVS ) Q3 2024 Earnings Conference Call October 23, 2024 4:30 PM ET Company Participants Daniel Briggs - Senior Vice President, Investor Relations Robert Goldstein - Chairman and Chief Executive Officer Patrick Dumont - President and Chief Operating Officer Grant Chum - Chief Executive Officer and President, Sands China and Executive Vice President, Las Vegas Sands Asia Operations Wilfred Wong - Executive Vice Chairman, Sands China Conference Call Participants Joe Greff - JPMorgan Stephen Grambling - Morgan Stanley Robin Farley - UBS Shaun Kelley - Bank of America Carlo Santarelli - Deutsche Bank Brandt Montour - Barclays Daniel Politzer - Wells Fargo Chad Beynon - Macquarie Vitaly Umansky - Seaport George Choi - Citigroup David Katz - Jefferies Operator Good day, ladies and gentlemen, and welcome to the Sands Third Quarter 2024 Earnings Call. At this time, all participants have been placed on a listen-only mode and the floor will be open for questions and comments after the presentation. seekingalpha.com - 3 weeks ago
Las Vegas Sands (LVS) Reports Q3 Earnings: What Key Metrics Have to Say While the top- and bottom-line numbers for Las Vegas Sands (LVS) give a sense of how the business performed in the quarter ended September 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values. zacks.com - 3 weeks ago
Markets Up from Session Lows, Still Close in Red After the close, Tesla (TSLA), ServiceNow (NOW) and IBM (IBM) beat on earnings, while Las Vegas Sands (LVS) missed. zacks.com - 3 weeks ago
Las Vegas Sands (LVS) Q3 Earnings and Revenues Lag Estimates Las Vegas Sands (LVS) came out with quarterly earnings of $0.44 per share, missing the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.55 per share a year ago. zacks.com - 3 weeks ago
Las Vegas Sands Reports Third Quarter 2024 Results For the quarter ended September 30, 2024 Net Revenue of $2.68 billion and Net Income of $353 million Consolidated Adjusted Property EBITDA of $991 million Macao Adjusted Property EBITDA of $585 million Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $2 million Marina Bay Sands Adjusted Property EBITDA of $406 million Low Hold on Rolling Play at Marina Bay Sands Negatively Impacted Adjusted Property EBITDA by $78 million LVS Repurchased $450 million of Common Stock LVS Board of Directors Authorized $2.0 billion in Future Stock Repurchases LVS Board of Directors Announced a $0.20 Increase in LVS's Recurring Common Stock Dividend for the 2025 Calendar Year, Raising the Annual Dividend to $1.00 per Share ($0.25 per Share per Quarter) LVS Acquired $44 million of SCL Stock LAS VEGAS , Oct. 23, 2024 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended September 30, 2024. "Although our reported financial results for the quarter reflected lower than expected hold in Singapore and the impact of disruption from our ongoing development work at the Londoner in Macao, we continued to execute our strategic objectives during the quarter. prnewswire.com - 3 weeks ago
Casino And Sports Betting Stocks Are Due For Positive Sentiment Due To Macro Growth The sector is undervalued because the market is yet to recognize its long-term growth prospects. Overall, this basket portfolio is poised to gain strongly as Q4 events unfold with strong earnings profiles indicated forward either by Q4 2024 or Q1 2025. The market is still chasing AI, which tends to bury other strong stories. seekingalpha.com - 3 weeks ago
8. Profile Summary

Las Vegas Sands Corp. LVS

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COUNTRY US
INDUSTRY Gambling, Resorts & Casinos
MARKET CAP $ 34.8 B
Dividend Yield 0.40%
Description Las Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States. It owns and operates The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao in Macao, the People's Republic of China; and Marina Bay Sands in Singapore. The company also owns and operates The Venetian Resort Hotel Casino on the Las Vegas Strip; and the Sands Expo and Convention Center in Las Vegas, Nevada. Its integrated resorts feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants, and other amenities. Las Vegas Sands Corp. was founded in 1988 and is based in Las Vegas, Nevada.
Contact 3355 Las Vegas Boulevard South, Las Vegas, NV, 89109 https://www.sands.com
IPO Date Dec. 15, 2004
Employees 38400
Officers Mr. D. Zachary Hudson J.D. Executive Vice President, Global General Counsel & Secretary Mr. Patrick Dumont President, Chief Operating Officer & Director Mr. Randy A. Hyzak Executive Vice President & Chief Financial Officer Mr. Ronald Reese Senior Vice President of Global Communications, Corporate Affairs & Public Relations Mr. David Reese Sylvester Executive Vice President of Global Retail Mr. Kwan Lock Chum Executive Vice President of Asia Operations & Senior VP of Global Gaming Strategy Mr. Wing T. Chao Advisor Mr. Robert Glen Goldstein Chairman, Chief Executive Officer & Treasurer Mr. Daniel J. Briggs Senior Vice President of Investor Relations