# Las Vegas Sands (LVS) Forecast Calculator

Interactive five-year financial forecast and DCF for Las Vegas Sands. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/las-vegas-sands/forecast
- Industry: Consumer
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 12127000000 |  -  | 4385000000 | 2698000000 |
| 2022 | 2940000000 |  -  | -396000000 | -1685000000 |
| 2023 | 4234000000 |  -  | 352000000 | -961000000 |
| 2024 | 4110000000 |  -  | 244000000 | 1832000000 |
| 2025 | 10372000000 | 2210000000 | 3521000000 | 1221000000 |

## Frequently asked questions

### What is Las Vegas Sands' primary business focus and geographic market?

Las Vegas Sands (LVS) is a global developer and operator of integrated resorts, featuring premium accommodations, world-class gaming, retail malls, conventions, and entertainment. Following the sale of its Las Vegas properties, the company is now entirely focused on the Asian market, operating exclusively in Macao and Singapore.

### What are the key revenue drivers for Las Vegas Sands' integrated resorts?

The key revenue drivers for Las Vegas Sands include the recovery and growth trajectory of its Asian integrated resorts, alongside VIP versus mass gaming volumes. The company generates high-margin, diversified cash flows from its various offerings.

### How does capital expenditure typically impact Las Vegas Sands' financial model?

Capital expenditure for Las Vegas Sands is highly variable, typically ranging from 5% to 15% of revenue depending on the development cycle. The company invests significantly in growth capex, such as the Marina Bay Sands renovation and The Londoner Macao expansion, in addition to maintenance capex.

### What is Las Vegas Sands' typical working capital profile and how does it affect cash flow?

Las Vegas Sands typically maintains a negative net working capital profile, which provides a structural cash flow advantage. This occurs because the company collects cash upfront from mass gaming and hotel guests while delaying payments to suppliers.

### What is the main purpose of the financial model for Las Vegas Sands?

The financial model for Las Vegas Sands is designed as a comprehensive equity valuation and scenario planning tool for analysts. It specifically focuses on the recovery and growth trajectory of its Asian integrated resorts and the impact of major capital expansion programs on free cash flow.

### Can I download an Excel financial model for Las Vegas Sands (LVS)?

Yes, an Excel financial model for Las Vegas Sands (LVS) is available for download. This model offers a comprehensive equity valuation and scenario planning tool, with a forecast horizon extending from FY2026 to FY2030.