Las Vegas Sands

Las Vegas Sands is a leading developer and operator of integrated resorts, combining casinos with hotels, convention space, retail and entertainment. After selling its Las Vegas properties, the company concentrates on Asia, with flagship resorts in Macau and the Marina Bay Sands in Singapore, giving it heavy exposure to Asian gaming and tourism flows. The dividend was suspended during the pandemic and has since been reinstated, so the current record of payments is short and still rebuilding. The yield is moderate and the payout depends on the recovery and stability of Macau and Singapore visitation. A middling score reflects this reset history and the cyclical, regulation-sensitive nature of the gaming business.