Las Vegas Sands Corp. is the world’s largest operator of fully integrated resorts, with operations spanning casinos, hotels, entertainment, food and beverage, retail, and convention centers. Its portfolio includes The Venetian Macao, Sands Macao, The Londoner Macao, Four Seasons Hotel Macao, The Parisian Macao, and the Marina Bay Sands resort in Singapore. We expect the company to open a fourth tower in Singapore in 2031. Following the 2022 sale of its Venetian and Palazzo Las Vegas properties in the US to Apollo and Vici, Las Vegas Sands now generates all of its EBITDA from Asia, with casino operations contributing the majority of revenue.