Las Vegas Sands is the top US casino operator, says Fortune magazine

las-vegas-sands-is-the-top-us-casino-operator-says-fortune-magazine

las-vegas-sands-is-the-top-us-casino-operator-says-fortune-magazineSheldon Adelson is the only casino mogul to be listed by Forbes among the top 25 wealthiest people in the world. Not only does he personally stand out in the casino industry, but his Las Vegas Sands (LVS) company does, as well. According to the latest update to Fortune magazine’s Fortune 500 list, LVS is the top casino company in the U.S. – at least when judged solely on the terms of revenue. 

Based on the figures provided by the company for its 2019 performance, LVS enjoyed revenue of over $13.73 billion last year. The income centers on its operations in Macau, where it has five gambling venues, Singapore’s Marina Bay Sands and two US-based casinos, The Venetian and Palazzo. The performance was enough for LVS to make it to the 235th spot on the Fortune 500 list, leading to LVS to state, “Sands is the top ranked Integrated Resort company on the prestigious annual list. We are only as strong as the Team Members who work at our resorts and the communities we all call home, and we maintain our unwavering commitment to the well-being of our Team Members and our communities – now and in the future.”

As with all casino companies, LVS has seen its wallet take a hit from the coronavirus, but it has still managed to stay considerably strong during the pandemic. The majority of the company’s 50,000 employees have been able to continue to receive a paycheck during the global lockdown as LVS maintains a market value of over $32.4 billion. However, as a whole, the gaming industry has seen its employment level drop by almost 60% from February to April, which is a huge indication of the overwhelming impact COVID-19 has had on the industry. 

LVS wasn’t the only casino company to make it to the Fortune 500 list, although, when the results for 2020 are revealed next year, there will definitely be some changes. At number 454 on the list, Wynn Resorts was able to make an appearance due to the $6.6 billion in revenue and $123 million it recorded for 2019. Ahead of it, Caesars Entertainment saw revenue of $8.7 billion and profit of $1.2 billion to help the company reach the 363rd spot. Only a few places behind LVS, at 249, MGM Resorts International’s revenue and profit were $12.9 billion and $2 billion, respectively. 

A few more casino operators were able to be mentioned by Fortune, even if they didn’t score a spot within the first 500. Penn National Gaming sits at 527 from $5.3 billion in revenue and Scientific Games came in at 711 as it reported $3.4 billion in revenue. Next up was Boyd Gaming with $3.3 billion in revenue, enough to claim the 728th spot on the list, followed by Eldorado Resorts, which was at 868 with $2.5 billion. However, once Eldorado and Caesars complete their merger, the new company will be the largest casino outfit in the US, and could dethrone Adelson and LVS.