Las Vegas Sands Corp. (NYSE:LVS)

Net revenues remained stable between 2018 and 2019, hovering around 13.7 billion US dollars, before experiencing a severe contraction in 2020, where total revenues fell to 3.612 billion US dollars. Although a marginal increase was noted in 2021, total revenues remained significantly below pre-2020 levels, ending 2022 at 4.110 billion US dollars.

Macao Revenue Performance

Macao served as the primary revenue driver in 2018 and 2019, contributing over 63% of total net revenues. However, a precipitous decline occurred in 2020, with revenues falling by approximately 81% to 1.683 billion US dollars. Despite a partial rebound to 2.870 billion US dollars in 2021, revenues regressed to 1.597 billion US dollars by 2022, indicating significant volatility and an inability to sustain recovery.

Singapore Revenue Performance

Revenue from Singapore exhibited a sharp decline in 2020, dropping from 3.097 billion US dollars in 2019 to 1.257 billion US dollars. In contrast to the Macao segment, Singapore demonstrated a strong recovery trajectory toward the end of the period, with 2022 revenues increasing to 2.513 billion US dollars, representing a substantial recovery relative to 2020 and 2021 levels.

United States Revenue Performance

The United States segment showed a slight downward trend starting in 2019, followed by a sharp contraction to 672 million US dollars in 2020. No revenue was reported for this segment in 2021 and 2022, suggesting a divestiture or a fundamental change in the corporate reporting structure for US operations.