Las Vegas Sands management check
LVS · Consumer Discretionary · Casinos & Gaming · CEO Mr. Goldstein
Filings as of
3 good · 3 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $114, against $82 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.38 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.7% of net income$31.1m of reported pay in fiscal 2025, against $1.9bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $617k sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -4.8% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Adelson, Mr. Goldstein. 11 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Discretionary.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 99 | 70 | |
| Pay for performance | 69 | 79 | |
| CEO cost | 32 | 44 | |
| Skin in the game | — | — | 36 |
| Dilution | 100 | 74 | |
| Stable leadership | 30 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Casinos & Gaming, by management score. Las Vegas Sands is 21st of 47 in its sector.
- 159NVRNVR, Inc.72
- 160LVSLas Vegas Sands72
- 164ORLYO'Reilly Automotive71
- 174FFord Motor Company71
- 184MGMMGM Resorts70
- 266WYNNWynn Resorts64
Pay versus performance
From the proxy statement filed April 1, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Goldstein | $31.1m | $27.6m | $10.0m | $114 | $82 | $1.9bn |
| 2024 | Mr. Goldstein | $21.9m | $23.2m | $9.3m | $78 | $76 | $1.8bn |
| 2023 | Mr. Goldstein | $21.9m | $12.5m | $11.3m | $73 | $76 | $1.4bn |
| 2022 | Mr. Goldstein | $11.4m | $40.3m | $5.6m | $71 | $58 | $1.4bn |
| 2021 | Mr. Adelson, Mr. Goldstein | $31.2m | $8.4m | $12.1m | $56 | $78 | −$1.3bn |
The board says pay is tied most to Adjusted Property EBITDA. Its other key measures: Adjusted Property EBITDA(1), Liquidity, ESG.
Insiders and the CEO's stake
Light activity: no buys, $617k sold in six months.
- SoldCharles D FormanDirector$617kApr 27, 2026
Leadership and governance on file
- Mar 5, 2026Leadership change8-K 5.02
- Feb 13, 2026Leadership change8-K 5.02
- Mar 11, 2025Leadership change8-K/A 5.02
- Mar 11, 2025Leadership change8-K 5.02
- Mar 6, 2025Leadership change8-K 5.02
- Jan 27, 2025Leadership change8-K 5.02
- May 10, 2024Leadership change8-K 5.02
- Jan 25, 2024Leadership change8-K 5.02
- Jan 25, 2024Leadership change8-K/A 5.02
- Jan 18, 2024Leadership change8-K 5.02
- Dec 14, 2023Leadership change8-K 5.02
- Feb 22, 2023Leadership change8-K 5.02
Latest shareholder vote results: May 18, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $6.2bn returned to owners in buybacks and dividends, 120% of net income, and $214.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.2bn | $4.1bn | $10.4bn | $11.3bn | $13.0bn |
| Net income | −$961.0m | $1.8bn | $1.2bn | $1.4bn | $1.6bn |
| Stock-based pay | $22.0m | $39.0m | $44.0m | $55.0m | $54.0m |
| Buybacks | $0 | $0 | $505.0m | $1.8bn | $2.2bn |
| Dividends | $0 | $0 | $305.0m | $590.0m | $833.0m |
| Diluted shares | 764m | 764m | 765m | 737m | 693m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.