Las Vegas Sands CEO Retires and Sells Shares

• Goldstein has now sold all his vested stock options, with the company citing 'financial diversification purposes' for the sales
• Macau gaming revenue rose 9% this year, with Sands growing its EBITDA 20% year-over-year in Q3 despite having the highest renovation activity
• Goldman Sachs believes Sands could buy back 20-30% of its market cap while maintaining Singapore expansion plans, projecting significant free cash flow growth over the next five years

Las Vegas Sands CEO Retirement and Stock Sale Summary

Las Vegas Sands CEO Robert Goldstein is retiring after selling $167 million in company stock this month, following an earlier $120 million sale this quarter. These transactions represent a complete divestiture of his stock options, which the company attributes to "financial diversification purposes" despite Goldstein's continued confidence in the company's prospects.

The stock has more than doubled since April and reached post-COVID highs at $66 per share, driven by strong performance in Asian markets. Goldman Sachs upgraded LVS to Buy from Hold with an $80 price target, citing the company's turnaround in Macau and Singapore operations.

Key Financial Highlights:

• Macau gaming revenue increased 9% this year, supported by a 20% rise in the Shanghai stock market
• Las Vegas Sands' market share in Macau improved after property renovations
• The company owns 75% of its Macau business and operates Marina Bay Sands in Singapore, described as the world's most profitable casino complex
• Goldman Sachs projects the company could potentially buy back 20-30% of its current market capitalization while maintaining Singapore expansion plans
• Analysts expect strong free cash flow growth over the next five years

Market Implications:

The CEO's substantial stock sales amid retirement could signal profit-taking at peak valuations, though the company maintains strong fundamentals. The Asian gaming market recovery, particularly in Macau, positions Las Vegas Sands favorably for continued growth. Goldman's upgrade and the stock's momentum suggest institutional confidence in the company's strategic positioning in high-growth Asian markets.

Note: Las Vegas Sands divested its Las Vegas properties in 2022 and now focuses exclusively on Asian operations.