Las Vegas Sands owns and operates large-scale casino resorts — which it calls Integrated Resorts — in Macao and Singapore. These are massive destination complexes that combine casino gaming, premium hotels, retail malls, convention space, restaurants, and entertainment under one roof. The bundled model is designed to attract high-value visitors and capture spending across all categories during a single trip. In Macao, LVS operates five properties on the Cotai Strip and one downtown through its ~75%-owned subsidiary Sands China, with The Venetian Macao and The Londoner Macao as the primary revenue drivers. In Singapore, LVS operates Marina Bay Sands, widely regarded as the most productive casino hotel in the world by EBITDA. LVS generates revenue from two sources at each property: gaming and non-gaming. Gaming revenue is driven by table game and slot volume multiplied by the house's hold percentage; the primary table game is baccarat. LVS focuses on the mass market and premium mass segments, which carry higher margins than VIP rolling play. Non-gaming revenue comes from retail mall rents (skewed toward luxury tenants), hotel rooms, convention and exhibition events, and food and beverage. Both Singapore and Macao are highly restricted markets — Singapore is a duopoly protected by law through at least 2031, and Macao limits casino licenses to six operators. LVS's near-term growth is centered on an ~$8B expansion of Marina Bay Sands, including a new hotel tower, gaming areas, and a 15,000-seat arena, expected to open around 2031. LVS also committed to invest ~$4.47B in Macao non-gaming amenities through 2032 as part of its concession renewal.