Las Vegas Sands Corp.
LVS
Consumer Discretionary
3
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Las Vegas Sands Corporation has a documented history of using its financial influence to shape policy in its favor. The company operates a corporate political action committee, Sands PAC, which makes contributions to federal candidates. More significantly, its late founder and controlling shareholder, Sheldon Adelson, was one of the largest individual political donors in U.S. history, contributing hundreds of millions of dollars primarily to Republican candidates and causes. This spending was contemporaneous with the company's efforts to lobby against online gambling, which it viewed as a competitive threat to its brick-and-mortar casino business.
This political activity occurred alongside a federal investigation into the company's compliance with the Foreign Corrupt Practices Act. In 2017, Las Vegas Sands Corp. agreed to pay a $6.96 million criminal penalty to resolve the government's inquiry into its activities in unspecified countries. The Securities and Exchange Commission had also instituted cease-and-desist proceedings against the company in 2016 related to these compliance failures. This pattern demonstrates the use of financial influence—both through campaign contributions and, as alleged by federal investigators, potentially improper payments abroad—to advance and shield its business operations.
Las Vegas Sands Corp. has been subject to multiple enforcement actions by U.S. authorities for violations of the Foreign Corrupt Practices Act (FCPA). In 2023, the company agreed to pay a $9 million penalty to settle SEC charges that it failed to devise and maintain adequate internal accounting controls related to its operations in Asia from 2006 through at least 2011. This followed a 2017 non-prosecution agreement with the Department of Justice, under which Sands paid a $6.96 million criminal penalty for FCPA violations.
ViolationTracker documents total penalties of over $47 million for the company, stemming from anti-money-laundering deficiencies and FCPA violations. The company itself disclosed in 2013 that it had likely violated U.S. anti-bribery law. These repeated settlements and deficiencies point to a sustained pattern of internal control failures and violations of anti-corruption statutes in its international casino operations.
Las Vegas Sands Corp. is a global leader in casino and integrated resort operations, deriving the vast majority of its revenue from gambling activities. In 2025, its casino operations generated $2.42 billion, accounting for the bulk of its earnings. The company operates major properties in Macao and Singapore, including The Venetian and Marina Bay Sands, and is recognized as the world's largest casino operator.
The company has a documented history of regulatory violations related to its core gambling business. In 2017, Las Vegas Sands paid a $6.96 million penalty pursuant to a non-prosecution agreement with the U.S. Department of Justice for anti-money laundering deficiencies. This followed a 2013 settlement where the company returned over $47 million to resolve a money laundering investigation involving high-roller accounts at The Venetian. Good Jobs First's ViolationTracker documents these and other penalties, including a $2 million fine for a gambling industry violation.
While the company announced the closure of its digital gaming division in late 2025, it continues to invest heavily in and derive its primary revenue from physical casino gambling and sports betting operations.
Research Sources
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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