Operator News

US – Las Vegas Sands named in Fortune’s World’s Most Admired Companies list

By Phil - 2 February 2024

Las Vegas Sands has again been named one of Fortune’s World’s Most Admired Companies in the news outlet’s 2024 list of the most respected and reputable global businesses, marking the company’s 10th appearance on the list.

“Sands’ being included on Fortune’s list is an endorsement of our performance in delivering economic, social and environmental value to our communities, Team Members, investors and customers,” said Patrick Dumont, president and chief operating officer. “Entering 2024 with this recognition demonstrates our ability to successfully navigate change and evolution, while remaining focused on the positive impact we strive to deliver.”

After exiting its Las Vegas operations in 2022, Sands has focused on reinvestment in Asia and development of new businesses and geographies. In 2023, the company reaffirmed its commitment to Macao with Sands China’s pledge to invest $3.75bn in capital and operating projects through 2032 to support Macao’s stature as a global tourism destination. Sands also is focused on continuing to propel Singapore’s growth in international tourism with a $1.75bn reinvestment program currently underway at Marina Bay Sands.

Sands is the largest global developer and operator of world-class integrated resorts. Combining luxury hotel rooms and suites, gaming, state-of-the-art meeting and convention facilities, expansive retail offerings and an array of entertainment attractions, the company’s iconic integrated resorts are premier attractions that draw hundreds of thousands of business and leisure tourists to its regions annually.

In each of its regions, Sands is focused on being the employer and partner of choice; keeping its communities strong by making them ideal places to live, work and visit; and minimizing environmental impact by being a leader in preserving natural resources and incorporating sustainable practices.

With the goal of achieving measured, ongoing environmental, social and governance progress in these areas, the company established 2021-2025 ambitions to invest $200m in workforce development, contribute 150,000 volunteer hours to its communities and reduce carbon emissions by 17.5 per cent by the end of the period, mapping to its People, Communities and Planet corporate responsibility pillars.

Under the Communities pillar, the company surpassed its 150,000 community service hours at the end of 2022 because of extensive support for pandemic-related initiatives, along with core Sands Cares volunteer efforts. The new 2025 target will be announced in Sands’ next ESG report in spring 2024, along with progress toward all three ambitions.

As of 2022 reporting, the company had invested $56m in workforce development initiatives, bringing its cumulative investment to $113m since 2021, well past the halfway point. Carbon emissions reduction was at 50 per cent; however, that figure reflected continued pandemic-related impact on property visitation and will be updated in the 2023 ESG report.

Sands’ designation on the Fortune World’s Most Admired Companies list follows recent recognition on Newsweek’s 2024 America’s Most Responsible Companies list as well as the 2023 Dow Jones Sustainability World and North America Indices.

As in the past, Fortune collaborated with its partner Korn Ferry on this survey of corporate reputations, which began with a universe of about 1,500 candidates: the 1,000 largest US companies ranked by revenue, along with non-U.S. companies in Fortune’s Global 500 database that have revenues of $10 billion or more. The assortment was winnowed to the highest-revenue companies in each industry, a total of 660 in 29 countries. The top-rated companies were picked from that pool of 660; the executives who voted work at the companies in that group.

To determine the best-regarded companies in 52 industries, Korn Ferry asked executives, directors, and analysts to rate enterprises in their own industry on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talent. A company’s score must rank in the top half of its industry survey to be listed.