Sands Releases Its 2023 Environmental, Social and Governance Report

Rhea-AI Summary

Las Vegas Sands (NYSE:LVS) has released its 2023 Environmental, Social and Governance (ESG) Report, highlighting significant progress towards its 2021-2025 corporate responsibility goals. Key achievements include:

1. A 50% emissions reduction from 2018 baseline, surpassing the 17.5% target.
2. $181 million invested in workforce development, nearing the $200 million goal.
3. 222,823 volunteer hours logged, exceeding the initial 150,000-hour target.

The company also celebrated milestones such as Sands China's relicensing in Macao, the grand opening of The Londoner Macao, and major renovations at Marina Bay Sands. Sands maintained strong ESG performance while business returned to pre-pandemic levels, earning recognition on Fortune's World's Most Admired Companies list and the Dow Jones Sustainability Indices.

Positive

• 50% reduction in greenhouse gas emissions from 2018 baseline, surpassing the 17.5% target for 2025
• $181 million invested in workforce development, approaching the $200 million goal for 2025
• 222,823 cumulative volunteer hours logged from 2021-2023, exceeding the initial 150,000-hour target
• $2 billion spent in 2023 to procure goods and services from local businesses and SMEs
• Received LEED Gold Certification for new Las Vegas corporate headquarters
• Named on Fortune's World's Most Admired Companies list and Dow Jones Sustainability Indices

Negative

• Increased energy consumption in multiple areas due to 123% growth in resort visitation compared to 2022

Insights

Financial Analyst

Las Vegas Sands' 2023 ESG report showcases strong progress in key areas, particularly emissions reduction and workforce development. The company has surpassed its 2025 emissions reduction target, achieving a 50% reduction from the 2018 baseline. This significant achievement could potentially lead to cost savings and improved operational efficiency in the long term.

The $181 million investment in workforce development, approaching the $200 million target, demonstrates a commitment to human capital. This investment, along with the $2 billion spent on local and SME procurement, could strengthen the company's talent pipeline and enhance local economic impact, potentially leading to improved operational performance and stakeholder relations.

While these ESG initiatives are commendable, investors should also consider the financial implications of the $2 billion redesign of The Londoner Macao and the $1 billion renovation at Marina Bay Sands. These investments could drive future revenue growth but may impact short-term profitability.

Environmental Sustainability Expert

Las Vegas Sands' environmental performance in 2023 is particularly noteworthy. The 50% reduction in greenhouse gas emissions from the 2018 baseline, despite a 123% increase in resort visitation, is impressive. This achievement demonstrates the effectiveness of the company's energy efficiency projects and commitment to renewable energy certificates.

The company's focus on food waste reduction and transition to sustainable materials for plastics and packaging aligns with circular economy principles. The development of a biodiversity protection strategy is also a forward-thinking move, as it addresses an increasingly important aspect of corporate environmental responsibility.

However, the increase in energy consumption due to higher business levels highlights the ongoing challenge of balancing growth with sustainability goals. The company's ability to maintain its environmental performance as business continues to recover will be a key area to watch for investors interested in long-term sustainability.

Corporate Governance Analyst

Las Vegas Sands' 2023 ESG report demonstrates strong governance and commitment to transparency. The company's inclusion in prestigious indices such as the Dow Jones Sustainability World and North America Indices and recognition on Fortune's World's Most Admired Companies list, indicate robust ESG practices that are valued by the market.

The company's approach to setting and surpassing ambitious targets, such as the community volunteerism hours, shows a proactive management style. The establishment of new, more challenging goals demonstrates a culture of continuous improvement.

However, investors should note that while ESG performance is strong, it's important to balance this with financial performance. The significant investments in property renovations and redesigns, while potentially beneficial for future growth, may impact short-term financial metrics. Additionally, the relicensing in Macao is a positive development for business continuity but also highlights the regulatory risks inherent in the gaming industry.

LAS VEGAS, NV / ACCESSWIRE / August 5, 2024 / Las Vegas Sands
Published by Las Vegas Sands on July 9, 2024

Las Vegas Sands (NYSE:LVS) has released its latest environmental, social and governance (ESG) report, outlining the company's 2023 progress on the corporate responsibility priorities established for its 2021-2025 reporting period. Sands is on track to meet or has surpassed the targets set for its three primary ambitions in the areas of emissions reduction, workforce development and community volunteerism.

Aiming toward its 2025 ambition of reducing emissions by 17.5%, the company logged a 50% emissions reduction from a 2018 baseline in 2023. Sands has now spent $181 million toward its ambition to invest $200 million in workforce development by 2025 and logged 222,823 hours toward its 2025 community volunteerism ambition, which was originally established at 150,000 hours. In the 2023 ESG Report, the company announced a new community service target to contribute 250,000 volunteer hours by 2025.

Along with solid ESG progress, last year marked a number of major milestones for Sands, including Sands China's relicensing in Macao; celebrating the official grand opening of The Londoner Macao, a $2 billion redesign of the former Sands Cotai Central integrated resort; and completing the majority of the $1 billion phase one renovation at Marina Bay Sands. In addition, the company received Leadership in Energy and Environmental Design (LEED) Gold Certification for its new Las Vegas corporate headquarters, which opened in 2023.

Amid these endeavors, Sands made significant progress in multiple areas under the People, Communities and Planet pillars of its corporate responsibility program in 2023.

People - Aiming to invest $200 million in workforce development by 2025, Sands spent $68 million to advance Team Members and local talent in the hospitality industry in 2023, for a total of $181 million invested since 2021. Funding has supported Team Member training and development programs and local workforce and hospitality industry initiatives, such as the $1 million Sands Hospitality Scholarship Program in Singapore.

Separate of the workforce development investment, Sands spent $2 billion in 2023 to procure goods and services from local businesses and small and medium enterprises (SMEs) around the world, contributing to its regions' economic health and helping sustain job opportunities.

In support of the company's commitment to investing in local businesses and SMEs, Sands China launched the Sands Innovation Challenge and Sands Resorts Incubation Centre, which cultivate technology innovation among Macao entrepreneurs. Sands also held procurement academies for local businesses on Long Island where the company aims to build its next world-class integrated resort.

Communities - In 2023, the company updated its original 2025 ambition to contribute 150,000 Team Member volunteer hours to community organizations after surpassing that target at the end of 2022 due to intensive support for pandemic-related initiatives along with core Sands Cares volunteer programs. Aiming toward its new 2025 goal of contributing 250,000 Team Member volunteer hours to communities, Sands reported 222,823 cumulative volunteer hours from 2021-2023. The company is well on its way to meeting the ambition, which supports its overarching commitment to ensuring host communities remain great places to live, work and visit.

Sands' Communities pillar priorities include helping alleviate hardship for disadvantaged populations and people experiencing crises; investing in capacity-building programs for local nonprofits; supporting initiatives to advance its regions' unique arts and cultural offerings; and working to build a thriving workforce of the future through education. In 2023, three global Sands Cares programs continued to unite the company's regions around community impact, with execution of the 10^th Sands Cares Global Hygiene Kit Build and the second Sands Cares Global Food Kit Build, as well as completion of the Sands Cares Accelerator's seventh year of incubating the strategic initiatives of invited nonprofit members in Las Vegas, Macao and Singapore.

Planet - Though business returned to pre-pandemic levels in 2023, greenhouse gas emissions remained significantly below the 2018 baseline with a 50% reduction logged in 2023. Resort visitation grew by 123% in 2023 compared to 2022, and, therefore, energy consumption increased in multiple areas, including fuel use for heating and cooking as well as operation of the Cotai Jet ferry service in Macao. However, Sands achieved the significant reduction in emissions thanks to its persistent approach to energy efficiency projects and commitment to renewable energy certificate purchases.

In addition to continuing to surpass emissions as well as water use reduction targets in 2023, the company pursued aggressive efforts to reduce food waste and transition plastics and packaging to sustainable materials. Beyond execution on core environmental priorities in the areas of low-carbon transition, waste, materials and resources, and water stewardship, the Sands ECO360 team remained focused on developing a coordinated strategy for protecting biodiversity, which has been addressed as part of the company's water stewardship and sustainable sourcing initiatives.

"At this midpoint juncture, we are satisfied with the progress on our ambitions and targets but continue to drive hard on all initiatives, especially in areas where we want to increase our impact," Katarina Tesarova, senior vice president and chief sustainability officer, said. "As we look toward our 2025 targets and beyond, we are firmly committed to maintaining strong ESG performance in all aspects of our business."

Underscoring Sands' performance in 2023, the company was 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. That designation followed recognition on Newsweek's 2024 America's Most Responsible Companies list and the 2023 Dow Jones Sustainability World and North America Indices.

For detailed information on Sands' accomplishments under the People, Communities and Planet pillars, read the 2023 ESG Report: https://www.sands.com/content/uploads/2024/06/LVS-ESG-Report-2023.pdf

About Sands (NYSE:LVS)

Sands is the world's preeminent developer and operator of world-class integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.

Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Plaza Macao, The Londoner Macao, The Parisian Macao and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.

Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.

Contacts:
Kristin Koca
Sands
702.923.9142
Kristin.Koca@sands.com

View additional multimedia and more ESG storytelling from Las Vegas Sands on 3blmedia.com.

Contact Info:
Spokesperson: Las Vegas Sands
Website: https://www.3blmedia.com/profiles/las-vegas-sands
Email: info@3blmedia.com

SOURCE: Las Vegas Sands

View the original press release on accesswire.com

FAQ

What was Las Vegas Sands' (LVS) emissions reduction in 2023?

Las Vegas Sands (LVS) achieved a 50% reduction in greenhouse gas emissions from its 2018 baseline in 2023, significantly surpassing its 2025 target of 17.5% reduction.

How much has Las Vegas Sands (LVS) invested in workforce development as of 2023?

As of 2023, Las Vegas Sands (LVS) has invested $181 million in workforce development, approaching its goal of investing $200 million by 2025.

What is Las Vegas Sands' (LVS) new community service target for 2025?

Las Vegas Sands (LVS) has set a new community service target to contribute 250,000 volunteer hours by 2025, after surpassing its original goal of 150,000 hours.

How much did Las Vegas Sands (LVS) spend on local businesses and SMEs in 2023?

In 2023, Las Vegas Sands (LVS) spent $2 billion to procure goods and services from local businesses and small and medium enterprises (SMEs) around the world.