LVS vs RRR: Las Vegas Sands and Red Rock Resorts compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Las Vegas Sands is the larger company, worth $23.3B, about 4.6 times Red Rock Resorts.
- Las Vegas Sands grew revenue faster over the last year (-0.7% vs -3.0%).
- Red Rock Resorts keeps more of each dollar of revenue as operating profit (27.7% vs 21.5%).
- On earnings, Las Vegas Sands is the cheaper stock (14.1x vs 16.1x).
- Red Rock Resorts's price assumes faster free cash flow growth: about 3% a year, against -1% for Las Vegas Sands (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LVS | RRR |
|---|---|---|
| Market cap | $23.3B | $5.1B |
| Share price | $36.17 | $49.51 |
| Revenue (last fiscal year) | $13.0B | $2.0B |
| Free cash flow (last fiscal year) | $1.9B | $291M |
| Revenue growth, last year | -0.7% | -3.0% |
| Revenue growth per year, last 5 fiscal years | +32.4% | +5.6% |
| Operating margin | 21.5% | 27.7% |
| Net margin | 12.6% | 8.4% |
| Return on equity | 297.2% | 98.7% |
| P/E (trailing) | 14.1x | 16.1x |
| Price / free cash flow | 13.1x | 17.6x |
| EV / EBITDA | 8.34x | 8.11x |
| FCF growth the price implies | -1.1% | 3.2% |
| Dividend yield | 3.1% | 2.0% |
| Debt / equity | 32.7x | 23.8x |
| Fundamental grade | C | D |
| Superinvestors holding it | 6 | 4 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Las Vegas Sands
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.2B | -$1.1B | -16.3% |
| 2022 | $4.1B | -$1.6B | -19.3% |
| 2023 | $10.4B | $2.2B | 22.3% |
| 2024 | $11.3B | $1.6B | 21.3% |
| 2025 | $13.0B | $1.9B | 21.6% |
Red Rock Resorts
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | $549M | 24.8% |
| 2022 | $1.7B | $214M | 33.7% |
| 2023 | $1.7B | -$205M | 32.4% |
| 2024 | $1.9B | $264M | 29.3% |
| 2025 | $2.0B | $291M | 29.7% |
Where the revenue comes from
Las Vegas Sands · by products, 2025
Casino$9.8B75%
Rooms$1.4B11%
Mall$801M6%
Food and Beverage$644M5%
Convention, Retail and Other$361M3%
Red Rock Resorts · by segments, 2018
Operating Segments$1.7B100%
Corporate, Non-Segment$6M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LVS in InvestinglyQuestions
Which is bigger, Las Vegas Sands or Red Rock Resorts?
Las Vegas Sands (LVS), at $23.3B against $5.1B.
Is LVS or RRR cheaper?
By trailing P/E, Las Vegas Sands (14.1x) is cheaper than Red Rock Resorts (16.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, LVS or RRR?
Las Vegas Sands: revenue grew -0.7% over the last year, against -3.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.