Posted on: February 1, 2024, 02:55h.
Last updated on: February 1, 2024, 02:55h.
Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN) are back on Fortune’s World’s Most Admired Companies list, a sign of their continued dominance in the casino gaming industry.
The 2024 rankings include 317 companies across various industries, but the casino gaming leaders missed the top 50. Fortune’s 10 most admired companies include Apple, Microsoft, Amazon, and others, making it a tough competition for the gaming giants.
For Sands, this is the tenth appearance on the World’s Most Admired Companies list, reflecting its commitment to capital and environmental initiatives in Macau and Singapore.
After divesting its Las Vegas operations in 2022, Sands has focused on reinvestment in Asia and development of new businesses and geographies. The company reaffirmed its commitment to Macao by pledging $3.75 billion in capital and operating projects through 2032,” according to a statement. “Sands is also focused on continuing to propel Singapore’s growth in international tourism with a $1.75 billion reinvestment program currently underway at Marina Bay Sands.”
Wynn Resorts CEO Craig Billings put into perspective what it means to again make the list, saying, “The recognition is a tribute to thousands of people who work for Wynn Resorts globally that create our guest experiences every day.”
Sands and Wynn are two of 15 media and entertainment companies on the Fortune list. The former placed fourth in the hotels, casinos, and resorts category, showcasing the industry’s fierce competition for the top rankings. That group was led by Marriott International.
“In addition to securing a top five spot in the Hotels, Casinos, and Resorts category, Wynn Resorts ranked in the top two for Innovation, and also received high marks for Social Responsibility, People Management, Quality of Management, Financial Soundness, Long-Term Investment, and Global Competitiveness,” said the operator.
With only seven hoteliers and casino operators making the cut, these results emphasize the growing dominance of technology and communication services companies in the global market. Analysts, directors, and executives regarded Fortune’s polling and rankings with a high level of importance and consideration when evaluating companies in their own industry.