Sands Corporation’s Corporate Jet Expenses Increase Fourfold in 2022

In January 16, 2024, Las Vegas Sands (NYSE: LVS) was found to have spent $3.2 million on corporate jets in 2022, making it the second biggest spender among S&P 500 companies. The high expenditure incurred for private plane travel hardly put a dent on the company’s overall value, due to the fact that it had a market capitalization of $36.95 billion at the end of US trading that day. Companies spent over $65 million on executive airfare in 2022, almost double the amount spent in 2021, with Las Vegas Sands accounting for approximately 5% of that spending. Las Vegas Sands’ tab of $3.2 million for private jet travel in 2022 represented a significant increase from the $800,000 it spent the previous year. Expect to see an increase in corporate jet travel in the future, as data indicates that such travel has risen since the pandemic. In the casino business, private planes are essential for businesses to draw in high-rolling gamblers to different locations. However, private jet travel is often considered to be an integral part of the compensation package for top-level executives, and is seen as efficient and affordable, particularly for companies like Sands. Private jet prices can vary widely, but with annual maintenance costs running in the hundreds of thousands of dollars annually, not including flight expenses. Critics and investors may not always appreciate the high cost, but some companies see it as a necessary cost of maintaining efficiency and security for key executives. Las Vegas Sands is not the only gaming company in the S&P 500 that faces such expenditures.

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