LLVSLas Vegas Sands Corp.

Las Vegas Sands runs casinos in Macau and Singapore and no longer operates in Las Vegas at all.

The company sold its American assets and concentrated on Asia, where the gaming market is several times larger. The Singapore complex operates under a licence granted to only two operators, which is effectively a protected position: the state simply does not admit a competitor.

Macau works differently: concessions are granted for a term and periodically revisited, and the flow of players depends on mainland China's policy on travel permits. The company shifted its bet from high rollers to the mass segment — more profitable and less dependent on intermediaries. Risks: regulation, currency rates and the state of the Chinese economy. A dividend is paid.