{"id":306832,"date":"2024-01-16T18:21:58","date_gmt":"2024-01-17T00:21:58","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=306832"},"modified":"2024-01-17T15:46:05","modified_gmt":"2024-01-17T21:46:05","slug":"sands-corporate-jet-expenses-quadrupled-in-2022","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/","title":{"rendered":"Las Vegas Sands Corporate Jet Tab Takes Off, Second Among S&P 500 Firms"},"content":{"rendered":"

Las Vegas Sands (NYSE: LVS) spent $3.2 million on corporate jet travel for high-ranking executives in 2022, the second-highest tally among all S&P 500 member firms.<\/p>\n

\"Sands
A Las Vegas Sands corporate jet takes off in Las Vegas. The company spent $3.2 million last year on private plane travel for executives. (Image: X)<\/figcaption><\/figure>\n

The largest casino operator by market capitalization shelled out $3.2 million for the perk in 2022, slightly less than half the $6.6 million spent on the amenity by Facebook parent Meta Platforms (NASDAQ: META), reports the Wall Street Journal<\/em>.<\/p>\n

At the close of U.S. trading on Tuesday, Sands had a market capitalization of $36.95 billion, indicating the private air travel expenditures barely dent the company\u2019s overall value.<\/strong><\/p>\n

In 2022, S&P 500 companies spent $65 million on corporate airfare for C-suite executives, nearly double the $33.8 million<\/a> in related expenses incurred in 2021. Looking at it another way, Las Vegas Sands represented about 5% of all private airfare for S&P 500 companies in 2022.<\/p>\n

Sands’ Private Jet Spending Gaining Altitude<\/h2>\n

Sands\u2019 2022 tab of $3.2 million for private air travel represents a quadrupling from the $800K the company doled out the prior year.<\/p>\n

In the casino business, it\u2019s a given that companies will spend capital on private planes to bring \u201cwhale\u201d gamblers to Las Vegas or other locations. That\u2019s simply industry protocol.<\/p>\n

\n

Specific to Sands, the company no longer has U.S. properties. However, the company is rumored to be interested in bringing integrated resorts to Florida, New York, and Texas<\/a>. Additionally, the operator\u2019s current roster of casino hotels is comprised entirely of Marina Bay Sands in Singapore and five venues in Macau. Executions based in Nevada likely go to those Asia-Pacific properties at various points in any given year.<\/p>\n<\/div>\n

Private jet travel is a perk of broader compensation packages for high-level executives, such as chief and financial officers. It\u2019s often viewed as a matter of efficiency that many companies, including Sands, can afford.<\/p>\n

Purchase prices on private jets can run anywhere from $2 million to $100 million, with annual maintenance costs of $500K to $1 million, according to LunaJets. That doesn\u2019t include flights, which can carry costs of $1,100 to $2,700 per hour, depending upon the size of the aircraft.<\/p>\n

LunaJets also noted other costs, including hangar rental of up to $3,000 per month and pilot salaries, which can range from $86K to $300K per year, depending upon experience.<\/p>\n

Expect More Corporate Jet Travel, Not Less<\/h2>\n

Data indicate that corporate jet travel has accelerated since the coronavirus pandemic and that the 2023 figures are likely to outpace those notched in 2022.<\/p>\n

While Las Vegas Sands is the biggest spender on private jet travel among gaming companies residing in the S&P 500, it\u2019s far from the only firm<\/a> in the industry that incurs such expenses.<\/strong><\/p>\n

While some compensation critics and investors decry those expenditures, some companies believe the costs are necessary to reduce lost time and provide enhanced security to marquee executives.<\/p>\n","protected":false},"excerpt":{"rendered":"

Las Vegas Sands (NYSE: LVS) spent $3.2 million on corporate jet travel for high-ranking executives in 2022, the second-highest tally among all S&P 500 member firms. The largest casino operator by market capitalization shelled out $3.2 million for the perk in 2022, slightly less than half the $6.6 million spent on the amenity by Facebook […]<\/p>\n","protected":false},"author":46,"featured_media":219350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10,33810,81886],"tags":[81913,81903,81898,23],"acf":[],"yoast_head":"\nSands Corporate Jet Expenses Quadrupled In 2022<\/title>\n<meta name=\"description\" content=\"Las Vegas Sands Corporate Jet Tab Takes Off, Second Among S&P 500 Firms.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sands Corporate Jet Expenses Quadrupled In 2022\" \/>\n<meta property=\"og:description\" content=\"Las Vegas Sands Corporate Jet Tab Takes Off, Second Among S&P 500 Firms.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-17T00:21:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-17T21:46:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/lvs.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"819\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/\",\"url\":\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/\",\"name\":\"Sands Corporate Jet Expenses Quadrupled In 2022\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/lvs-e1705532340224.jpg\",\"datePublished\":\"2024-01-17T00:21:58+00:00\",\"dateModified\":\"2024-01-17T21:46:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Las Vegas Sands Corporate Jet Tab Takes Off, Second Among S&P 500 Firms.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/lvs-e1705532340224.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/lvs-e1705532340224.jpg\",\"width\":1200,\"height\":774,\"caption\":\"A Las Vegas Sands corporate jet takes off in Las Vegas. 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