NYSE Shariah screener · October 2026
Is Las Vegas Sands Corp. (LVS) Halal?
Las Vegas Sands Corp. · NYSE: LVS · Consumer Discretionary
The short answer
Las Vegas Sands fails the Shariah business-activity gate: casino gambling is the core business (75.2% of FY2025 net revenues). Debt of $15,784 million is 66.4% of its ~$23.76 billion market cap (over the 33% ceiling); interest income of $161 million is 1.24% of revenue.
Gate 1 — Business activity: FAIL
Gate 1 — business activity: FAIL. Las Vegas Sands Corp., per its FY2025 Form 10-K (filed February 6, 2026), is a leading global developer and operator of destination Integrated Resorts featuring premium accommodations and world-class gaming - in Macao through a 74.8% stake in Sands China (The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao) and in Singapore (Marina Bay Sands). It holds one of six Macao gaming concessions (expiring December 31, 2032) and one of two Singapore casino concessions.
Casino gambling is the core business: FY2025 casino revenue was $9,789 million of net revenues of $13,017 million - 75.2% from casino gaming, which the company describes as its most profitable segment. Operating casinos is a non-permissible business activity. The business fails gate 1.
Gate 2 — Debt and cash: FAIL
Gate 2 — interest-bearing debt: FAIL (66.4%, ceiling 33%). Per Las Vegas Sands' FY2025 Form 10-K consolidated balance sheet, current maturities of long-term debt were $1,128 million and long-term debt $14,656 million - total debt of about $15,784 million.
$15,784 million against a market capitalization of about $23.76 billion (live, October 2, 2026; NYSE: LVS) is about 66.4%, well over the 33% ceiling. The debt gate fails independently.
Gate 3 — Non-compliant income: PASS
Gate 3 — non-compliant income: PASS (1.24%, ceiling 5%). Las Vegas Sands' FY2025 Form 10-K reports interest income of $161 million against net revenues of $13,017 million - about 1.24%, under the 5% ceiling.
The income gate passes, but the result is moot given the business-gate and debt-gate failures.
Key figures used
- Business: global Integrated Resorts developer/operator — Macao (Venetian/Londoner/Parisian/Plaza/Four Seasons via 74.8% of Sands China) + Singapore (Marina Bay Sands); Las Vegas properties sold 2022
- Haram assessment: casino gambling is the core business — FY2025 casino revenue $9,789M of $13,017M net revenues = 75.2%; Macao concession to Dec 31, 2032 — fails business-activity gate
- Debt: $1,128M current maturities + $14,656M long-term = $15,784M (FY2025 10-K) ÷ ~$23.76B market cap (live, Oct 2, 2026) = 66.4% — over the 33% ceiling
- Interest income: $161M ÷ $13,017M net revenues = 1.24% — under the 5% ceiling (moot)
- Market data: NYSE-listed (LVS); actively listed, confirmed October 2, 2026; Finnhub XNYS live quote; no delisting
- Third-party: Zoya flags LVS not Shariah-compliant (Sept 2026) — consistent with this FAIL; no verifiable Musaffa or ShariaPortfolio rating
Frequently asked questions
What does Las Vegas Sands do?
Las Vegas Sands Corp. (NYSE: LVS) is a global developer and operator of Integrated Resorts. Per its FY2025 Form 10-K, it operates premium properties featuring accommodations and world-class gaming in Macao (The Venetian, The Londoner, The Parisian, The Plaza and Four Seasons Macao, through a 74.8% stake in Sands China) and Singapore (Marina Bay Sands). It holds one of six Macao gaming concessions (to December 31, 2032) and one of two Singapore casino concessions. It sold its Las Vegas properties in 2022.
Is Las Vegas Sands' business Shariah compliant?
No - Las Vegas Sands fails the business-activity gate. Casino gambling is the core business: FY2025 casino revenue was $9,789 million of net revenues of $13,017 million - 75.2% from casino gaming, which the company calls its most profitable segment (mass market). Operating casinos is a non-permissible business activity under this screener's first gate.
How much interest-bearing debt does Las Vegas Sands have?
Las Vegas Sands' FY2025 Form 10-K reports current maturities of long-term debt of $1,128 million plus long-term debt of $14,656 million - total debt of about $15,784 million. Against a market capitalization of about $23.76 billion (live, October 2, 2026), that is about 66.4% - well over the 33% ceiling. The debt gate fails independently of the business-gate failure.
How much interest income does Las Vegas Sands earn?
Las Vegas Sands' FY2025 Form 10-K reports interest income of $161 million against net revenues of $13,017 million - about 1.24%, under the 5% non-compliant income ceiling. The income gate passes, but the result is moot given the business-gate and debt-gate failures.
What do third-party Shariah screeners say about Las Vegas Sands?
Zoya flags LVS as not Shariah-compliant (September 2026), citing the same $161 million / 1.24% figures - consistent with this page's FAIL. I could not verify a Musaffa rating page for LVS or a per-ticker ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules - always check the latest screening before investing.
Sources
- Las Vegas Sands FY2025 Form 10-K — full filing text (filed Feb 6, 2026; file no. 001-32373)
- PortfoliosLab — Las Vegas Sands (LVS) live market data (market cap ~$23.76B, Oct 2, 2026)
- Finnhub — Las Vegas Sands financial market data (XNYS, live quote Oct 2, 2026)
- Zoya — Las Vegas Sands (LVS) Shariah compliance page (not Shariah-compliant, Sept 2026)
Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).