Progress on the company's 2021-2025 ambitions in emissions reduction, workforce development and community service contributions highlight the reporting cycle's midpoint review.
LAS VEGAS, July 9, 2024 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS) has released its latest environmental, social and governance (ESG) report, outlining the company's 2023 progress on the corporate responsibility priorities established for its 2021-2025 reporting period. Sands is on track to meet or has surpassed the targets set for its three primary ambitions in the areas of emissions reduction, workforce development and community volunteerism.
Aiming toward its 2025 ambition of reducing emissions by 17.5%, the company logged a 50% emissions reduction from a 2018 baseline in 2023. Sands has now spent $181 million toward its ambition to invest $200 million in workforce development by 2025 and logged 222,823 hours toward its 2025 community volunteerism ambition, which was originally established at 150,000 hours. In the 2023 ESG Report, the company announced a new community service target to contribute 250,000 volunteer hours by 2025.
Along with solid ESG progress, last year marked a number of major milestones for Sands, including Sands China's relicensing in Macao; celebrating the official grand opening of The Londoner Macao, a $2 billion redesign of the former Sands Cotai Central integrated resort; and completing the majority of the $1 billion phase one renovation at Marina Bay Sands. In addition, the company received Leadership in Energy and Environmental Design (LEED) Gold Certification for its new Las Vegas corporate headquarters, which opened in 2023.
Amid these endeavors, Sands made significant progress in multiple areas under the People, Communities and Planet pillars of its corporate responsibility program in 2023.
People – Aiming to invest $200 million in workforce development by 2025, Sands spent $68 million to advance Team Members and local talent in the hospitality industry in 2023, for a total of $181 million invested since 2021. Funding has supported Team Member training and development programs and local workforce and hospitality industry initiatives, such as the $1 million Sands Hospitality Scholarship Program in Singapore.
Separate of the workforce development investment, Sands spent $2 billion in 2023 to procure goods and services from local businesses and small and medium enterprises (SMEs) around the world, contributing to its regions' economic health and helping sustain job opportunities.
In support of the company's commitment to investing in local businesses and SMEs, Sands China launched the Sands Innovation Challenge and Sands Resorts Incubation Centre, which cultivate technology innovation among Macao entrepreneurs. Sands also held procurement academies for local businesses on Long Island where the company aims to build its next world-class integrated resort.
Communities – In 2023, the company updated its original 2025 ambition to contribute 150,000 Team Member volunteer hours to community organizations after surpassing that target at the end of 2022 due to intensive support for pandemic-related initiatives along with core Sands Cares volunteer programs. Aiming toward its new 2025 goal of contributing 250,000 Team Member volunteer hours to communities, Sands reported 222,823 cumulative volunteer hours from 2021-2023. The company is well on its way to meeting the ambition, which supports its overarching commitment to ensuring host communities remain great places to live, work and visit.
Sands' Communities pillar priorities include helping alleviate hardship for disadvantaged populations and people experiencing crises; investing in capacity-building programs for local nonprofits; supporting initiatives to advance its regions' unique arts and cultural offerings; and working to build a thriving workforce of the future through education. In 2023, three global Sands Cares programs continued to unite the company's regions around community impact, with execution of the 10th Sands Cares Global Hygiene Kit Build and the second Sands Cares Global Food Kit Build, as well as completion of the Sands Cares Accelerator's seventh year of incubating the strategic initiatives of invited nonprofit members in Las Vegas, Macao and Singapore.
Planet – Though business returned to pre-pandemic levels in 2023, greenhouse gas emissions remained significantly below the 2018 baseline with a 50% reduction logged in 2023. Resort visitation grew by 123% in 2023 compared to 2022, and, therefore, energy consumption increased in multiple areas, including fuel use for heating and cooking as well as operation of the Cotai Jet ferry service in Macao. However, Sands achieved the significant reduction in emissions thanks to its persistent approach to energy efficiency projects and commitment to renewable energy certificate purchases.
In addition to continuing to surpass emissions as well as water use reduction targets in 2023, the company pursued aggressive efforts to reduce food waste and transition plastics and packaging to sustainable materials. Beyond execution on core environmental priorities in the areas of low-carbon transition, waste, materials and resources, and water stewardship, the Sands ECO360 team remained focused on developing a coordinated strategy for protecting biodiversity, which has been addressed as part of the company's water stewardship and sustainable sourcing initiatives.
"At this midpoint juncture, we are satisfied with the progress on our ambitions and targets but continue to drive hard on all initiatives, especially in areas where we want to increase our impact," Katarina Tesarova, senior vice president and chief sustainability officer, said. "As we look toward our 2025 targets and beyond, we are firmly committed to maintaining strong ESG performance in all aspects of our business."
Underscoring Sands' performance in 2023, the company was named one of Fortune's World's Most Admired Companies in the news outlet's 2024 list of the most respected and reputable global businesses. That designation followed recognition on Newsweek's 2024 America's Most Responsible Companies list and the 2023 Dow Jones Sustainability World and North America Indices.
For detailed information on Sands' accomplishments under the People, Communities and Planet pillars, read the 2023 ESG Report: https://www.sands.com/content/uploads/2024/06/LVS-ESG-Report-2023.pdf
About Sands (NYSE: LVS)
Sands is the world's preeminent developer and operator of world-class integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Plaza Macao, The Londoner Macao, The Parisian Macao and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Contacts:
Kristin Koca
Sands
702.923.9142
Kristin.Koca@sands.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/sands-releases-its-2023-environmental-social-and-governance-report-302186299.html
SOURCE Las Vegas Sands Corp.
