This position uses the Covered Calls Advisor's Dividend Capture Strategy since Las Vegas Sands has an upcoming quarterly ex-dividend of $.30 per share on May 5th which is prior to the May 15th options expiration date. This is equivalent to an absolute annual dividend yield of 2.2% and an equivalent annualized dividend yield of 11.4% = [($.30/$53.46) x (365/18 days to expiration)]. This dividend is included in the detailed return-on-investment calculations below. Either an early assignment on May 4th (the last trading day prior to the ex-dividend date) or on the May 15th options expiration date would be desirable given the potential annualized return on investments for either outcome. Importantly to the Covered Calls Advisor, there is no quarterly earnings report prior to the options expiration date since the next earnings report on July 22nd, 2026 is more than two months after the May 15th options expiration date.
Las Vegas Sands Corporation (LVS) -- New Covered Calls Position
Las Vegas Sands Corporation operates a capital-intensive “integrated resort” model, generating revenue primarily from casino gaming alongside hotels, conventions, retail, dining, and entertainment, with a strong focus on high-end and premium mass customers in Asia. The company is geographically concentrated in Macau (China) and Singapore (having sold its Las Vegas property in 2022). Their flagship properties like Marina Bay Sands and their Macau portfolio (5 properties) drive the majority of cash flow and growth. Its competitive position is anchored by scarce gaming licenses and regulatory barriers—most notably a duopoly in Singapore and leading market share (~24%) in Macau—which create a durable moat and high margins. Relative to peers such as MGM Resorts International and Wynn Resorts, LVS emphasizes large-scale, high-return Asian assets that produce superior EBITDA margins and cash flow generation. However, its competitive strength is balanced by key risks, including heavy reliance on Asian markets, regulatory exposure, and high financial leverage inherent in its asset-heavy resort development strategy.
Las Vegas Sands passed all 18 criteria in my "Key Metrics for Comparing Companies" stock screener, which places it in the top 2% of the major U.S. companies considered in this stock screener. The average target price of the 18 analysts following Las Vegas Sands is $69.26 which is +29.6% above today's stock purchase price. The stock screener criteria and the actual numbers for LVS are shown in the filter breakdown in the table below:
As detailed below, two potential return-on-investment results are:
- +1.0% absolute return (equivalent to +61.0% annualized return-on-investment for the next 8 days) if the stock is assigned early (on the last business day prior to the May 5th ex-dividend date); or
- +1.9% absolute return (equivalent to +39.2% annualized return-on-investment over the next 18 days) if the stock is assigned on the May 15th, 2026 options expiration date.
As shown on the table at the bottom of this post, all nine criteria of my Dividend Capture Strategy are met with this position. Even if the Las Vegas Sands stock price declines somewhat during the next 18 days until the options expiration date, if the stock closes above the $51.00 strike price, then a very satisfactory annualized-return-on-investment of +39.2% will be achieved. The probability that these Call options will expire in-the-money on the options expiration date was 72.3% when this position was established.
The buy/write transaction was:
4/27/2026 Bought 400 Las Vegas Sands shares @ $53.464/27/2026 Sold 4 LVS 5/15/2026 $51.00 Call options @ $3.44 per share.
Note: Implied Volatility (IV) of the Call options was at 35.2 when this position was transacted which, as preferred, is above the current VIX of 18.5.
5/5/2026 Upcoming quarterly ex-dividend of $.30 per share.
Two possible overall performance results (including commissions) for this Las Vegas Sands Corp. Covered Calls position are as follows:
Covered Calls Net Investment: $20,130.68
= ($53.46 - $3.14) * 400 shares + $2.68 commission
Net Profit Components:
(a) Options Income: +$1,253.32
= ($3.14 * 400 shares) - $2.68 commission
(b) Dividend Income (If LVS Call options exercised early on May 4th, 2026, the last business day prior to the May 5th ex-div date): +$0.00; or
(b) Dividend Income (If LVS stock assigned at the May 15th, 2026 options expiration): +$120.00
= ($.30 dividend per share x 400 shares)
(c) Capital Appreciation (If Las Vegas Sand's Call options assigned early on May 5th, 2026): -$984.00
+($51.00 strike price - $53.46 stock purchase price) * 400 shares; or(c) Capital Appreciation (If shares assigned at $51.00 strike price at the 5/15/2026 options expiration): -$984.00
+($51.00 - $53.46) * 400 shares
1. Total Net Profit [If option exercised early (business day prior to the May 5th ex-dividend date)]: +$269.32
= (+$1,253.32 options income + $0.00 dividend income - $984.00 capital appreciation); or
2. Total Net Profit (If LVS's shares assigned at $51.00 at the May 15th, 2026 expiration): +$389.32
= (+$1,253.32 options income + $120.00 dividend income - $984.00 capital appreciation)
1. Potential Absolute Return-on-Investment [If option exercised on business day prior to the 5/5/2026 ex-dividend date]: +1.3%
= +$269.32/$20,130.68
Potential Annualized Return (If option exercised early): +61.0%
= (+$269.32/$20,130.68) * (365/8 days); or
2. Potential Absolute Return-on-Investment (If LVS's shares assigned on the May 15th options expiration date): +1.9%
= +$389.32/$20,130.68
Potential Annualized Return (If Las Vegas Sand's shares assigned at $51.00 at the 5/15/2026 options expiration date): +39.2%
= (+$389.32/$20,130.68) * (365/18 days)
Either outcome provides an attractive return-on-investment result for this Las Vegas Sands investment. These returns will be achieved as long as the stock is above the $51.00 strike price at assignment. However, if the stock declines below the strike price, the breakeven price of $50.02 ($53.46 - $3.14 - $.30) provides 6.4% downside protection below today's stock purchase price.
At least eight of the nine metrics used in the Covered Calls Advisor's Dividend Capture Strategy spreadsheet (see below) must be 'YES' prior to establishing a new Covered Calls position using the Covered Calls Advisor's Dividend Capture strategy. As shown below, all nine criteria are achieved for this Las Vegas Sands Corporation Covered Calls position.
