FolioLantern
LVSLas Vegas Sands · Insider ownership research

Las Vegas Sands insiders sold $332M in the past 12 months. How much of their stake is that?

About 11% overall. As a group they still hold 96% of their starting shares. These figures leave out Robert Goldstein, the largest holder (most holdings were last confirmed in 2013).

Updated Oct 8, 2026 from SEC filings · covers Oct 9, 2025 to Oct 8, 2026
How this comparesMore of their stake sold than at 227 of the 311 other companies we can measure (#85 of 312)See ranking
0
buyers among officers and directors, past 12 months
0%
of sales were under disclosed trading plans, past 12 months
6 of 11
officers and directors sold shares, past 12 months
Recent activity · past 30 days, Sep 9, 2026 to Oct 8, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Apr 27, 2026Charles Forman sold 11K shares ($617K) with no plan disclosed. That is 6.1% of the total stake held that day.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Charles Forman
Director
11,400$54.096.1%176KApr 27, 2026Apr 29, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Is this normal? More than usual: about 69x the 5-year average. 6 insiders sold; the average is 1 a year. Year by year
Latest filing: Filed May 18 for a stock award on May 14. Charles Forman received an award of 3.9K shares. Filing
43 SEC ownership filings in the period · See the evidence

What stands out

Four officers sold $329M with no disclosed plan: Robert Goldstein ($287M), Patrick Dumont ($28.4M) and Zachary Hudson ($10.2M), plus 1 more. The filings don't state a reason.Robert Goldstein: largest such sale, Dec 17, 2025 · Patrick Dumont: largest such sale, Dec 1, 2025 · Zachary Hudson: largest such sale, Nov 7, 2025
Irwin Chafetz sold 30% of vested holdings: 30K shares for $2.1M, none under a disclosed plan.Largest sale, Dec 1, 2025

Percentages cover 7 of 11 officers and directors. 4 are left out

i
Left out: Patrick Dumont, Randy Hyzak and Zachary Hudson (most of their shares vested during the period, so a percentage would mislead); Robert Goldstein (most holdings were last confirmed in 2013).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period
Robert Goldstein
Chairman & CEO, Director
Sold 83% of the shares held or received (after tax withholding) during the period†. No bar against the starting stake: most of these shares arrived during the period.
$287MNo plan disclosed
Patrick Dumont
Chairman & CEO, Director
Sold 45% of the shares held or received (after tax withholding) during the period†. No bar against the starting stake: most of these shares arrived during the period.
$28.4MNo plan disclosed
Zachary Hudson
EVP and Global General Counsel
Sold 77% of the shares held or received (after tax withholding) during the period†. No bar against the starting stake: most of these shares arrived during the period.
$10.2MNo plan disclosed
Randy Hyzak
EVP & CFO
Sold 40% of the shares held or received (after tax withholding) during the period†. No bar against the starting stake: most of these shares arrived during the period.
$3.8MNo plan disclosed
Irwin Chafetz
Director
30% · $2.1MNo plan disclosed
All 6 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed
Oct 2025: $94.5M no plan disclosedOctNov 2025: $35.5M no plan disclosedNovDec 2025: $198M no plan disclosed$198MDecJanFebMar 2026: $3.3M no plan disclosedMarApr 2026: $617K no plan disclosedAprMayJunJulAugSepOct

Outside holders, reported separately

Miriam Adelson sold $5.3M in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Las Vegas Sands CEO selling stock?

Yes. Patrick Dumont sold 423K shares ($28.4M) in the past 12 months, none of it under a trading plan disclosed in the filings.

Why are Las Vegas Sands insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Las Vegas Sands insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Las Vegas Sands insiders sell?

About 11% overall. As a group they still hold 96% of their starting shares. These figures leave out Robert Goldstein, the largest holder (most holdings were last confirmed in 2013). That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold6 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Robert Goldstein
Chairman & CEO, Director
$287M
4.50M shares
83%†
i
† Most of the shares Robert Goldstein sold arrived during the period, so this is shares sold as a share of the 129K held at the start plus the 5.29M received, less 0 withheld by the company for taxes.
No plan disclosed
Patrick Dumont
Chairman & CEO, Director
$28.4M
423K shares
45%†
i
† Most of the shares Patrick Dumont sold arrived during the period, so this is shares sold as a share of the 447K held at the start plus the 525K received, less 37K withheld by the company for taxes.
No plan disclosed
Zachary Hudson
EVP and Global General Counsel
$10.2M
153K shares
77%†
i
† Most of the shares Zachary Hudson sold arrived during the period, so this is shares sold as a share of the 14K held at the start plus the 189K received, less 4.5K withheld by the company for taxes.
No plan disclosed
Randy Hyzak
EVP & CFO
$3.8M
58K shares
40%†
i
† Most of the shares Randy Hyzak sold arrived during the period, so this is shares sold as a share of the 53K held at the start plus the 92K received, less 0 withheld by the company for taxes.
No plan disclosed
Irwin Chafetz
Director
$2.1M
30K shares
30%No plan disclosed
Charles Forman
Director
$617K
11K shares
6.1%No plan disclosed

Outside holder, reported separately: Miriam Adelson (a 10% owner, not part of management). Sold $5.3M (78K shares) from Dec 16, 2025 to Dec 16, 2025. Latest filing

The full ownership picture11 of 11 insiders fully reconciled · 11 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 8, 2025SoldHeld Oct 8, 2026Still held
Patrick Dumont
Chairman & CEO, Director
447K−423K512Knot meaningful
Vesting, gifts, unvested awards and holding lines for Patrick Dumont
+525Kshares vested or exercised
0gifted (net of own trusts)
−37Kwithheld by the company for taxes
207K → 371Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock446,608511,942
Charles Forman
Director
188K−11K180K96%
Vesting, gifts, unvested awards and holding lines for Charles Forman
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock187,828180,376
Robert Goldstein
!
Most of this insider's holdings were last confirmed in 2013. Confirmed in the last three years: 722,057 shares. Not confirmed since: 3,572,303 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.
Chairman & CEO, Director
129K−4.50M722Ksee note
Vesting, gifts, unvested awards and holding lines for Robert Goldstein
+5.09Mshares vested or exercised
0gifted (net of own trusts)
404K → 0unvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock0397,197
Robert and Sheryl Goldstein TrustCommon Stock129,005324,860

Additional holdings last reported Dec 31, 2013, not confirmed since: 3,572,303 shares. Not included in any total or percentage on this page.

Irwin Chafetz
Director
101K−30K75K74%
Vesting, gifts, unvested awards and holding lines for Irwin Chafetz
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock100,94974,897
Randy Hyzak
EVP & CFO
53K−58K88Knot meaningful
Vesting, gifts, unvested awards and holding lines for Randy Hyzak
+92Kshares vested or exercised
0gifted (net of own trusts)
74K → 112Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock53,49987,641
Micheline Chau
Director
31K035Kno sales
Vesting, gifts, unvested awards and holding lines for Micheline Chau
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock31,34535,293
Muktesh Pant
Director
28K032Kno sales
Vesting, gifts, unvested awards and holding lines for Muktesh Pant
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock4,7468,694
Pant Family Revocable TrustCommon Stock23,00023,000

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
7,936$44.82Mar 10, 2035$74K

Estimate: options held × ($54.09 − strike price), using the most recent insider trade price on Form 4 (Apr 27, 2026), not a market close.

Lewis Kramer
Director
27K031Kno sales
Vesting, gifts, unvested awards and holding lines for Lewis Kramer
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock27,38831,336
Zachary Hudson
EVP and Global General Counsel
14K−153K45Knot meaningful
Vesting, gifts, unvested awards and holding lines for Zachary Hudson
+189Kshares vested or exercised
0gifted (net of own trusts)
−4.5Kwithheld by the company for taxes
82K → 159Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock13,73545,023

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
96,743$57.76Sep 29, 2029$0
400,000$34.28Dec 2, 2031$7.9M
510,157$48.63Dec 12, 2033$2.8M

Estimate: options held × ($54.09 − strike price), using the most recent insider trade price on Form 4 (Apr 27, 2026), not a market close.

Alain Li
Director
9K013Kno sales
Vesting, gifts, unvested awards and holding lines for Alain Li
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock8,98312,931

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
6,824$47.93Jan 21, 2034$42K

Estimate: options held × ($54.09 − strike price), using the most recent insider trade price on Form 4 (Apr 27, 2026), not a market close.

Mark Besca
Director
4.7K08.7Kno sales
Vesting, gifts, unvested awards and holding lines for Mark Besca
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock4,7468,694

11 of 11 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (11 exactly, 0 with a minor or footnoted difference). Percentages cover 7 of 11 officers and directors. Left out: Patrick Dumont, Randy Hyzak and Zachary Hudson (most of their shares vested during the period, so a percentage would mislead); Robert Goldstein (most holdings were last confirmed in 2013). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$332M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $332M across 5,175,627 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $332M

Sales with no 10b5-1 plan and no tax reference in the filing. $287M of it is Robert Goldstein. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Robert Goldstein, Dec 17, 2025

Taxes

41,199 shares ($2.2M) were withheld by the company for taxes, which isn't a market sale.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Robert Goldstein
Chairman & CEO, Director
4.50M$287M0%86%Oct 27, 2025 to Dec 17, 2025
Patrick Dumont
Chairman & CEO, Director
423K$28.4M0%9%Dec 1, 2025 to Mar 17, 2026
Zachary Hudson
EVP and Global General Counsel
153K$10.2M0%3%Nov 7, 2025 to Dec 1, 2025
Randy Hyzak
EVP & CFO
58K$3.8M0%1%Nov 25, 2025 to Nov 25, 2025
Irwin Chafetz
Director
30K$2.1M0%0.6%Dec 1, 2025 to Dec 1, 2025
Charles Forman
Director
11K$617K0%0.2%Apr 27, 2026 to Apr 27, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$94.5M$0$0$94.5M
Nov 2025$35.5M$0$0$35.5M
Dec 2025$198M$0$0$198M
Jan 2026$0$0$0$0
Feb 2026$0$0$0$0
Mar 2026$3.3M$0$0$3.3M
Apr 2026$617K$0$0$617K
May 2026$0$0$0$0
Jun 2026$0$0$0$0
Jul 2026$0$0$0$0
Aug 2026$0$0$0$0
Sep 2026$0$0$0$0
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 69x the 5-year average. 6 insiders sold; the average is 1 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 8, 2026
Latest 12 months
5.18M6$332M
Oct 8, 2025
1 year earlier
260K3$13.8M
Oct 8, 2024
2 years earlier
100K1$5.2M
Oct 9, 2023
3 years earlier
15K1$948K
Oct 9, 2022
4 years earlier
00$0
Oct 9, 2021
5 years earlier
00$0

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertaintyEvery officer and director reconciles

Every officer and director reconciles for this period.

Inferred rename: "Sheldon G. Adelson 2004 Two Year Annuity Trust" is treated as the same holder as "Sheldon G. Adelson 2004 Two Year LVSI Annuity Trust", because the old name was never reported again and the new one opened with the same balance (7,879,890 shares). Old name, new name

Inferred rename: "Adfam Investment Company LLC" is treated as the same holder as "an Adelson family investment vehicle", because the old name was never reported again and the new one opened with the same balance (12,566,710 shares). Old name, new name

Inferred rename: "other trusts for the benefit of one or more members of the Adelson family" is treated as the same holder as "a trust held for the benefit of the Reporting Person", because the old name was never reported again and the new one opened with the same balance (7,626,641 shares). Old name, new name

Inferred rename: "spouse's indirect ownership" is treated as the same holder as "spouse's indirect ownership in Trust A", because the old name was never reported again and the new one opened with the same balance (1,995,389 shares). Old name, new name

Inferred rename: "Sivan Ochshorn 2010 Grantor Trust u/d/t dated December 15, 2010" is treated as the same holder as "Sivan Ochshorn 2010 Grantor Trust", because the old name was never reported again and the new one opened with the same balance (13,707 shares). Old name, new name

Inferred rename: "Sivan Ochshorn 2010 Grantor Trust" is treated as the same holder as "a trust for the benefit of one or more members of the Adelson family", because the old name was never reported again and the new one opened with the same balance (13,707 shares). Old name, new name

Inferred rename: "Adfam Investment Company LLC" is treated as the same holder as "an Adelson family investment vehicle", because the old name was never reported again and the new one opened with the same balance (12,566,710 shares). Old name, new name

Inferred rename: "other trusts for the benefit of one or more members of the Adelson family not reported above" is treated as the same holder as "family member or trusts for benefit of one or more Adelson family members not reported above", because the old name was never reported again and the new one opened with the same balance (219,244,113 shares). Old name, new name

Inferred rename: "a trust for the benefit of one or more members of the Adelson family" is treated as the same holder as "Trust A for the benefit of one or more members of the Adelson family", because the old name was never reported again and the new one opened with the same balance (1,995,389 shares). Old name, new name

Inferred rename: "ESBT Y Trust" is treated as the same holder as "Trust N for the benefit of one or more members of the Adelson family", because the old name was never reported again and the new one opened with the same balance (7,342,516 shares). Old name, new name

Inferred typo: the share class "10% Series A Cumulative Perpetual Preferred Stpcl" is treated as the same class as "10% Series A Cumulative Perpetual Preferred Stock" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Sheldon Adelson, 5,250,000 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology679 filings from SEC EDGAR, and how we read them

All 679 Forms 3, 4 and 5 filed for Las Vegas Sands (SEC CIK 1300514) from Dec 14, 2004 to Sep 2, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (42)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
David LeviMay 15, 202322,362 shares, last reported balance as of May 11, 2023
Nora JordanMay 15, 202311,805 shares, last reported balance as of May 11, 2023
Charles KoppelmanMay 13, 202226,363 shares, last reported balance as of May 12, 2022
Yibing MaoMay 13, 20225,806 shares, last reported balance as of May 12, 2022
George JamiesonMay 14, 202115,679 shares, last reported balance as of May 13, 2021
Xuan YanMay 15, 20202,189 shares, last reported balance as of May 14, 2020
Sheldon AdelsonFeb 12, 20201,658,851,987 shares, last reported balance as of Dec 10, 2019
Lawrence JacobsSep 16, 2019No balance on record
Steven GerardJun 8, 20187,791 shares, last reported balance as of Jun 7, 2018
George TanasijevichOct 6, 201625,179 shares, last reported balance as of Dec 31, 2015
Jason AderJun 7, 201617,094 shares, last reported balance as of Jun 3, 2016
Stephanie MarzMar 4, 2016365 shares, last reported balance as of Feb 23, 2016
Ira RaphaelsonFeb 19, 201624,417 shares, last reported balance as of Nov 2, 2015
Michael LevenSep 22, 2015538,586 shares, last reported balance as of Sep 18, 2015
George MarkantonisApr 1, 20154,485 shares, last reported balance as of Mar 17, 2015
John CaparellaJun 30, 201415,680 shares, last reported balance as of Jun 27, 2014
Jeffrey SchwartzJun 6, 201463,171 shares, last reported balance as of Sep 17, 2013
Victor ChaltielJun 6, 20143,291 shares, last reported balance as of Jun 4, 2014
George KooMay 8, 201431,907 shares, last reported balance as of May 6, 2014
Irwin SiegelMar 7, 201415,650 shares, last reported balance as of Mar 5, 2014
General Trust under the Sheldon G. Adelson 2007 Friends & Family Trust u/d/t dated May 1, 2007Feb 14, 201487,718,918 shares, last reported balance as of Mar 13, 2013
Michael QuartieriAug 30, 2013No balance on record
Kenneth KayJul 1, 2013211 shares, last reported balance as of Jun 27, 2013
Chris CahillApr 3, 2012No balance on record
Edward TracyAug 5, 201178 shares, last reported balance as of Jul 27, 2011
Thomas ArasiFeb 9, 201175,000 shares, last reported balance as of Feb 7, 2011
Wing ChaoAug 6, 20107,730 shares, last reported balance as of Aug 4, 2010
Steven JacobsJun 29, 2010250,000 shares, last reported balance as of Jun 25, 2010
Gayle HymanJun 15, 2010No balance on record
Alberto Gonzalez-PitaFeb 25, 2010No balance on record
William WeidnerFeb 10, 20096,505,273 shares, last reported balance as of Feb 6, 2009
Bradley StoneFeb 10, 20095,605,436 shares, last reported balance as of Feb 6, 2009
Leonard DeangeloFeb 10, 20091,000 shares, last reported balance as of Feb 6, 2009
Timothy SteinNov 24, 20087,000 shares, last reported balance as of Nov 14, 2008
James PurcellJun 9, 20084,569 shares, last reported balance as of Jun 5, 2008
Andrew HeyerJun 9, 20086,415 shares, last reported balance as of Jun 5, 2008
Robert RozekMay 27, 2008548 shares, last reported balance as of May 23, 2008
Scott HenryApr 1, 200811,030 shares, last reported balance as of Mar 29, 2008
2002 Remainder Trust u/d/t dated October 1, 2002Feb 14, 200795,126,171 shares, last reported balance as of Dec 14, 2006
Bradley SerwinJun 15, 20065,869 shares, last reported balance as of Jun 15, 2006
Wesley AllisonJan 13, 2006No balance on record
Harry MiltenbergerSep 8, 200553,207 shares, last reported balance as of Sep 6, 2005