We establish a Hard Lefschetz Theorem for the de Rham cohomology of compact Vaisman manifolds. A similar result is proved for the basic cohomology with respect to the Lee vector field. Motivated by these results, we introduce the notions of a Lefschetz and of a basic Lefschetz locally conformal symplectic (l.c.s.) manifold of the first kind. We prove that the two notions are equivalent if there exists a Riemannian metric such that the Lee vector field is unitary and parallel and its metric dual 1-form coincides with the Lee 1-form. Finally, we discuss several examples of compact l.c.s. manifolds of the first kind which do not admit compatible Vaisman metrics. 2010 Mathematics Subject Classification. Primary 53C25, 53C55, 53D35. (J.C.M.) and by Prin 2010/11 -Varietà reali e complesse: geometria, topologia e analisi armonica -Italy (B.C.M.), and by the exploratory research project in the frame of Programa Investigador FCT IF/00016/2013 (I.Y.). J.C.M. acknowledges the Centre for Mathematics of the University of Coimbra in Portugal for its support and hospitality in a visit where a part of this work was done.