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Las Vegas Sands (LVS) investor relations material
Las Vegas Sands Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary23 Jul, 2025
Executive summary
Net revenue reached $3.18B, up 15% year-over-year, with net income of $519M and record Marina Bay Sands EBITDA of $768M, up 40% year-over-year and 97% above 2019 levels, driven by strong mass gaming and slot performance.
Macao adjusted property EBITDA was $566M, with management implementing aggressive reinvestment to regain market share amid increased competition.
Major suite capacity expansions and renovations were completed at Marina Bay Sands and The Londoner Macao, enhancing offerings for high-value customers.
$800M in share repurchases and $0.25 per share dividend paid, with increased ownership in Sands China Ltd. to 73.4%.
Strong liquidity position with $3.45B in cash and significant available borrowing capacity.
Financial highlights
Net revenue for Q2 2025 was $3.18B, up from $2.76B in Q2 2024; operating income increased to $783M from $591M; net income grew to $519M from $424M.
Adjusted property EBITDA reached $1.33B, up 24% year-over-year; consolidated EBITDA margin was 42.0%.
Marina Bay Sands EBITDA margin was 55.3%, with mass gaming and slot win totaling $843M, up 40% year-over-year.
Macao's adjusted EBITDA margin was 31.3%, with mass win up 2% year-over-year.
$800M in share repurchases and $175M in dividends paid in Q2 2025.
Outlook and guidance
Management expects continued EBITDA growth in Macao and Singapore, leveraging recent capital investments and expanding travel and tourism in Asia.
Marina Bay Sands is expected to achieve $2.5B in annual EBITDA if current trends persist.
Focus remains on maximizing shareholder returns and pursuing new market opportunities, with sufficient liquidity to support ongoing operations and projects.
The Londoner is in early ramp-up, with further yield and revenue growth anticipated as customer experience matures.
How did high hold impact Macao EBITDA?
Explain the use of senior note proceeds.
What is the Marina Bay Sands expansion status?
Assess Macau's reinvestment program impact.
MBS's sustainable EBITDA level forecast?
Discuss Thailand's casino opportunity.
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Next Las Vegas Sands earnings date
Q3 202522 Oct, 2025
Next Las Vegas Sands earnings date
Q3 202522 Oct, 2025
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Frequently asked questions
Las Vegas Sands Corp., develops, owns, and operates integrated resorts in Asia and the United States. It also manages gaming operations in Macau, Singapore, and Bethlehem, Pennsylvania; manufactures slot machines; and provides online support services that assist customers from around the world to play casino games using personal computers and mobile devices. The company's Las Vegas Sands Corp. Venetian Macao Resort Hotel is located on the Cotai Strip of Macau; Venetian Macao LLC (Venetian) manages the property and Venetian Hospitality Ltd. (VHL) leases and operates it for a fee. Las Vegas Sands Corp. is based in Las Vegas, Nevada.
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