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Sands China (1928) investor relations material
Sands China H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary15 Aug, 2025
Executive summary
Adjusted property EBITDA fell 5.9% year-over-year to US$1.10 billion for H1 2025, with net revenues down 1.7% to US$3.49 billion and profit dropping 23.7% to US$413 million, mainly due to lower casino and food and beverage revenues amid heightened competition in Macao.
The Londoner Grand conversion was completed, adding 2,405 rooms and suites, marking Macao's first Marriott International Luxury Collection hotel, with a total project cost of US$1.2 billion.
Interim dividend of HK$0.25 per share (US$0.032) declared, totaling US$258 million, payable September 2025.
Financial highlights
Casino revenues decreased 3.0% year-over-year to US$2.62 billion, with notable declines at The Venetian Macao and The Parisian Macao, partially offset by growth at The Londoner Macao.
Room revenues rose 3.3% to US$406 million, driven by higher occupancy and revenue per available room.
Mall revenues increased 7.8% to US$249 million, primarily from higher overage and base rents.
Food and beverage revenues fell 8.9% to US$123 million.
Operating expenses rose 1.5% to US$2.91 billion, mainly due to higher employee benefits, FX losses, and depreciation.
Net cash generated from operations was US$937 million, down from US$1.04 billion in H1 2024.
Net finance costs decreased 11.4% to US$195 million, reflecting lower borrowings and interest rates.
Earnings per share were US5.10 cents (basic and diluted), down from US6.69 cents in H1 2024.
Outlook and guidance
The company will continue to reinvest in its integrated resort portfolio, focusing on enhancing hotels, restaurants, MICE space, and gaming areas to remain competitive.
Management expects sufficient liquidity and borrowing capacity to meet financial covenants and fund working capital and capital expenditures, supported by US$985 million in cash and US$2.48 billion in available credit.
Macao visitation from mainland China rose 19.3% and gross gaming revenue increased 4.4% year-over-year for H1 2025.
Explain the decrease in casino revenues.
Assess the impact of LVS Term Loan repayment.
How does VML ensure concession investment compliance?
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Next Sands China earnings date
H2 202520 Feb, 2026
Next Sands China earnings date
H2 202520 Feb, 2026
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Frequently asked questions
Sands China Ltd. is a Macau-based integrated resort developer and operator, focused on providing a range of hospitality, gaming, and entertainment services. The company’s portfolio includes large-scale resorts that combine casino gaming with luxury hotels, retail, dining, convention facilities, and entertainment venues. Serving both leisure and business travelers, Sands China contributes to Macau’s tourism industry with properties that cater to diverse experiences, from luxury shopping to world-class entertainment events. The company is headquartered in Macau, China, and its shares are listed on the Hong Kong Stock Exchange.
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