Las Vegas Sands Reports Second Quarter 2025 Results
Las Vegas Sands (NYSE:LVS) reported strong Q2 2025 financial results with net revenue of $3.18 billion, up from $2.76 billion year-over-year, and net income of $519 million compared to $424 million in Q2 2024. The company's consolidated adjusted property EBITDA reached $1.33 billion, with Marina Bay Sands contributing $768 million and Macao operations adding $566 million.
Notable highlights include an $800 million share repurchase program (approximately 20 million shares at $39.59 per share) and a quarterly dividend of $0.25 per share. The company maintains strong liquidity with $3.45 billion in unrestricted cash and access to $4.45 billion in credit facilities. LVS also completed several debt refinancing activities, including issuing $1.50 billion in senior notes and securing additional term loan facilities in Singapore and Macao.
Las Vegas Sands (NYSE:LVS) ha riportato solidi risultati finanziari nel secondo trimestre del 2025 con un ricavo netto di 3,18 miliardi di dollari, in aumento rispetto ai 2,76 miliardi dell'anno precedente, e un utile netto di 519 milioni di dollari rispetto ai 424 milioni del secondo trimestre 2024. L'EBITDA consolidato rettificato delle propriet脿 ha raggiunto 1,33 miliardi di dollari, con Marina Bay Sands che ha contribuito con 768 milioni e le operazioni di Macao con 566 milioni.
Tra i punti salienti, un programma di riacquisto azionario da 800 milioni di dollari (circa 20 milioni di azioni a 39,59 dollari per azione) e un dividendo trimestrale di 0,25 dollari per azione. L'azienda mantiene una solida liquidit脿 con 3,45 miliardi di dollari in contanti non vincolati e accesso a linee di credito per 4,45 miliardi. LVS ha inoltre completato diverse operazioni di rifinanziamento del debito, tra cui l'emissione di 1,50 miliardi di dollari in obbligazioni senior e l'ottenimento di ulteriori finanziamenti a termine a Singapore e Macao.
Las Vegas Sands (NYSE:LVS) report贸 s贸lidos resultados financieros en el segundo trimestre de 2025 con un ingreso neto de 3.18 mil millones de d贸lares, superior a los 2.76 mil millones del a帽o anterior, y un ingreso neto de 519 millones de d贸lares comparado con 424 millones en el segundo trimestre de 2024. El EBITDA ajustado consolidado de las propiedades alcanz贸 1.33 mil millones de d贸lares, con Marina Bay Sands aportando 768 millones y las operaciones en Macao sumando 566 millones.
Entre los aspectos destacados se incluye un programa de recompra de acciones de 800 millones de d贸lares (aproximadamente 20 millones de acciones a 39.59 d贸lares por acci贸n) y un dividendo trimestral de 0.25 d贸lares por acci贸n. La empresa mantiene una fuerte liquidez con 3.45 mil millones de d贸lares en efectivo sin restricciones y acceso a l铆neas de cr茅dito por 4.45 mil millones. LVS tambi茅n complet贸 varias actividades de refinanciamiento de deuda, incluyendo la emisi贸n de 1.50 mil millones de d贸lares en bonos senior y la obtenci贸n de pr茅stamos a plazo adicionales en Singapur y Macao.
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欤茧頃� 毵岉暅 靷暛鞙茧電� 鞎� 2觳滊 欤茧ゼ 欤茧嫻 39.59雼煬鞐� 毵れ瀰頃橂姅 8鞏� 雼煬 攴滊鞚� 鞛愳偓欤� 毵れ瀰 頂勲攴鸽灗瓿� 欤茧嫻 0.25雼煬鞚� 攵勱赴 氚半嫻旮�鞚� 鞛堨姷雼堧嫟. 須岇偓電� 34鞏� 5觳滊 雼煬鞚� 鞝滍暅 鞐嗠姅 順勱笀瓿� 44鞏� 5觳滊 雼煬鞚� 鞁犾毄 鞁滌劋 鞝戧芳 甓岉暅鞚� 氤挫湢頃橂┌ 臧曤牓頃� 鞙犽彊靹膘潉 鞙犾頃橁碃 鞛堨姷雼堧嫟. LVS電� 霕愴暅 15鞏� 雼煬 攴滊鞚� 靹犾垳鞙� 毂勱秾 氚滍枆瓿� 鞁标皜韽ゴ 氚� 毵堨勾鞓れ棎靹� 於旉皜 旮瓣皠 雽�於� 鞁滌劋 頇曤炒毳� 韽暔頃� 鞐煬 攵�毂� 鞛湹鞛� 頇滊彊鞚� 鞕勲頄堨姷雼堧嫟.
Las Vegas Sands (NYSE:LVS) a annonc茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025 avec un chiffre d'affaires net de 3,18 milliards de dollars, en hausse par rapport 脿 2,76 milliards l'ann茅e pr茅c茅dente, et un b茅n茅fice net de 519 millions de dollars contre 424 millions au T2 2024. L'EBITDA ajust茅 consolid茅 des propri茅t茅s a atteint 1,33 milliard de dollars, avec Marina Bay Sands contribuant 脿 hauteur de 768 millions et les op茅rations de Macao ajoutant 566 millions.
Parmi les points forts, un programme de rachat d'actions de 800 millions de dollars (environ 20 millions d'actions 脿 39,59 dollars par action) et un dividende trimestriel de 0,25 dollar par action. L'entreprise maintient une forte liquidit茅 avec 3,45 milliards de dollars en liquidit茅s non restreintes et un acc猫s 脿 des facilit茅s de cr茅dit de 4,45 milliards. LVS a 茅galement finalis茅 plusieurs op茅rations de refinancement de dette, incluant l'茅mission de 1,50 milliard de dollars en obligations senior et l'obtention de pr锚ts 脿 terme suppl茅mentaires 脿 Singapour et Macao.
Las Vegas Sands (NYSE:LVS) meldete starke Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Nettoerl枚s von 3,18 Milliarden US-Dollar, gegen眉ber 2,76 Milliarden US-Dollar im Vorjahreszeitraum, und einem Nettoeinkommen von 519 Millionen US-Dollar im Vergleich zu 424 Millionen US-Dollar im zweiten Quartal 2024. Das konsolidierte bereinigte EBITDA der Immobilien erreichte 1,33 Milliarden US-Dollar, wobei Marina Bay Sands 768 Millionen und die Macau-Operationen 566 Millionen beitrugen.
Zu den bemerkenswerten Highlights geh枚rt ein Aktienr眉ckkaufprogramm im Wert von 800 Millionen US-Dollar (ca. 20 Millionen Aktien zu je 39,59 US-Dollar) sowie eine Quartalsdividende von 0,25 US-Dollar je Aktie. Das Unternehmen verf眉gt 眉ber eine starke Liquidit盲t mit 3,45 Milliarden US-Dollar an uneingeschr盲nkten Barmitteln und Zugang zu Kreditfazilit盲ten in H枚he von 4,45 Milliarden US-Dollar. LVS hat zudem mehrere Schuldenrefinanzierungen abgeschlossen, darunter die Ausgabe von 1,50 Milliarden US-Dollar Senior Notes und die Sicherung zus盲tzlicher Terminkreditfazilit盲ten in Singapur und Macau.
- Net revenue increased 15.2% year-over-year to $3.18 billion
- Net income grew 22.4% to $519 million compared to Q2 2024
- Record performance at Marina Bay Sands with $768 million in Adjusted Property EBITDA
- Strong share repurchase program with $800 million executed in Q2
- Increased ownership in Sands China Ltd to 73.4%
- Successful refinancing activities strengthening debt structure
- Interest expense increased to $194 million from $186 million year-over-year
- Total debt outstanding reached $15.68 billion
- Sands China Ltd net income decreased to $214 million from $246 million in Q2 2024
Insights
LVS delivered strong Q2 2025 results with record performance in Singapore, significant share repurchases, and solid growth across key metrics.
Las Vegas Sands reported impressive Q2 2025 results with
Marina Bay Sands in Singapore emerged as the standout performer, generating
Macao operations contributed
The company demonstrated strong commitment to shareholder returns by repurchasing
LVS continues to manage its capital structure strategically, issuing
For the quarter ended June 30, 2025
- Net Revenue of
$3.18 billion $519 million - Consolidated Adjusted Property EBITDA of
$1.33 billion - Macao Adjusted Property EBITDA of
$566 million - High Hold on Rolling Play in Macao Positively Impacted Adjusted Property EBITDA by
$7 million
- High Hold on Rolling Play in Macao Positively Impacted Adjusted Property EBITDA by
- Marina Bay Sands Adjusted Property EBITDA of
$768 million - High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by
$107 million
- High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by
- LVS Repurchased
$800 million
"We remain enthusiastic about our opportunities to deliver industry-leading growth in both
"In Macao, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of
"In Singapore, Marina Bay Sands once again delivered record financial and operating performance.听 Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in
"Our financial strength and industry-leading cash flow continue to support our investment and capital expenditure programs in both
"We repurchased
Net revenue was
Consolidated adjusted property EBITDA was
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was
Our effective income tax rate for the second quarter of 2025 was
Stockholder Returns
During the second quarter of 2025, we repurchased
During the second quarter of 2025 and through July 23, 2025, we purchased
We paid a quarterly dividend of
Balance Sheet Items
Unrestricted cash balances as of June 30, 2025 were
The company has access to
On May 6, 2025, the company issued, in an underwritten public offering, two series of senior unsecured notes in an aggregate principal amount of
Additionally, during the quarter, the company drew down
The company drew down
Capital Expenditures
Capital expenditures during the second quarter totaled
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 23, 2025, at 1:30 p.m. Pacific Time.听 Interested parties may listen to the conference call through a webcast available on the company's website at .
About Sands (NYSE: )听
Sands is the leading global developer and operator of integrated resorts.听 The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes 庐 in
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet.听 The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America.听 To learn more, visit .
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.听 These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.听 In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "expects," "intends," "look forward to," "plans," "positions," "remains," "seeks," "will" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.听 Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct.听 These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements.听 These factors include, but are not limited to, the risks associated with: our gaming license in
Las Vegas Sands Corp.
Second Quarter 2025 Results
Non-GAAP Financial Measures
Within the company's second quarter 2025 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures.听 The company believes these measures represent important internal measures of financial performance.听 Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.听 The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP.听 The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance.听 These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax.听 Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results.听 These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes.听 Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.听 Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.听 In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations.听 Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP.听 The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income tax payments, which are not reflected in consolidated adjusted property EBITDA.听 Not all companies calculate adjusted property EBITDA in the same manner.听 As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
听
Exhibit 1 | ||||||||
Las Vegas Sands Corp. and Subsidiaries | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
(In millions, except per share data) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Revenues: | ||||||||
听 Casino | $听听听听听听听 2,415 | $听听听听听听听 2,035 | $听听听听听听听 4,542 | $听听听听听听听 4,263 | ||||
听 Rooms | 345 | 313 | 669 | 643 | ||||
听 Food and beverage | 147 | 148 | 288 | 298 | ||||
听 Mall | 187 | 174 | 373 | 348 | ||||
听 Convention, retail and other | 81 | 91 | 165 | 168 | ||||
Net revenues | 3,175 | 2,761 | 6,037 | 5,720 | ||||
Operating expenses: | ||||||||
听 Resort operations | 1,846 | 1,691 | 3,569 | 3,449 | ||||
听 Corporate | 69 | 69 | 142 | 147 | ||||
听 Pre-opening | 9 | 3 | 13 | 6 | ||||
听 Development | 69 | 61 | 138 | 114 | ||||
听 Depreciation and amortization | 371 | 316 | 733 | 636 | ||||
听 Amortization of leasehold interests in land | 20 | 14 | 35 | 30 | ||||
Loss on disposal or impairment of assets | 8 | 16 | 15 | 30 | ||||
2,392 | 2,170 | 4,645 | 4,412 | |||||
Operating income | 783 | 591 | 1,392 | 1,308 | ||||
Other income (expense): | ||||||||
听 Interest income | 42 | 80 | 84 | 151 | ||||
听 Interest expense, net of amounts capitalized | (194) | (186) | (368) | (368) | ||||
Other income (expense) | (22) | 11 | (23) | 5 | ||||
Loss on modification or early retirement of debt | 鈥� | 鈥� | (5) | 鈥� | ||||
Income before income taxes | 609 | 496 | 1,080 | 1,096 | ||||
Income tax expense | (90) | (72) | (153) | (89) | ||||
Net income | 519 | 424 | 927 | 1,007 | ||||
Net income attributable to noncontrolling interests | (58) | (71) | (114) | (160) | ||||
Net income attributable to Las Vegas Sands Corp. | $听听听听听听听听听听 461 | $听听听听听听听听听听 353 | $听听听听听听听听听听 813 | $听听听听听听听听听听 847 | ||||
Earnings per share: | ||||||||
Basic | $听听听听听听听听听 0.66 | $听听听听听听听听听 0.48 | $听听听听听听听听听 1.15 | $听听听听听听听听听 1.14 | ||||
Diluted | $听听听听听听听听听 0.66 | $听听听听听听听听听 0.48 | $听听听听听听听听听 1.15 | $听听听听听听听听听 1.13 | ||||
Weighted average shares outstanding: | ||||||||
听 Basic | 695 | 740 | 704 | 745 | ||||
听 Diluted | 696 | 741 | 704 | 747 | ||||
听
Exhibit 2 | ||||||||
Las Vegas Sands Corp. and Subsidiaries | ||||||||
Net Revenues and Adjusted Property EBITDA | ||||||||
(In millions) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Net Revenues | ||||||||
The Venetian Macao | $听听听听听听听 663 | $听听听听听听听 686 | $听听听听听听 1,301 | $听听听听听听 1,457 | ||||
The Londoner Macao | 642 | 444 | 1,171 | 1,006 | ||||
The Parisian Macao | 194 | 265 | 421 | 495 | ||||
The Plaza Macao and Four Seasons Macao | 194 | 250 | 402 | 392 | ||||
Sands | 71 | 79 | 146 | 155 | ||||
Ferry Operations and Other | 33 | 30 | 65 | 60 | ||||
听 Macao Operations | 1,797 | 1,754 | 3,506 | 3,565 | ||||
Marina Bay Sands | 1,388 | 1,016 | 2,551 | 2,174 | ||||
Intercompany Royalties | 67 | 63 | 128 | 126 | ||||
Intersegment Eliminations(1) | (77) | (72) | (148) | (145) | ||||
$听听听听 3,175 | $听听听听 2,761 | $听听听听听听 6,037 | $听听听听听听 5,720 | |||||
Adjusted Property EBITDA | ||||||||
The Venetian Macao | $听听听听听听听 236 | $听听听听听听听 262 | $听听听听听听听听听 461 | $听听听听听听听听听 576 | ||||
The Londoner Macao | 205 | 103 | 358 | 275 | ||||
The Parisian Macao | 44 | 83 | 110 | 154 | ||||
The Plaza Macao and Four Seasons Macao | 66 | 100 | 140 | 136 | ||||
Sands | 9 | 10 | 19 | 22 | ||||
Ferry Operations and Other | 6 | 3 | 13 | 8 | ||||
听 Macao Operations | 566 | 561 | 1,101 | 1,171 | ||||
Marina Bay Sands | 768 | 512 | 1,373 | 1,109 | ||||
$听听听听 1,334 | $听听听听 1,073 | $听听听听听听 2,474 | $听听听听听听 2,280 | |||||
Adjusted Property EBITDA as a Percentage of Net Revenues | ||||||||
The Venetian Macao | 35.6听% | 38.2听% | 35.4听% | 39.5听% | ||||
The Londoner Macao | 31.9听% | 23.2听% | 30.6听% | 27.3听% | ||||
The Parisian Macao | 22.7听% | 31.3听% | 26.1听% | 31.1听% | ||||
The Plaza Macao and Four Seasons Macao | 34.0听% | 40.0听% | 34.8听% | 34.7听% | ||||
Sands | 12.7听% | 12.7听% | 13.0听% | 14.2听% | ||||
Ferry Operations and Other | 18.2听% | 10.0听% | 20.0听% | 13.3听% | ||||
听 Macao Operations | 31.5听% | 32.0听% | 31.4听% | 32.8听% | ||||
Marina Bay Sands | 55.3听% | 50.4听% | 53.8听% | 51.0听% | ||||
Total | 42.0听% | 38.9听% | 41.0听% | 39.9听% | ||||
____________________听 | |
(1) | Intersegment eliminations include royalties and other intercompany services. |
听
Exhibit 3 | ||||||||
Las Vegas Sands Corp. and Subsidiaries | ||||||||
Non-GAAP Financial Measure Reconciliation | ||||||||
(In millions) | ||||||||
(Unaudited) | ||||||||
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA: | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Net income | $听听听听听听听听听听 519 | $听听听听听听听听听听 424 | $听听听听听听听听听听 927 | $听听听听听听听 1,007 | ||||
听 Add (deduct): | ||||||||
Income tax expense | 90 | 72 | 153 | 89 | ||||
Loss on modification or early retirement of debt | 鈥� | 鈥� | 5 | 鈥� | ||||
Other (income) expense | 22 | (11) | 23 | (5) | ||||
Interest expense, net of amounts capitalized | 194 | 186 | 368 | 368 | ||||
Interest income | (42) | (80) | (84) | (151) | ||||
Loss on disposal or impairment of assets | 8 | 16 | 15 | 30 | ||||
Amortization of leasehold interests in land | 20 | 14 | 35 | 30 | ||||
Depreciation and amortization | 371 | 316 | 733 | 636 | ||||
Development expense | 69 | 61 | 138 | 114 | ||||
Pre-opening expense | 9 | 3 | 13 | 6 | ||||
Stock-based compensation(1) | 5 | 3 | 6 | 9 | ||||
Corporate expense | 69 | 69 | 142 | 147 | ||||
Consolidated Adjusted Property EBITDA | $听听听听听听听 1,334 | $听听听听听听听 1,073 | $听听听听听听听 2,474 | $听听听听听听听 2,280 | ||||
____________________ | |
(1) | During the three months ended June 30, 2025 and 2024, the company recorded stock-based compensation expense of |
During the six months ended June 30, 2025 and 2024, the company recorded stock-based compensation expense of | |
听
Exhibit 4 | ||||||||
Las Vegas Sands Corp. and Subsidiaries | ||||||||
Non-GAAP Financial Measure Reconciliation | ||||||||
(In millions, except per share data) | ||||||||
(Unaudited) | ||||||||
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income: | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Net income attributable to LVS | $听听听听听听听听听听 461 | $听听听听听听听听听听 353 | $听听听听听听听听听听 813 | $听听听听听听听听听听 847 | ||||
Pre-opening expense | 9 | 3 | 13 | 6 | ||||
Development expense | 69 | 61 | 138 | 114 | ||||
Loss on disposal or impairment of assets | 8 | 16 | 15 | 30 | ||||
Other (income) expense | 22 | (11) | 23 | (5) | ||||
Loss on modification or early retirement of debt | 鈥� | 鈥� | 5 | 鈥� | ||||
Income tax impact on net income adjustments(1) | (14) | (13) | (28) | (24) | ||||
Noncontrolling interest impact on net income adjustments | (8) | 2 | (11) | (5) | ||||
Adjusted net income attributable to LVS | $听听听听听听听听听听 547 | $听听听听听听听听听听 411 | $听听听听听听听听听听 968 | $听听听听听听听听听听 963 | ||||
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share: | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Per diluted share of common stock: | ||||||||
Net income attributable to LVS | $听听听听听听听听听 0.66 | $听听听听听听听听听 0.48 | $听听听听听听听听听 1.15 | $听听听听听听听听听 1.13 | ||||
Pre-opening expense | 0.01 | 鈥� | 0.02 | 0.01 | ||||
Development expense | 0.10 | 0.08 | 0.20 | 0.15 | ||||
Loss on disposal or impairment of assets | 0.01 | 0.02 | 0.02 | 0.04 | ||||
Other (income) expense | 0.03 | (0.01) | 0.03 | (0.01) | ||||
Loss on modification or early retirement of debt | 鈥� | 鈥� | 0.01 | 鈥� | ||||
Income tax impact on net income adjustments | (0.01) | (0.02) | (0.03) | (0.03) | ||||
Noncontrolling interest impact on net income adjustments | (0.01) | 鈥� | (0.02) | 鈥� | ||||
Adjusted earnings per diluted share | $听听听听听听听听听 0.79 | $听听听听听听听听听 0.55 | $听听听听听听听听听 1.38 | $听听听听听听听听听 1.29 | ||||
Weighted average diluted shares outstanding | 696 | 741 | 704 | 747 | ||||
____________________ | |
(1) | The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. |
听
Exhibit 5 | |||
Las Vegas Sands Corp. and Subsidiaries | |||
Supplemental Data | |||
(In millions) | |||
(Unaudited) | |||
The following reflects the impact on Net Revenues for hold-adjusted win percentage: | |||
Three Months Ended | |||
June 30, | |||
2025 | 2024 | ||
Macao Operations | $听听听听听听听听听听 (11) | $听听听听听听听听听听听听听 6 | |
Marina Bay Sands(1) | (137) | (59) | |
$听听听听听听听听 (148) | $听听听听听听听听听听 (53) | ||
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage: | |||
Three Months Ended | |||
June 30, | |||
2025 | 2024 | ||
Macao Operations | $听听听听听听听听听听听听 (7) | $听听听听听听听听听听听听听 4 | |
Marina Bay Sands(1) | (107) | (46) | |
$听听听听听听听听 (114) | $听听听听听听听听听听 (42) | ||
____________________ | |
Note: | These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's current period Rolling Chip win percentage equaled |
(1) | We revised the expected Rolling Chip win percentage from |
听
Exhibit 6 | ||||||||
Las Vegas Sands Corp. and Subsidiaries | ||||||||
Supplemental Data | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Casino Statistics: | ||||||||
The Venetian Macao: | ||||||||
Table games win per unit per day(1) | $听听听听听听听 9,710 | $听听听听听听听 9,234 | $听听听听听听听 9,271 | $听听听听听 10,045 | ||||
Slot machine win per unit per day(2) | $听听听听听听听听听听 305 | $听听听听听听听听听听 363 | $听听听听听听听听听听 336 | $听听听听听听听听听听 397 | ||||
Average number of table games | 658 | 724 | 663 | 705 | ||||
Average number of slot machines | 1,651 | 1,639 | 1,667 | 1,553 | ||||
The Londoner Macao: | ||||||||
Table games win per unit per day(1) | $听听听听听 11,904 | $听听听听听 11,180 | $听听听听听 11,194 | $听听听听听 10,896 | ||||
Slot machine win per unit per day(2) | $听听听听听听听听听听 591 | $听听听听听听听听听听 500 | $听听听听听听听听听听 506 | $听听听听听听听听听听 491 | ||||
Average number of table games | 523 | 385 | 509 | 438 | ||||
Average number of slot machines | 1,566 | 1,228 | 1,562 | 1,348 | ||||
The Parisian Macao: | ||||||||
Table games win per unit per day(1) | $听听听听听听听 6,850 | $听听听听听听听 6,982 | $听听听听听听听 7,552 | $听听听听听听听 7,048 | ||||
Slot machine win per unit per day(2) | $听听听听听听听听听听 273 | $听听听听听听听听听听 442 | $听听听听听听听听听听 278 | $听听听听听听听听听听 415 | ||||
Average number of table games | 228 | 342 | 238 | 310 | ||||
Average number of slot machines | 1,412 | 980 | 1,352 | 907 | ||||
The Plaza Macao and Four Seasons Macao: | ||||||||
Table games win per unit per day(1) | $听听听听听 19,300 | $听听听听听 25,969 | $听听听听听 20,460 | $听听听听听 21,653 | ||||
Slot machine win per unit per day(2) | $听听听听听听听听听听听 92 | $听听听听听听听听听听 276 | $听听听听听听听听听听听 99 | $听听听听听听听听听听 142 | ||||
Average number of table games | 105 | 108 | 105 | 101 | ||||
Average number of slot machines | 53 | 13 | 51 | 17 | ||||
Sands | ||||||||
Table games win per unit per day(1) | $听听听听听听听 5,435 | $听听听听听听听 8,140 | $听听听听听听听 5,774 | $听听听听听听听 7,412 | ||||
Slot machine win per unit per day(2) | $听听听听听听听听听听 256 | $听听听听听听听听听听 279 | $听听听听听听听听听听 246 | $听听听听听听听听听听 298 | ||||
Average number of table games | 116 | 94 | 114 | 99 | ||||
Average number of slot machines | 761 | 635 | 779 | 603 | ||||
Marina Bay Sands: | ||||||||
Table games win per unit per day(1) | $听听听听听 21,003 | $听听听听听 14,405 | $听听听听听 18,928 | $听听听听听 16,031 | ||||
Slot machine win per unit per day(2) | $听听听听听听听 1,052 | $听听听听听听听听听听 906 | $听听听听听听听听听听 992 | $听听听听听听听听听听 901 | ||||
Average number of table games | 539 | 493 | 541 | 502 | ||||
Average number of slot machines | 2,959 | 2,930 | 2,979 | 2,936 | ||||
____________________ | |
(1) | Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
(2) | Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
听
Exhibit听7 | |||||
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
The Venetian Macao | June 30, | ||||
(Dollars in millions) | 2025 | 2024 | Change | ||
Revenues: | |||||
Casino | $听听听听听听听 524 | $听听听听听听听 556 | $听听听听听听 (32) | ||
Rooms | 50 | 50 | 鈥� | ||
Food and beverage | 15 | 16 | (1) | ||
Mall | 62 | 55 | 7 | ||
Convention, retail and other | 12 | 9 | 3 | ||
Net revenues | $听听听听听听听 663 | $听听听听听听听 686 | $听听听听听听 (23) | ||
Adjusted Property EBITDA | $听听听听听听听 236 | $听听听听听听听 262 | $听听听听听听 (26) | ||
EBITDA Margin % | 35.6听% | 38.2听% | 听听听听听听 (2.6) pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $听听听听听听听 859 | $听听听听听听听 795 | $听听听听听听听 64 | ||
Rolling Chip win %(1) | 3.57听% | 4.86听% | 听听听听听听听听 (1.29) pts | ||
Non-Rolling Chip drop | $听听听听 2,348 | $听听听听 2,325 | $听听听听听听听 23 | ||
Non-Rolling Chip win % | 23.5听% | 24.5听% | 听听听听听听 (1.0) pts | ||
Slot handle | $听听听听 1,372 | $听听听听 1,548 | $听听听听 (176) | ||
Slot hold % | 3.3听% | 3.5听% | 听听听听听听 (0.2) pts | ||
Hotel Statistics | |||||
Occupancy % | 98.6听% | 96.4听% | 听听听听听 2.2 pts | ||
Average daily room rate (ADR) | $听听听听听听听 195 | $听听听听听听听 198 | $听听听听听听听 (3) | ||
Revenue per available room (RevPAR) | $听听听听听听听 192 | $听听听听听听听 191 | $听听听听听听听听听 1 | ||
____________________ | |
(1) | This compares to our expected Rolling Chip win percentage of |
听
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
The Londoner Macao | June 30, | ||||
(Dollars in millions) | 2025 | 2024 | Change | ||
Revenues: | |||||
Casino | $听听听听听听听 495 | $听听听听听听听 318 | $听听听听听 177 | ||
Rooms | 95 | 77 | 18 | ||
Food and beverage | 27 | 22 | 5 | ||
Mall | 21 | 17 | 4 | ||
Convention, retail and other | 4 | 10 | (6) | ||
Net revenues | $听听听听听听听 642 | $听听听听听听听 444 | $听听听听听 198 | ||
Adjusted Property EBITDA | $听听听听听听听 205 | $听听听听听听听 103 | $听听听听听 102 | ||
EBITDA Margin % | 31.9听% | 23.2听% | 听听听听听 8.7 pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $听听听听 2,090 | $听听听听 2,357 | $听听听听 (267) | ||
Rolling Chip win %(1) | 4.09听% | 2.47听% | 听听听听听听听 1.62 pts | ||
Non-Rolling Chip drop | $听听听听 2,196 | $听听听听 1,647 | $听听听听听 549 | ||
Non-Rolling Chip win % | 21.9听% | 20.3听% | 听听听听听 1.6 pts | ||
Slot handle | $听听听听 2,114 | $听听听听 1,546 | $听听听听听 568 | ||
Slot hold % | 4.0听% | 3.6听% | 听听听听听 0.4 pts | ||
Hotel Statistics | |||||
Occupancy % | 93.3听% | 94.4听% | 听听听听听听 (1.1) pts | ||
Average daily room rate (ADR) | $听听听听听听听 259 | $听听听听听听听 195 | $听听听听听听听 64 | ||
Revenue per available room (RevPAR) | $听听听听听听听 242 | $听听听听听听听 184 | $听听听听听听听 58 | ||
____________________ | |
(1) | This compares to our expected Rolling Chip win percentage of |
听
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
The Parisian Macao | June 30, | ||||
(Dollars in millions) | 2025 | 2024 | Change | ||
Revenues: | |||||
Casino | $听听听听听听听 143 | $听听听听听听听 207 | $听听听听听听 (64) | ||
Rooms | 34 | 32 | 2 | ||
Food and beverage | 11 | 17 | (6) | ||
Mall | 5 | 7 | (2) | ||
Convention, retail and other | 1 | 2 | (1) | ||
Net revenues | $听听听听听听听 194 | $听听听听听听听 265 | $听听听听听听 (71) | ||
Adjusted Property EBITDA | $听听听听听听听听 44 | $听听听听听听听听 83 | $听听听听听听 (39) | ||
EBITDA Margin % | 22.7听% | 31.3听% | 听听听听听听 (8.6) pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume(1) | $听听听听听听听听听 鈥� | $听听听听听听听听听 鈥� | $听听听听听听听 鈥� | ||
Rolling Chip win % | 鈥斕�% | 鈥斕�% | 听听听听 鈥斕� pts | ||
Non-Rolling Chip drop | $听听听听听听听 663 | $听听听听 1,088 | $听听听听 (425) | ||
Non-Rolling Chip win % | 21.4听% | 20.0听% | 听听听听听 1.4 pts | ||
Slot handle | $听听听听听听听 872 | $听听听听听听听 943 | $听听听听听听 (71) | ||
Slot hold % | 4.0听% | 4.2听% | 听听听听听听 (0.2) pts | ||
Hotel Statistics | |||||
Occupancy % | 99.2听% | 95.7听% | 听听听听听 3.5 pts | ||
Average daily room rate (ADR) | $听听听听听听听 147 | $听听听听听听听 147 | $听听听听听听听 鈥� | ||
Revenue per available room (RevPAR) | $听听听听听听听 146 | $听听听听听听听 141 | $听听听听听听听听听 5 | ||
____________________ | |
(1) | Rolling Chip tables were made available based on demand beginning in March 2024. |
听
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
The Plaza Macao and Four Seasons Macao | June 30, | ||||
(Dollars in millions) | 2025 | 2024 | Change | ||
Revenues: | |||||
Casino | $听听听听听听听 122 | $听听听听听听听 178 | $听听听听听听 (56) | ||
Rooms | 28 | 25 | 3 | ||
Food and beverage | 7 | 8 | (1) | ||
Mall | 37 | 38 | (1) | ||
Convention, retail and other | 鈥� | 1 | (1) | ||
Net revenues | $听听听听听听听 194 | $听听听听听听听 250 | $听听听听听听 (56) | ||
Adjusted Property EBITDA | $听听听听听听听听 66 | $听听听听听听听 100 | $听听听听听听 (34) | ||
EBITDA Margin % | 34.0听% | 40.0听% | 听听听听听听 (6.0) pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $听听听听 1,399 | $听听听听 2,449 | $听 (1,050) | ||
Rolling Chip win %(1) | 2.72听% | 3.32听% | 听听听听听听听听 (0.60) pts | ||
Non-Rolling Chip drop | $听听听听听听听 655 | $听听听听听听听 748 | $听听听听听听 (93) | ||
Non-Rolling Chip win % | 22.3听% | 23.4听% | 听听听听听听 (1.1) pts | ||
Slot handle(2) | $听听听听听听听听 19 | $听听听听听听听听听听 1 | $听听听听听听听 18 | ||
Slot hold % | 2.3听% | 23.4听% | 听听听听听听听听 (21.1) pts | ||
Hotel Statistics | |||||
Occupancy % | 92.1听% | 88.2听% | 听听听听听 3.9 pts | ||
Average daily room rate (ADR) | $听听听听听听听 502 | $听听听听听听听 489 | $听听听听听听听 13 | ||
Revenue per available room (RevPAR) | $听听听听听听听 462 | $听听听听听听听 432 | $听听听听听听听 30 | ||
____________________ | |
(1) | This compares to our expected Rolling Chip win percentage of |
(2) | During the prior year, a majority of the slot machines were temporarily relocated to other properties, with the remaining slot machines reserved for high-end patrons. |
听
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
Sands | June 30, | ||||
(Dollars in millions) | 2025 | 2024 | Change | ||
Revenues: | |||||
Casino | $听听听听听听听听 63 | $听听听听听听听听 70 | $听听听听听听听 (7) | ||
Rooms | 4 | 5 | (1) | ||
Food and beverage | 3 | 3 | 鈥� | ||
Convention, retail and other | 1 | 1 | 鈥� | ||
Net revenues | $听听听听听听听听 71 | $听听听听听听听听 79 | $听听听听听听听 (8) | ||
Adjusted Property EBITDA | $听听听听听听听听听听 9 | $听听听听听听听听 10 | $听听听听听听听 (1) | ||
EBITDA Margin % | 12.7听% | 12.7听% | 听听听听 鈥� pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $听听听听听听听听 23 | $听听听听听听听听 24 | $听听听听听听听 (1) | ||
Rolling Chip win %(1) | 5.60听% | 4.65听% | 听听听听听听听 0.95 pts | ||
Non-Rolling Chip drop | $听听听听听听听 389 | $听听听听听听听 401 | $听听听听听听 (12) | ||
Non-Rolling Chip win % | 14.4听% | 17.1听% | 听听听听听听 (2.7) pts | ||
Slot handle | $听听听听听听听 589 | $听听听听听听听 542 | $听听听听听听听 47 | ||
Slot hold % | 3.0听% | 3.0听% | 听听听听 鈥� pts | ||
Hotel Statistics | |||||
Occupancy % | 99.4听% | 99.0听% | 听听听听听 0.4 pts | ||
Average daily room rate (ADR) | $听听听听听听听 176 | $听听听听听听听 172 | $听听听听听听听听听 4 | ||
Revenue per available room (RevPAR) | $听听听听听听听 175 | $听听听听听听听 170 | $听听听听听听听听听 5 | ||
____________________ | |
(1) | This compares to our expected Rolling Chip win percentage of |
听
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
Marina Bay Sands | June 30, | ||||
(Dollars in millions) | 2025 | 2024 | Change | ||
Revenues: | |||||
Casino | $听听听听 1,068 | $听听听听听听听 706 | $听听听听听 362 | ||
Rooms | 134 | 124 | 10 | ||
Food and beverage | 84 | 82 | 2 | ||
Mall | 62 | 58 | 4 | ||
Convention, retail and other | 40 | 46 | (6) | ||
Net revenues | $听听听听 1,388 | $听听听听 1,016 | $听听听听听 372 | ||
Adjusted Property EBITDA | $听听听听听听听 768 | $听听听听听听听 512 | $听听听听听 256 | ||
EBITDA Margin % | 55.3听% | 50.4听% | 听听听听听 4.9 pts | ||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip volume | $听听听听 8,945 | $听听听听 6,075 | $听听 2,870 | ||
Rolling Chip win %(1) | 5.26听% | 4.68听% | 听听听听听听听 0.58 pts | ||
Non-Rolling Chip drop | $听听听听 2,360 | $听听听听 2,039 | $听听听听听 321 | ||
Non-Rolling Chip win % | 23.7听% | 17.8听% | 听听听听听 5.9 pts | ||
Slot handle | $听听听听 6,192 | $听听听听 5,994 | $听听听听听 198 | ||
Slot hold % | 4.6听% | 4.0听% | 听听听听听 0.6 pts | ||
Hotel Statistics | |||||
Occupancy % | 95.0听% | 95.3听% | 听听听听听听 (0.3) pts | ||
Average daily room rate (ADR) | $听听听听听听听 888 | $听听听听听听听 797 | $听听听听听听听 91 | ||
Revenue per available room (RevPAR) | $听听听听听听听 844 | $听听听听听听听 759 | $听听听听听听听 85 | ||
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(1) | This compares to our expected Rolling Chip win percentage of We revised the expected Rolling Chip win percentage during the three months ended March 31, 2025, due to the increase in Rolling Chip win percentage experienced over the last several years.听 The prior year has also been adjusted to conform to the current period presentation. |
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Las Vegas Sands Corp. and Subsidiaries | ||||||||||||
Supplemental Data - Asian Retail Mall Operations | ||||||||||||
(Unaudited) | ||||||||||||
For the Three Months Ended June 30, 2025 | TTM June 30, | |||||||||||
(Dollars in millions except per square foot data) | Gross | Operating | Operating | Gross | Occupancy | Tenant Sales | ||||||
Shoppes at Venetian | $听听听听听听听听听听 62 | $听听听听听听听听 56 | 90.3听% | 825,079 | 85.1听% | $听听听听听听听听听 1,700 | ||||||
Shoppes at Four Seasons | ||||||||||||
Luxury Retail | 28 | 25 | 89.3听% | 164,144 | 100.0听% | 5,295 | ||||||
Other Stores(3) | 9 | 8 | 88.9听% | 83,538 | 84.2听% | 2,036 | ||||||
37 | 33 | 89.2听% | 247,682 | 94.7听% | 4,337 | |||||||
Shoppes at Londoner | 21 | 17 | 81.0听% | 517,603 | 75.6听% | 1,510 | ||||||
Shoppes at Parisian | 5 | 3 | 60.0听% | 259,506 | 74.8听% | 471 | ||||||
Total Cotai Strip in | 125 | 109 | 87.2听% | 1,849,870 | 82.3听% | 1,974 | ||||||
The Shoppes at Marina Bay Sands | 62 | 56 | 90.3听% | 620,513 | 98.8听% | 2,837 | ||||||
Total | $听听听听听听听听 187 | $听听听听听听 165 | 88.2听% | 2,470,383 | 86.4听% | $听听听听听听听听听 2,243 | ||||||
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Note: | This table excludes the results of our retail outlets at Sands Macao. |
(1) | Gross revenue figures are net of intersegment revenue eliminations. |
(2) | Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. |
(3) | During the three months ended June 30, 2025, approximately 14,000 square feet of space was removed from the gross leasable area as it was taken off the market and not available for leasing. |
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