Las Vegas Sands reported a drop in results for the first quarter of 2025, but highlighted its confidence in its ongoing investments in both Macau and Singapore.
The company reported a consolidated net revenue of $2.86 billion, reflecting a 3.4 percent decrease from $2.96 billion in the same quarter last year. Net income also saw a decline, reaching $408 million, down 30 percent from $583 million in the first quarter of 2024.
The consolidated adjusted property EBITDA for the first quarter was $1.14 billion, a reduction of 5.8 percent from $1.21 billion in the prior year.
In Macau, the adjusted property EBITDA stood at $535 million, impacted by a low hold on rolling play, which negatively affected earnings by $10 million.
Meanwhile, Marina Bay Sands in Singapore demonstrated resilience, contributing an adjusted property EBITDA of $605 million.
Despite the results Robert G. Goldstein, Chairman and CEO of Las Vegas Sands, expressed optimism about the company’s prospects in both markets.
“We continued to execute our strategic objectives during the quarter. We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macau and Singapore as we execute our capital investment programs,” he stated.
Goldstein acknowledged the softer market growth in Macau but reaffirmed the company’s commitment to enhancing its tourism appeal. “Our decades-long commitment to investments that support Macau’s development as a world center of business and leisure tourism positions us well for future growth.”
In Singapore, he highlighted the strong performance of Marina Bay Sands, noting that new suite products and elevated service offerings are set to drive additional growth as travel and tourism spending in Asia expands.
In a bid to return excess capital to shareholders, LVS repurchased $450 million of its common stock during the quarter. The Board of Directors also increased the stock repurchase authorization to $2 billion, underscoring confidence in the company’s financial strength and future prospects.
The company continued to invest in its operations, with capital expenditures amounting to $379 million during the quarter, including $197 million dedicated to construction, development, and maintenance activities in Macau.
Macau and Singapore
In the first quarter of 2025, Sands China reported total net revenues of $1.7 billion, reflecting a 5.7 percent decline from $1.80 billion in the same period last year.
The company’s net income also fell to $202 million, down from $297 million in the first quarter of 2024, a 32 percent decline. Adjusted property EBITDA stood at $535 million, compared to $610 million in the previous year, indicating a need for continued focus on operational efficiency and market positioning.
Robert G. Goldstein emphasized the company’s long-term commitment to enhancing Macau’s appeal as a premier business and leisure tourism destination.
“While market growth has softened in the current environment, our decades-long investment strategy positions us well for future growth,” Goldstein stated. He expressed enthusiasm about the opportunities ahead, particularly as Sands China implements its capital investment plans in both Macau and Singapore.
The financial report also highlighted a decrease in interest expenses for Sands China, which totaled $174 million for the first quarter of 2025, down from $182 million in the same quarter of the previous year.
The weighted average borrowing cost was slightly lower at 4.9 percent, compared to 5.0 percent in the first quarter of 2024.
Sands China continued to invest in its operations, with capital expenditures reaching $379 million during the quarter. This included $197 million dedicated to construction, development, and maintenance activities in Macau, underscoring the company’s commitment to enhancing its facilities and services.
As for Marina Bay Sands, the Singapore property recently completed a substantial $1.75 billion capital investment program, enhancing its offerings significantly. The resort now features 1,844 keys, including 775 suites.
Net revenue for Marina Bay Sands remained steady at around $1.2 billion for the first quarter, with improvements in service offerings and the introduction of new suite products contributing to this stability.
Revenue from rooms grew by 2.4 percent year-on-year to $129 million, while hotel occupancy increased by 0.6 percentage points to 95.6 percent in the latest quarter.
The average daily room rate rose significantly to $925, up from $713 in the same period last year, resulting in a revenue per available room of $884 compared with $677 a year earlier.
