Macau gaming operator Sands China reported net revenues of $1.79 billion for the three months ending June 30th, 2025, marking a 2.5 percent year-on-year increase.
The modest revenue growth was primarily driven by strong performance at The Londoner Macao, following the completion of a comprehensive renovation program.
Parent company Las Vegas Sands (LVS) released its 2Q25 financial results on Thursday morning, highlighting The Londoner’s exceptional performance as the key contributor to overall revenue growth.
The property, located in the renowned Cotai Strip, generated net revenues of $642 million—up from $444 million in the same quarter last year.
The strong results followed the completion of the $1.2 billion Phase 2 renovation, which included the reopening of all 2,405 hotel rooms and suites—formerly the Sheraton Grand Macao, now rebranded as part of The Londoner Macao—shortly before the May Golden Week holiday.
Casino revenues at The Londoner surged 55.7 percent year-on-year to $495 million, while Adjusted EBITDA doubled to $205 million. The property also saw a substantial improvement in EBITDA margin, rising from 23.2 percent in 2Q24 to 31.9 percent in 2Q25.
However, performance across Sands China’s other properties varied significantly. The Venetian Macao, the company’s longtime flagship, posted a 3.4 percent year-on-year decline in net revenues to $663 million, although this represented a 3.9 percent improvement from the March quarter. Adjusted Property EBITDA fell 11.0 percent year-on-year to $236 million. Despite the dip, the Venetian remained the top revenue-generating property in Sands China’s Macau portfolio.
The Parisian Macao saw the steepest decline, with net revenues dropping 26.8 percent year-on-year and 14.5 percent quarter-on-quarter to $194 million. Adjusted EBITDA fell nearly 50 percent year-on-year to $44 million, as casino revenues plummeted 30.9 percent to $143 million.
Other properties also faced headwinds. The Plaza and Four Seasons posted a 22.4 percent year-on-year revenue decline to $194 million, while Sands Macao recorded a 10.1 percent drop to $71 million.
“We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore, as we realize the benefits from our recently completed capital investment programs in both markets,” said Robert G. Goldstein, chairman and chief executive officer.
Goldstein reaffirmed the company’s long-term commitment to Macao’s development as a global tourism destination and emphasized the financial strength that enables continued investment across both markets.
Marina Bay Sands in Singapore once again delivered record financial and operational results, with net revenues soaring 36.6 percent to $1.39 billion and Adjusted EBITDA rising 36.9 percent, achieving a 55.3 percent margin. LVS noted that a favorable win rate contributed to a $107 million increase in 2Q25 EBITDA.
“Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands,” said Goldstein, referring to the MBS property.
