Las Vegas Sands reported higher revenue and profit for the third quarter of 2025, supported by strong performances at its flagship properties in Macau and Singapore and continued share repurchases.
Net revenue rose to $3.33 billion, up from $2.68 billion a year earlier, while net income climbed to $491 million from $353 million in the same period of 2024, the company said in a statement. Consolidated adjusted property EBITDA reached $1.34 billion, compared with $991 million a year ago.
In the group’s financial report, Chairman and chief executive Robert G. Goldstein said the group remained ‘enthusiastic about growth opportunities in both Macau and Singapore’ as it reaps the benefits of recently completed capital investment programs.
‘In Macau, our decades-long commitment to enhancing the city’s tourism appeal positions us well for future growth,” Goldstein said, adding that Marina Bay Sands in Singapore “once again delivered outstanding performance”, with new suite products and service upgrades supporting additional growth.
Macau and Singapore drive results
Adjusted property EBITDA in Macau rose to $601 million, helped by a $2 million boost from favorable rolling play. At Marina Bay Sands, adjusted property EBITDA stood at $743 million, with high hold on rolling play adding $43 million to results.
Sands China, the company’s Macau unit, reported a 7.5 percent increase in total net revenue to $1.90 billion and net income of $272 million, compared with $268 million a year earlier.
During the quarter, Las Vegas Sands repurchased $500 million worth of its own stock—around 9 million shares at an average price of $54.39. The board later increased the stock buyback authorization to $2.0 billion and extended the program through November 2027.
The board also raised the annual dividend by $0.20 to $1.20 per share for 2026, equivalent to $0.30 per quarter. A $0.25 quarterly dividend will be paid on November 12, 2025, to shareholders of record as of November 4.
Las Vegas Sands also purchased $337 million worth of Sands China shares, raising its ownership stake to 74.76 percent as of October 10th.
As of September 30th, 2025, the company held $3.35 billion in unrestricted cash and had access to $4.46 billion in credit facilities. Total debt stood at $15.63 billion, while capital expenditures reached $229 million for the quarter, including $121 million at Marina Bay Sands and $99 million in Macau.
Goldstein said the group’s ‘financial strength and industry-leading cash flow’ would continue to support investments in both markets and its program to return capital to shareholders.
