Las Vegas Sands Q1 revenue down to $2.86bn; Macau softness offsets Marina Bay gains

Key points: 

– Q1 2025 net revenue reached $2.86bn, down 3.4% year-on-year  

– Net income declined 30% to $408m; consolidated adjusted property EBITDA fell 5.8% to $1.14bn  

– Marina Bay Sands posted $605m in adjusted property EBITDA, up 12.7% quarter-on-quarter  

Las Vegas Sands has reported net revenue of $2.86bn for the quarter ended 31 March 2025, representing a 3.4% year-on-year decline.

Net income fell 30% to $408m, while consolidated adjusted property EBITDA dropped to $1.14bn, compared to $1.21bn in Q1 2024.

Performance in Macau remained subdued, with Sands China reporting a 5.7% revenue decrease to $1.70bn and net income declining to $202m.

Adjusted property EBITDA for the segment fell to $535m, with low hold on rolling play cited as a $10m negative impact for the quarter.

These results mark a continuation of the downward trend observed in Q4 2024, when Macau revenue declined 4.9%. The operator’s largest property in the region, The Venetian Macau, reported an 8.8% drop in Q4 revenue and a 17.2% fall in adjusted property EBITDA.

Marina Bay Sands continues to outperform

In contrast, Marina Bay Sands in Singapore posted adjusted property EBITDA of $605m in Q1 2025. The property contributed $4.23bn in revenue over the course of 2024 and continues to benefit from elevated suite offerings and increasing regional tourism demand.

Capital expenditure at Marina Bay Sands totalled $175m in Q1, with funding allocated to both ongoing maintenance and early-stage development of the MBS Expansion Project.

A new financing facility signed in February 2025 provides access to S$12bn (US$8.96bn) in funding for the expansion, including a S$2.8bn term loan and S$5.59bn delayed draw facility.

Cash generation supports shareholder returns and debt management

Las Vegas Sands repurchased $450m of common stock during Q1, representing approximately 10m shares at an average price of $44.59.

As of 31 March, $1.10bn remained under the existing buyback programme, which the board increased to $2bn on 22 April. The company also paid a quarterly dividend of $0.25 per share, with the next payment scheduled for 14 May.

Unrestricted cash balances stood at $3.04bn at quarter end and LVS maintains access to $4.44bn in revolving credit across the US, Macau and Singapore. Total outstanding debt, excluding leases, was $13.71bn.

Interest expense declined to $174m from $182m in Q1 2024, while the company’s weighted average borrowing cost fell to 4.9%, compared to 5.0% the prior year. However, the effective tax rate rose sharply to 13.4%, largely due to a 17% statutory rate on earnings from Singapore operations.

Development continues amid market caution

Total capital expenditures for the quarter were $379m, with $197m invested in Macau properties. Despite softening in the Macau market, LVS leadership reiterated its long-term confidence in the region, citing its continued development as a global tourism and convention hub.

In Singapore, the MBS Expansion Project remains a core strategic focus. The group is also monitoring new opportunities, though there were no updates on potential new market entries during the quarter.

These Q1 results follow a mixed Q4 2024 in which total revenue fell 0.7% despite strong annual growth. For FY 2024, LVS posted $11.3bn in revenue, up 8.9%, with Marina Bay Sands driving much of that performance.

With ongoing investment, ample liquidity and increased capital returns to shareholders, LVS continues to navigate a transitional period shaped by regional market variation and shifting global travel patterns.