Las Vegas Sands Q2 revenue rises 15% to $3.18bn as Marina Bay Sands drives record performance

Key points:

– Net revenue increased 15.2% year-on-year to $3.18bn

– Net income rose 22.4% to $519m, driven by record results in Singapore

– $800m in common stock repurchased, bringing total since Q4 2023 to $3.5bn

Las Vegas Sands reported a 15.2% year-on-year increase in Q2 2025 net revenue, reaching $3.18bn. The result reflects a return to growth following a softer Q1, when revenue declined 3.4% to $2.86bn.

Net income rose to $519m, up 22.4% from $424m in Q2 2024, while consolidated adjusted property EBITDA climbed 24.3% to $1.33bn. These improvements follow Q1 results that saw net income fall 30% and adjusted property EBITDA decline 5.8%.

Marina Bay Sands sets new records

Performance at Marina Bay Sands in Singapore continued to outperform. Adjusted property EBITDA at the venue totalled $768m in Q2, up 27% quarter-on-quarter from the $605m recorded in Q1 2025.

The property also benefited from a high hold on rolling play, which positively impacted EBITDA by $107m.

In Q1, Marina Bay Sands had already seen double-digit growth and the trend continued this quarter as demand from regional tourism remained strong.

The operator also drew SGD 1.13bn ($848m) from its delayed draw term facility to pay the land premium tied to the ongoing Marina Bay Sands Expansion Project.

Macau rebounds despite earnings dip at SCL

In Macau, adjusted property EBITDA reached $566m, representing a modest quarter-on-quarter increase from Q1’s $535m. Sands China (SCL) posted total net revenues of $1.79bn, up 2.5% year-on-year. However, net income for SCL declined 13% to $214m.

The improvement follows a first quarter marked by a 5.7% revenue decline and weaker hold on rolling play, which had negatively impacted adjusted EBITDA by $10m at the time.

LVS noted that capital investment in both Singapore and Macau is ongoing, with Q2 expenditures totalling $286m – $138m in Macau and $129m at Marina Bay Sands.

Shareholder returns and capital management

The company repurchased $800m of common stock in Q2 2025, buying approximately 20 million shares at an average price of $39.59. Since the resumption of its share repurchase programme in Q4 2023, LVS has returned $3.5bn to shareholders through the repurchase of 79 million shares.

A quarterly dividend of $0.25 per share was paid during the quarter, with the next payment scheduled for 13 August 2025.

SCL share repurchases also continued, with LVS spending $179m to acquire 87 million shares at an average price of HKD 16.00, increasing its stake in Sands China to 73.4% by late July.

Debt and liquidity update

LVS reported $3.45bn in unrestricted cash as of 30 June 2025 and has access to $4.45bn in revolving credit facilities. Total debt, excluding finance leases, stood at $15.68bn.

During Q2, LVS completed two bond issuances totalling $1.5bn to refinance $500m of notes maturing in June 2025. The remainder will be used for general corporate purposes, including share repurchases.

The company also redeemed $1.63bn in SCL senior notes due August 2025 using a drawdown from its HKD 12.75bn ($1.64bn) term loan.

Net interest expense increased to $194m, up 4.3% from $186m in Q2 2024, while the average borrowing cost declined slightly from 5.0% to 4.8%. The effective tax rate was 14.8%, broadly in line with the 14.5% reported in the prior-year period.

Las Vegas Sands will host its Q2 earnings call on 23 July at 1:30pm Pacific Time.