Casino operator Las Vegas Sands Corp (LVS) reported net income of US$519 million in the second quarter, up 22.4 percent year-on-year, according to a Wednesday filing in the United States.
The latest result was based on net revenues that rose 15.0 percent year-on-year, to nearly US$3.18 billion.
The group operates casinos in Macau via its Sands China Ltd unit, and the Marina Bay Sands property (pictured in a file photo) in Singapore via its Marina Bay Sands Pte Ltd unit.
Group-wide casino revenues were up 18.7 percent year-on-year, to just under US$2.42 billion.
The group’s second-quarter non-gaming revenues – including hotel services, food and beverage, mall operations, conventions, and retail – totalled US$760 million, up 4.7 percent compared to the US$726 million a year earlier.
In the three months to June 30, consolidated adjusted property earnings before interest, taxation, depreciation, and amortisation (EBITDA) across group operations were US$1.33 billion, up 24.3 percent year-on-year.
Net revenues from Macau operations – where the company runs a portfolio of casino properties – were just under US$1.80 billion in the second quarter, an increase of 2.5 percent compared with the April to June 2024 period.
Net income for Sands China was US$214 million in the second quarter of 2025, down 13.0 percent compared to US$246 million a year earlier.
The Macau operation’s adjusted property EBITDA was slightly up year-on-year, by 0.9 percent, to US$566 million.
Second-quarter Macau casino revenues were just under US$1.35 billion, compared to casino revenues of almost US$1.33 billion in the second quarter of 2024. However, only casino revenues at the Londoner Macao were up year-on-year, to US$495 million, from US$318 million in the second quarter of 2024. Casino revenue at all the other Sands China properties in Macau declined in year-on-year terms.
Banking group Jefferies noted in a memo following the results announcement by Las Vegas Sands that “the key discrepancy in adjusted EBITDA [for Sands China] came from Londoner, which saw a margin improvement to 32 percent, versus 29 percent in the first quarter of 2025.” Analysts Anne Ling and Jingjue Pei said that was “thanks to the reopening of all 2,405 rooms” at the Londoner Macao before the May holiday period linked to Labour Day, and following an extensive revamp of the property.
Phase 2 of the transformation of The Londoner Macao has been described by the company as a US$1.2-billion investment. It included the renovation of the Sheraton and Conrad hotels, as well as the revamp of the Pacifica casino space, into the “Londoner Grand Casino”.
The Sheraton brand – which offered about 4,000 rooms – has been replaced with the accommodation branding “Londoner Grand”, part of The Luxury Collection Hotels & Resorts stable.
Marina Bay Sands, share repurchases
In Singapore, net revenues rose 36.6 percent year-on-year, to just below US$1.39 billion. Second-quarter Singapore adjusted property EBITDA was up 50.0 percent from a year earlier, at US$768 million.
Casino revenues were also up by around 50 percent year-on-year, to just under US$1.07 billion.
Robert Goldstein, chairman and chief executive of Las Vegas Sands, said in prepared remarks included in a company press release on the second-quarter results: “Marina Bay Sands once again delivered record financial and operating performance.”
“Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands,” he added, referring to a mid-May company announcement that hotel room renovations at Marina Bay Sands had been completed, marking the “most significant milestone” in its US$1.75-billion multi-year refurbishment programme.
Las Vegas Sands’ capital expenditures during the second quarter totalled US$286 million, including construction, development and maintenance activities of US$138 million in Macau and US$129 million at Marina Bay Sands.
The group repurchased US$800 million worth of Las Vegas Sands shares during the quarter – approximately 20 million shares at a weighted average price of US$39.59. That added to the US$450 million spent in the first quarter on share repurchases.
During the second quarter of 2025 and through to July 23, the group spent US$179 million on purchasing Sands China common stock, representing 87 million shares at an average price of HKD16.00 (US$2.04). That increased Las Vegas Sands’ ownership percentage of Sands China to 73.4 percent as of July 23.
Las Vegas Sands paid a quarterly dividend of US$0.25 per common share during the second quarter. Its next quarterly dividend of US$0.25 per common share is scheduled for payment on August 13.
