Macau casino operator Sands China Ltd reported net income of US$272 million for the third quarter this year, compared to US$268 million a year earlier.
On a United States-GAAP basis, total net revenues for Sands China increased 7.5 percent year-on-year to US$1.90 billion, according to results published on Wednesday by the firm’s parent, U.S-based Las Vegas Sands Corp.
Sands China’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at US$601 million for the three months to September 30, up 2.7 percent from the prior-year period.
Third-quarter Macau casino revenues were just under US$1.43 billion, compared to casino revenues of almost US$1.37 billion a year earlier. However, only casino revenues at the Londoner Macao were up year-on-year, by 55.3 percent, to US$525 million. 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 that Sands China’s third-quarter adjusted EBITDA was “7 percent above” its own and market estimates, “on better-than-expected margin from Londoner [Macao]”.
Sands China’s third-quarter adjusted EBITDA “would have been US$620 million, had there been no typhoon,” wrote analysts Anne Ling and Jingjue Pei.
In late September, the city’s casinos had to suspend temporarily their operations for 33 hours, due to the passage of Super Typhoon Ragasa.
The institution noted that the third quarter of 2025 had been the first “full quarter” since the casino firm “adjusted its reinvestment rates across the portfolio, although not uniformly, as some of its smaller properties have seen a bigger boost in reinvestment ratios”.
According to Jefferies, Sands China’s market share in terms of gross gaming revenue (GGR) was in the range of “23.5 percent to 23.6 percent” in the third quarter, “after bottoming in first-quarter 2025”.
The casino operator “is halfway through its revamp in the marketing programme, which started during second-quarter 2025,” said the Jefferies’ analysts.
They added, citing the company’s management: “[Market share] has been ramping up each month. Thus, in the third quarter, it was improving month-on-month within the quarter. It is now narrowing the tactical incentives within the product [portfolio].”
Dividend, Singapore performance
On Wednesday, Las Vegas Sands reported group-wide net income of US$491 million in the third quarter, up 39.1 percent year-on-year, according to a filing in the United States.
The latest result was based on net revenues that rose 24.2 percent year-on-year, to about US$3.33 billion.
The group operates casinos in Macau via Sands China, and the Marina Bay Sands property in Singapore via its Marina Bay Sands Pte Ltd unit.
In the July to September period, Las Vegas Sands’ consolidated adjusted property EBITDA were US$1.34 billion, up 35.6 percent year-on-year.
Las Vegas Sands paid a quarterly dividend of US$0.25 per common share during the third quarter. Its next quarterly dividend of US$0.25 per common share is scheduled for payment on November 4.
The firm announced on Wednesday that it was increasing its recurring common stock dividend by US$0.20 for the 2026 calendar year. This will raise its annual dividend to US$1.20 per share, equivalent to US$0.30 per share per quarter.
During the third quarter of 2025 and through October 10, the parent bought US$337 million of Sands China’s common stock – approximately 131 million shares – increasing Las Vegas Sands’ stake in Sands China to 74.76 percent, it said.
In Singapore, third-quarter net revenues rose 56.3 percent year-on-year, to just below US$1.44 billion. Marina Bay Sands recorded adjusted property EBITDA of US$743 million for the reporting period, 83.0-percent higher than in the prior-year quarter.
Casino revenues at the complex were up by 79.5 percent year-on-year, to just under US$1.08 billion. “High hold on rolling play at Marina Bay Sands positively impacted adjusted property EBITDA by US$43 million,” stated the parent.
Robert Goldstein, chairman and chief executive of Las Vegas Sands, said in prepared remarks included in a company press release: “We remain enthusiastic about our growth opportunities in both Macau and Singapore as we realise the benefits of our recently completed capital investment programmes.”
Mr Goldstein said the company’s investments in Macau position the group “well for future growth”.
“In Singapore, Marina Bay Sands once again delivered outstanding 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.
Las Vegas Sands repurchased US$500 million of its own shares during the third quarter.
“We look forward to utilising our share repurchase programme to continue to return excess capital to stockholders,” said the firm’s CEO.
Moody’s Investors Service Inc said earlier this month that a second phase of the Marina Bay Sands complex will in likelihood “result in a considerable amount” of additional visitors to the property, which could generate “considerable earnings” for Las Vegas Sands, and enable the group to “reduce leverage”.
Las Vegas Sands broke ground in July on a US$8-billion Marina Bay Sands expansion, known as MBS 2.0. Construction of the new phase will be completed by June 2030, and open in January 2031, according to corporate information.
