Macau casino concessionaire Sands China Ltd announced on Friday an final dividend of HKD0.50 (US$0.06) per share for financial-year 2025. The dividend, amounting in aggregate to HKD4.05 billion, is due to be paid on June 12, 2026, stated the Hong Kong-listed firm.
The HKD0.50 final dividend for 2025 was double 2024’s divided.
Sands China runs a number of casino properties in Macau, including The Venetian Macao, The Parisian Macao, The Londoner Macao, and Sands Macao (pictured).
In September, Sands China also paid an interim dividend of HKD0.25 per share to its shareholders.
Las Vegas Sands Corp, the U.S.-based parent, controlled a 74.8-percent stake in Sands China as of December 31, 2025, according to corporate information.
On Friday, Sands China also affirmed a profit attributable to shareholders of US$896 million for 2025, a decrease of 14.3 percent from the prior year.
The Macau unit’s adjusted property earnings before interest, taxation, depreciation, and amortisation (EBITDA) were US$2.31 billion in full-year 2025, down 0.7 percent year-on-year.
In a Friday memo, banking group JP Morgan said Sands China’s dividend policy was “anchored on the absolute dividend per share rather than a payout ratio,” and that a “run‑rate of HKD1.0 per annum implies a 5.4-percent yield”.
“We see this as attractive, particularly because Sands aims to raise or at least keep the absolute dividend per share every year – echoing the group’s nearly decade‑long track record pre‑Covid (same policy for both Sands China and its parent Las Vegas Sands,” wrote analysts DS Kim, Selina Li, and Lindsey Qian.
They added: “That commitment offers robust downside protection to the yield across (reasonable) industry cycles and EBITDA volatility, except in totally unexpected/significant events like Covid‑19, when both Las Vegas Sands and Sands China paused dividends.”
The JP Morgan team said that with expected “steady demand and modest share gains” for Sands China, it sees scope for “HKD0.25 step‑ups every year, from HKD1.0 per annum in calendar year 2026 to HKD1.25 in calendar year 2027, and HKD1.50 by calendar year 2028”.
“A full return to the pre‑Covid divided per share of HKD2.0 per annum would require an EBITDA run-rate of US$3.0 billion (versus US$2.5 billion in 2026 estimate), which sits outside our base case over the forecast horizon,” stated the analysts.
In a separate announcement on Friday, Sands China confirmed the appointment of Patrick Dumont as a non-executive director and as chairman of the company’s board, with effect from March 1, 2026.
Mr Dumont will on the same date become the chairman and chief executive of Las Vegas Sands. Mr Dumont will succeed Robert Goldstein in those roles, who will retire but continue as a senior advisor to the group through March 2028.
The update cited Mr Dumont as saying: “It is a true honour for me to serve as chairman and CEO of this iconic company [Las Vegas Sands] founded by one of the industry’s greatest visionaries.”
He added: ‘Under the leadership of Sheldon Adelson and Rob Goldstein, Sands has reached tremendous heights, and I welcome the opportunity to build on that legacy in the years ahead. I am excited about our company’s future and look forward to getting started in this new role.”
Mr Dumont has been a non-executive director of Sands China since August 8, 2025. He is also the president, chief operating officer and treasurer of the parent company since January 2021.
