Las Vegas Sands (LVS) Q1 2025 Earnings
Reported Apr 23, 2025 at 4:07 PM ET · SEC Source
Q1 25 EPS
$0.59
BEAT +3.78%
Est. $0.57
Q1 25 Revenue
$2.86B
MISS 0.96%
Est. $2.89B
vs S&P Since Q1 25
+0.3%
BEATING MARKET
LVS +38.3% vs S&P +38.0%
Market Reaction
Did LVS Beat Earnings? Q1 2025 Results
Las Vegas Sands delivered a mixed first quarter for 2025, edging past earnings expectations while falling slightly short on revenue as weakness in Macao weighed on the top line. Adjusted EPS of $0.59 beat the $0.57 consensus by 3.78%, but net revenue… Read more Las Vegas Sands delivered a mixed first quarter for 2025, edging past earnings expectations while falling slightly short on revenue as weakness in Macao weighed on the top line. Adjusted EPS of $0.59 beat the $0.57 consensus by 3.78%, but net revenue of $2.86 billion missed the $2.89 billion estimate by 0.96% and declined 3.3% from a year ago. The primary culprit was Macao, where total segment revenue slipped to $1.71 billion from $1.81 billion, with the Venetian Macao hit hardest by a rolling chip win percentage of just 2.18% compared to 6.71% a year prior. Marina Bay Sands provided a meaningful offset, holding steady with $1.16 billion in revenue and expanding its EBITDA margin to 52.0%. The company also repurchased $450 million in common stock and raised its buyback authorization to $2.00 billion. LVS separately withdrew its bid for a New York casino license, citing concerns over potential online gambling legalization. Management remains focused on long-term Asia growth as capital investment programs in both Macao and Singapore advance.
Key Takeaways
- • Marina Bay Sands delivered outstanding financial and operating performance with 52.0% EBITDA margin
- • Low hold on Rolling Play in Macao negatively impacted Adjusted Property EBITDA by $10 million
- • Macao market growth softened in the current environment
- • The Plaza Macao and Four Seasons Macao saw strong revenue growth driven by increased Rolling Chip volume
- • Effective income tax rate increased to 13.4% from 2.8% driven by 17% statutory rate on Singapore operations
- • Marina Bay Sands average daily room rate increased to $925 from $713 year-over-year
LVS YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
LVS Revenue by Segment
With YoY comparisons, source: SEC Filings
LVS Revenue by Geography
With YoY comparisons, source: SEC Filings
“We continued to execute our strategic objectives during the quarter. We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets.”
— Robert G. Goldstein, Q1 2025 Earnings Press Release
LVS Earnings Trends
LVS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LVS EPS Trend
Earnings per share: estimate vs actual
LVS Revenue Trend
Quarterly revenue: estimate vs actual
LVS Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $0.77 | $0.85 | +10.53% | $3.65B | +9.22% |
| FY Full Year | $2.93 | $3.01 | +2.63% | $13.02B | +2.58% |
| Q3 25 BEAT | $0.62 | $0.78 | +26.38% | $3.33B | +9.04% |
| Q2 25 BEAT | $0.53 | $0.79 | +49.99% | $3.18B | +11.92% |
| Q1 25 BEAT | $0.57 | $0.59 | +3.78% | $2.86B | -0.96% |