Las Vegas Sands Corp
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +8.13%.
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 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.
- 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
“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.”
Las Vegas Sands CEO, on the earnings call
Forward Guidance & Outlook
Management expressed continued enthusiasm for industry-leading growth opportunities in both Macao and Singapore as capital investment programs are executed. In Macao, while market growth has softened in the current environment, LVS believes its long-term investments position it well for future growth. In Singapore, new suite products and elevated service offerings are expected to drive additional growth as travel and tourism spending in Asia expands. The company intends to continue utilizing its share repurchase program to return excess capital to stockholders.
LVS YoY Financials
LVS Revenue by Segment
LVS Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.