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Las Vegas Sands

Las Vegas Sands (LVS) Q2 2025 Earnings

Reported Jul 23, 2025 at 4:08 PM ET · SEC Source

Q2 25 EPS

$0.79

BEAT +49.99%

Est. $0.53

Q2 25 Revenue

$3.18B

BEAT +11.92%

Est. $2.84B

vs S&P Since Q2 25

-26.1%

TRAILING MARKET

LVS -7.6% vs S&P +18.5%

Market Reaction

Did LVS Beat Earnings? Q2 2025 Results

Las Vegas Sands delivered a blowout second quarter, posting adjusted EPS of $0.79 against a consensus estimate of $0.53, a beat of nearly 50%, while revenue of $3.17 billion topped expectations by 11.92% and climbed 15.0% from a year ago. The driving… Read more Las Vegas Sands delivered a blowout second quarter, posting adjusted EPS of $0.79 against a consensus estimate of $0.53, a beat of nearly 50%, while revenue of $3.17 billion topped expectations by 11.92% and climbed 15.0% from a year ago. The driving force behind the results was an exceptional performance at Marina Bay Sands in Singapore, where net revenue surged to $1.39 billion from $1.02 billion and adjusted property EBITDA reached a record $768 million at a 55.3% margin, fueled in part by rolling chip volume jumping to $8.95 billion on a 5.26% win rate well above the expected 3.70%. Macao contributed a steady $566 million in adjusted EBITDA, with The Londoner Macao nearly doubling its contribution to $205 million following its renovation. The quarter arrived as some Las Vegas Strip rivals reported softer summer demand, underscoring LVS's differentiated Asia-focused model. Management signaled continued confidence in both markets, pointing to new suite offerings in Singapore and its long-term Macao investment pipeline as catalysts for sustained growth, while the company repurchased $800 million in shares during the period.

Key Takeaways

  • • Marina Bay Sands delivered exceptional results with EBITDA of $768 million and 55.3% margin
  • • High hold on rolling play at Marina Bay Sands positively impacted EBITDA by $107 million
  • • The Londoner Macao nearly doubled EBITDA to $205 million driven by renovation benefits and higher rolling chip volume
  • • Rolling chip volume at Marina Bay Sands surged to $8.9 billion from $6.1 billion year over year
  • • Consolidated net revenue grew 15% year over year to $3.18 billion
24/7 Wall St

LVS YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

LVS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25
24/7 Wall St

LVS Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore as we realize the benefits from our recently completed capital investment programs in both markets.”

— Robert G. Goldstein, Q2 2025 Earnings Press Release

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