Companies /Consumer Cyclical

Las Vegas Sands Corp

NYSE: LVS Resorts & Casinos
$44.24
▼ $1.99 (−4.30%) today
Markets closed · 10:08pm ET

Q2 2025 Earnings

Reported Jul 23, 2025, 4:08pm ET · SEC source
$0.79
Beat +49.99%
EPS · est. $0.53
$3.2B
Beat +11.92%
Revenue · est. $2.8B
+9.4%
Beating market
LVS vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−4%−2%0Jul 23Jul 24report 4:08pm ETearnings+0.1%−0.6%
−4%−2%0Jul 23Jul 24earnings+0.1%−0.6%
LVS −0.6%S&P 500 +0.1%
−4%−2%0Jul 23Jul 24report 4:08pm ETearnings+0.2%−0.6%
−4%−2%0Jul 23Jul 24earnings+0.2%−0.6%
LVS −0.6%NASDAQ +0.2%
−6%−3%0+3%Jul 22Jul 31report 4:08pm ETearnings−0.5%+1.6%
−6%−3%0+3%Jul 22Jul 31earnings−0.5%+1.6%
LVS +1.6%S&P 500 −0.5%
−6%−3%0+3%Jul 22Jul 31report 4:08pm ETearnings−0.3%+1.6%
−6%−3%0+3%Jul 22Jul 31earnings−0.3%+1.6%
LVS +1.6%NASDAQ −0.3%
+4.31%
Day of report
+3.19%
Next session
+3.17%
One week
+10.69%
30 days

S&P 500 over the same 30 days: +1.27%.

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 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

“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.”

Las Vegas Sands CEO, on the earnings call

Forward Guidance & Outlook

Management expressed enthusiasm about delivering industry-leading growth in both Macao and Singapore as benefits from recently completed capital investment programs are realized. In Macao, the company's decades-long investment commitment positions it for future growth. In Singapore, new suite product and elevated service offerings are expected to drive additional growth as travel and tourism spending in Asia expands. The company is pursuing growth opportunities in new markets and plans to continue returning excess capital to stockholders through its share repurchase program.

LVS YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$900.0M$1.8B$2.7B$2.8B$3.2BRevenue$610.0M$783.0MOperating Income$353.0M$519.0MNet Income
$0$900.0M$1.8B$2.7BRevenueOperating IncomeNet Income

LVS Revenue by Segment

Marina Bay Sands$1.4B
The Venetian Macao$663.0M
The Londoner Macao$642.0M
The Plaza Macao & Four Seasons Macao$194.0M
The Parisian Macao$194.0M
Sands Macao$71.0M
Ferry Operations and Other$33.0M

LVS Revenue by Geography

China
Asia Pacific$1.8B+2.5%
Asia
Singapore$1.4B

Figures from SEC filings and company reports. Not investment advice.