Las Vegas Sands (LVS 1.28%), a leading global developer and operator of integrated resorts featuring hotels, gaming, and retail, posted non-GAAP earnings far ahead of Wall Street expectations. In its release on July 23, 2025, the company reported earnings per share (Non-GAAP) of $0.79, compared to an estimated $0.53. Revenue (GAAP) was $3.18 billion, surpassing forecasts of $2.84 billion. These results were underpinned by robust tourism in Singapore. Performance in Macao was mixed. Continued capital returns and strong cash flow, despite region-specific challenges, were also noted.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (Non-GAAP) | $0.79 | $0.53 | $0.55 | 43.6% |
| Revenue | $3.18 billion | $2.84 billion | $2.76 billion | 15.2% |
| Consolidated Adjusted Property EBITDA (Non-GAAP) | $1.33 billion | $1.07 billion | 24.4% | |
| Adjusted Property EBITDA – Macao (Non-GAAP) | $566 million | $561 million | 0.9% | |
| Adjusted Property EBITDA – Marina Bay Sands (Non-GAAP) | $768 million | $512 million | 50.2% |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Recent Focus
Las Vegas Sands is a developer and operator of large-scale integrated resorts, which combine casino gaming, luxury hotels, retail shopping, meeting facilities, and restaurants. Its properties are located primarily in Macao and Singapore. These locations are some of the largest gaming and entertainment markets in the world.
The company’s central focus is on the mass market gaming segment. Mass market gaming generates higher profit margins than traditional VIP gaming. Geographic diversification between Macao and Singapore also helps to spread risk. Non-gaming segments, such as hotel rooms, retail malls, and convention centers, now make up a significant portion of revenue. Development projects, such as ongoing renovations and expansions, aim to strengthen property appeal and drive long-term growth.
Quarter in Review: Key Results and Segment Highlights
The period saw top- and bottom-line results that significantly beat expectations. Earnings per share (Non-GAAP) of $0.79 were 49% above analyst forecasts, while Revenue was up approximately 15% compared to the prior year quarter. Visitor spending and margin expansion at the company’s largest Singapore property drove these results.
Marina Bay Sands, the integrated resort in Singapore, reported GAAP net revenue up 36.6% compared to Q2 2024. The property benefited from a surge in mass market and VIP play. The win rate, which measures the percentage of gaming volume retained as revenue, was significantly above historical averages, adding $107 million to adjusted property EBITDA. Hotel occupancy reached 95.0%, with an average daily room rate of $888. Retail mall occupancy was 98.8% and high sales per square foot.
In Macao, results were mixed. Macao Adjusted Property EBITDA was nearly flat compared to Q2 2024, despite a favorable VIP win rate. Property-level results varied. The Londoner Macao stood out, with revenue up 45% and adjusted property EBITDA nearly doubling year-over-year. In contrast, The Venetian Macao saw a 3.4% revenue drop and a 10.0% decline in adjusted property EBITDA compared to Q2 2024. The Parisian Macao and Plaza/Four Seasons saw revenue and profit fall sharply compared to Q2 2024, tied to weaker casino performance.
Non-gaming revenue streams remain a major strength. The company reported $760 million from rooms, food and beverage, shopping malls, and other services. Expansion and investment projects continued, with $286 million spent on renovations and expansions—$138 million in Macao and $129 million in Singapore. These initiatives are intended to attract broader visitor groups, boost meetings and conventions business, and ensure competitive offerings.
The company returned $800 million to shareholders through stock buybacks, repurchasing 20 million shares at an average price of $39.59 each. The quarterly dividend of $0.25 per share was maintained. The company ended the period with $3.45 billion in unrestricted cash and total debt of $15.68 billion. It also completed a $1.5 billion bond offering in May 2025 to refinance debt and support share repurchases and development projects. The company noted an effective tax rate of 14.8%, mainly due to the higher statutory rate in Singapore.
The Macao business continues to face volatility due to competition, regulatory complexity, and exposure to policy changes in China. However, Singapore’s outperformance helped offset these factors.
The company’s core products are its integrated resorts. These combine casino operations (tables, slots, and other gaming activities), luxury hotel accommodations, food and beverage services, retail shopping centers, and convention/meeting facilities. Mass market gaming tables and slot machines are important for stable margins, while high-end dining, shopping, and entertainment drive customer loyalty and non-gaming revenue.
Financial Outlook and What Lies Ahead
Management did not provide detailed financial guidance for fiscal 2025 or the third quarter. Public remarks remained upbeat on long-term capital investment in Singapore and Macao. The company expects investments in property expansions and upgraded non-gaming amenities will continue to attract new visitor groups.
Looking ahead, key issues for investors will be whether Macao’s growth resumes beyond current levels, whether Singapore’s high win rates persist, and how regulatory or policy developments in China and Singapore may affect operations. Heavy capital spending and a rising debt load should be monitored in future quarters, as well as performance in non-gaming segments and any significant changes to return-of-capital programs. The quarterly dividend was maintained at $0.25 per share.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
