Las Vegas Sands Casino Reports Massive Q2 Gains

Las Vegas Sands Corp. (LVS) posted a 15.2% year-on-year rise in net revenue for the second quarter of 2025, reaching $3.18 billion, as the company rebounded from a soft start to the year. The result marks a return to top-line growth following a 3.4% revenue decline in Q1.

Net income rose 22.4% to $519 million, supported by record earnings at Marina Bay Sands in Singapore. Adjusted property EBITDA across the group rose 24.3% to $1.33 billion, reversing the 5.8% decline recorded in the first quarter.

 

Metric	Q2 2025	Q2 2024	Change (%)
Net Revenue	$3.18 billion	$2.76 billion	+15.2%
Net Income	$519 million	$424 million	+22.4%
Adjusted Property EBITDA	$1.33 billion	$1.07 billion	+24.3%
Stock Buybacks (Q2)	$800 million	—	—
Total Buybacks Since Q4 2023	$3.5 billion	—	—
Cash on Hand	$3.45 billion	—	—
Total Debt	$15.68 billion	—	—

Marina Bay Sands Drives Results

Performance at the Singapore flagship Marina Bay Sands was the standout contributor. Adjusted property EBITDA surged to $768 million, up 27% quarter-on-quarter. The property benefited from robust regional tourism demand and a high hold on rolling play, which added $107 million to EBITDA.

Las Vegas Sands also drew SGD 1.13 billion ($848 million) from its delayed draw term facility during the quarter to fund the land premium for its ongoing Marina Bay Sands Expansion Project. In Macau, adjusted property EBITDA increased modestly to $566 million, compared with $535 million in Q1. Sands China Ltd. (SCL), the group’s Macau unit, reported $1.79 billion in net revenue, up 2.5% year-on-year. However, SCL’s net income fell 13% to $214 million, reflecting lingering volatility in earnings.

The improvement follows a first quarter marked by a 5.7% revenue decline and lower rolling play hold, which had reduced EBITDA by $10 million.

LVS continued capital investments in both Singapore and Macau, with total Q2 expenditures of $286 million—$138 million in Macau and $129 million at Marina Bay Sands. The company returned $800 million to shareholders through common stock repurchases, acquiring 20 million shares at an average price of $39.59. Since resuming buybacks in Q4 2023, LVS has repurchased $3.5 billion worth of stock, totaling 79 million shares.

In addition, LVS spent $179 million to repurchase 87 million shares of SCL at an average price of HKD 16.00, increasing its stake in the Macau subsidiary to 73.4% as of late July. A quarterly dividend of $0.25 per share was paid during the quarter, with the next payment scheduled for August 13.
Debt and Liquidity Position

As of June 30, LVS reported $3.45 billion in unrestricted cash and access to $4.45 billion in revolving credit. Total debt, excluding finance leases, stood at $15.68 billion.

 

Our record results in Singapore and continued recovery in Macau reflect the strength of our iconic properties and long-term growth strategy.

 

During the quarter, LVS issued $1.5 billion in bonds to refinance $500 million of maturing notes, with remaining proceeds earmarked for general corporate use, including additional buybacks. The company also redeemed $1.63 billion in SCL senior notes due in August using funds from a HKD 12.75 billion ($1.64 billion) term loan. Net interest expense rose 4.3% to $194 million, while the average borrowing cost declined to 4.8% from 5.0% in the prior year. The effective tax rate held steady at 14.8%, in line with Q2 2024.

The Q2 results reflect growing momentum in both of LVS’s key markets, despite ongoing variability in Macau’s earnings. The company’s earnings call is scheduled for July 23 at 1:30 p.m. Pacific Time.