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Mar 31
Las Vegas Sands Q1 2025 Earnings Report
Las Vegas Sands reported a decline in net revenue and net income for Q1 2025.
Key Takeaways
Las Vegas Sands posted a net revenue of $2.86 billion and net income of $408 million in Q1 2025. While the company faced headwinds in Macao, Marina Bay Sands delivered strong performance. Shareholder returns were bolstered by significant buybacks and consistent dividends.
Net revenue was $2.86B, a slight decrease from the previous year.
Net income declined to $408M from $583M in Q1 2024.
Macao operations faced EBITDA pressure due to lower hold and market softness.
The company repurchased $450M of shares and increased buyback authorization to $2.0B.
Las Vegas Sands
Las Vegas Sands
Las Vegas Sands Revenue by Segment
Las Vegas Sands Revenue by Geographic Location
Revenue by Segment
Casino Revenue
CapyFin.comRooms Revenue
CapyFin.comFood & Beverage Revenue
CapyFin.comMall Revenue
CapyFin.comConvention & Other Revenue
CapyFin.comThe Venetian Macao Revenue
CapyFin.comThe Parisian Macao Revenue
CapyFin.comThe Plaza & Four Seasons Revenue
CapyFin.comSands Macao Revenue
CapyFin.comMacao Ferry & Other Revenue
CapyFin.comRevenue by Geographic Location
Macao Operations Revenue
CapyFin.comMarina Bay Sands Revenue
CapyFin.com Forward Guidance
Las Vegas Sands remains optimistic about future growth in Macao and Singapore supported by strong financials and ongoing investments.
Positive Outlook
- Strong performance from Marina Bay Sands with EBITDA growth.
- High occupancy and ADR levels across key properties.
- Raised share repurchase authorization to $2.0B.
- Robust balance sheet with $3.04B in cash.
- Effective strategic capital investments ongoing in Asia.
Challenges Ahead
- Macao EBITDA impacted by low hold on rolling play.
- Year-over-year decline in total net income and revenue.
- Increased development expenses weighing on margins.
- Lower win rates in some gaming segments in Macao.
- Decline in adjusted EBITDA margin in several properties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income