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Sep 30, 2025
Las Vegas Sands Q3 2025 Earnings Report
Las Vegas Sands reported strong Q3 2025 results, highlighted by robust earnings and record performance from Marina Bay Sands.
Key Takeaways
Las Vegas Sands delivered solid results in Q3 2025 with $3.33 billion in revenue and $491 million in net income, driven by strength in both Macao and Singapore operations.
Total revenue reached $3.33 billion, up from $2.68 billion in Q3 2024.
Net income rose to $491 million, an increase of 39% year-over-year.
Marina Bay Sands generated $743 million in Adjusted Property EBITDA.
The company repurchased $500 million in shares and raised its dividend for 2026.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
No specific forward guidance was provided in the report, but the company emphasized long-term investment and capital return priorities.
Positive Outlook
- Strong capital investment in Macao and Singapore completed
- Marina Bay Sands saw record performance driven by rolling chip hold
- Dividend increased for 2026 to $1.20 annually
- Share repurchase program expanded to $2B
- Access to over $9B in borrowing and liquidity facilities
Challenges Ahead
- No formal guidance on future earnings or revenue
- Casino win rate fluctuations affect earnings
- Capital expenditures expected to remain high
- Interest expense increased year-over-year
- Effective tax rate rose from prior quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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