LVS accelerates share repurchases, planning to invest $800 million in Q2 of 2025
Las Vegas Sands Sees Significant Growth in Q2 2025, Led by Marina Bay Sands in Singapore
Las Vegas Sands (LVS) has reported impressive financial results for Q2 2025, with the standout performer being Marina Bay Sands (MBS) in Singapore.
Marina Bay Sands (Singapore) Performance
MBS contributed $768 million to the company's consolidated adjusted property EBITDA, accounting for a significant portion of the total $1.33 billion EBITDA for LVS. This strong showing at MBS marks a notable increase and was the primary driver behind the 15-24% year-over-year growth in revenue and EBITDA for the quarter[1][2].
Rolling chip volume at MBS in Q2 2025 was $8.95 billion, up from $6.08 billion in the prior year quarter. This increase led to a casino revenue of $1.07 billion, up from $706 million in the same period last year[1]. The rolling chip win percentage at the MBS property also increased to 5.3% in Q2 2025, from 4.7% in Q2 2024[1].
Q2 2025 Financial Highlights
LVS reported net revenue of $3.18 billion in Q2 2025, up 15.2% from $2.76 billion a year earlier. Net income was $519 million, up from $424 million in Q2 2024. The adjusted property EBITDA rose 24.3% year-over-year, underscoring improved profitability and operational leverage[1][2].
Market Context
The Singapore market experienced robust demand and contributed to surpassing analyst expectations, especially after a weaker Q1 2025 for LVS. This reflects a continued strong premium mass and VIP demand at MBS, boosting margins and revenue growth[2][3].
Macau Operations and Other Factors
While Macau remained important, its recovery was more muted compared to Singapore, with visitation improving but spend per visitor lagging. Thus, Singapore's MBS was the standout growth contributor in Q2 2025 for LVS[3].
Additional Corporate Actions
LVS also undertook an $800 million share repurchase program and completed significant debt refinancing with senior notes and term loans in Singapore and Macau, strengthening liquidity and financial flexibility[1].
Looking Ahead
Robert Goldstein, chairman and CEO of Las Vegas Sands, expressed enthusiasm about the company's opportunities for growth in both Macau and Singapore. He also mentioned the company's pursuit of growth opportunities in new markets and its program to return excess capital to stockholders[1].
LVS maintains its quarterly dividend of $0.25 per share and reported unrestricted cash balances of $3.45bn as of 30 June 2025[1]. Since resuming its share repurchase program in Q4 2023, LVS has bought back 79 million shares for a total investment of $3.5bn[1].
Across Macau, Sands China Ltd's total net revenues increased by 2.5% to $1.79bn in Q2 2025. The Venetian Macao saw a revenue decline to $663m in Q2 2025, down from $686m in the prior year quarter. However, The Londoner Macao reported revenue growth to $642m in Q2 2025, up from $444m in the prior year quarter[3].
In summary, Marina Bay Sands’ exceptional operational performance in Singapore was the primary growth engine for Las Vegas Sands in Q2 2025, driving substantial increases in EBITDA, revenue, and net income, while Macau showed more restrained gains. This strong Singapore showing validated LVS’s significant investment and expansion in MBS despite some debt concerns[1][2][3].
[1]: Las Vegas Sands Q2 2025 Earnings Release [2]: Yahoo Finance - Las Vegas Sands Q2 2025 Earnings Call Transcript [3]: CNBC - Las Vegas Sands Q2 2025 Earnings: What to Know Before the Release
- The significant growth reported by Las Vegas Sands in Q2 2025 was primarily driven by Marina Bay Sands, the operator's Singapore-based casino, which contributed a substantial portion of the company's casino-games revenue.
- Despite the strong performance in Macau, it was the iGaming and casino-and-gambling operations at Marina Bay Sands in Singapore that marked a notable increase and served as the primary driver behind the growth in revenue and EBITDA for LVS in Q2 2025.
- The outstanding financial results for Q2 2025 for Las Vegas Sands were led by the gaming sector, particularly the casino-games at Marina Bay Sands in Las Vegas's namesake city, Las-Vegas, as well as its Singapore location.
