Net Revenue of $3.33 billion and Net Income of $491 million
Consolidated Adjusted Property EBITDA of $1.34 billion
Macao Adjusted Property EBITDA of $601 million
High Hold on Rolling Play in Macao Positively Impacted Adjusted Property EBITDA by $2 million
Marina Bay Sands Adjusted Property EBITDA of $743 million
High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $43 million
LVS Repurchased $500 million of Common Stock
LVS Board of Directors Increased Stock Repurchase Authorization to $2.0 billion
LVS Board of Directors Announced a $0.20 Increase in LVS's Recurring Common Stock Dividend for the 2026 Calendar Year, Raising the Annual Dividend to $1.20 per Share ($0.30 per Share per Quarter)
LAS VEGAS, Oct. 22, 2025 /PRNewswire/ -- Las Vegas Sands (NYSE:LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended September 30, 2025.
"We remain enthusiastic about our growth opportunities in both Macao and Singapore as we realize the benefits of our recently completed capital investment programs," said Robert G. Goldstein, chairman and chief executive officer.
"In Macao, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth.
"In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.
"Our financial strength and industry-leading cash flow continue to support our investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.
"We repurchased $500 million of LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders."
Net revenue was $3.33 billion, compared to $2.68 billion in the prior year quarter. Operating income was $719 million, compared to $504 million in the prior year quarter. Net income in the third quarter of 2025 was $491 million, compared to $353 million in the third quarter of 2024.
Consolidated adjusted property EBITDA was $1.34 billion, compared to $991 million in the prior year quarter.
Sands China Ltd. Consolidated Financial Results On a GAAP basis, total net revenues for SCL increased 7.5% to $1.90 billion, compared to the third quarter of 2024. Net income for SCL was $272 million, compared to $268 million in the third quarter of 2024.
Other Factors Affecting Earnings Interest expense, net of amounts capitalized, was $187 million for the third quarter of 2025, compared to $179 million in the prior year quarter. Our weighted average debt balance was $15.94 billion during the third quarter of 2025, compared to $13.87 billion during the third quarter of 2024. Our weighted average borrowing cost was 4.5% during the third quarter of 2025, compared to 5.1% during the third quarter of 2024.
Our effective income tax rate for the third quarter of 2025 was 15.6%, compared to 12.4% in the prior year quarter. The income tax rate for the third quarter of 2025 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns During the third quarter of 2025, we repurchased $500 million of our common stock (approximately 9 million shares at a weighted average price of $54.39). The remaining amount authorized under our share repurchase program was $700 million as of September 30, 2025. Subsequently, on October 21, 2025, the company's Board of Directors authorized increasing the remaining share repurchase amount to $2.0 billion and extending the expiration date of this authorization to November 3, 2027. Since the resumption of our share repurchase program in the fourth quarter of 2023 through September 30, 2025, we have repurchased approximately 88 million shares of our common stock at an average price of $45.42, for a total investment of $4.0 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
During the third quarter of 2025 and through October 10, 2025, we purchased $337 million of SCL common stock (approximately 131 million shares at an average price of HKD 20.18), increasing the company's ownership percentage of SCL to 74.76% as of October 10, 2025.
We paid a quarterly dividend of $0.25 per common share during the quarter. Our next quarterly dividend of $0.25 per common share will be paid on November 12, 2025, to Las Vegas Sands stockholders of record on November 4, 2025.
Balance Sheet Items Unrestricted cash balances as of September 30, 2025 were $3.35 billion.
The company has access to $4.46 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. In addition, we have $4.89 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project. As of September 30, 2025, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.63 billion.
Capital Expenditures Capital expenditures during the third quarter totaled $229 million, including construction, development and maintenance activities of $121 million at Marina Bay Sands and $99 million in Macao.
Conference Call Information The company will host a conference call to discuss the company's results on Wednesday, October 22, 2025, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS)Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Forward-Looking Statements This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "expects," "intends," "look forward to," "plans," "positions," "remains," "seeks," "will" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.
Las Vegas Sands Corp. Third Quarter 2025 Results Non-GAAP Financial Measures
Within the company's third quarter 2025 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
Revenues:
Casino
$ 2,506
$ 1,936
$ 7,048
$ 6,199
Rooms
374
314
1,043
957
Food and beverage
165
152
453
450
Mall
199
189
572
537
Convention, retail and other
87
91
252
259
Net revenues
3,331
2,682
9,368
8,402
Operating expenses:
Resort operations
1,998
1,701
5,567
5,150
Corporate
78
68
220
215
Pre-opening
7
4
20
10
Development
72
55
210
169
Depreciation and amortization
368
324
1,101
960
Amortization of leasehold interests in land
21
15
56
45
Loss on disposal or impairment of assets
68
11
83
41
2,612
2,178
7,257
6,590
Operating income
719
504
2,111
1,812
Other income (expense):
Interest income
39
67
123
218
Interest expense, net of amounts capitalized
(187)
(179)
(555)
(547)
Other income (expense)
11
11
(12)
16
Loss on modification or early retirement of debt
—
—
(5)
—
Income before income taxes
582
403
1,662
1,499
Income tax expense
(91)
(50)
(244)
(139)
Net income
491
353
1,418
1,360
Net income attributable to noncontrolling interests
(72)
(78)
(186)
(238)
Net income attributable to Las Vegas Sands Corp.
$ 419
$ 275
$ 1,232
$ 1,122
Earnings per share:
Basic
$ 0.61
$ 0.38
$ 1.77
$ 1.52
Diluted
$ 0.61
$ 0.38
$ 1.77
$ 1.51
Weighted average shares outstanding:
Basic
682
730
696
740
Diluted
685
731
698
742
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
Net Revenues
The Venetian Macao
$ 692
$ 692
$ 1,993
$ 2,149
The Londoner Macao
686
460
1,857
1,466
The Parisian Macao
218
250
639
745
The Plaza Macao and Four Seasons Macao
206
257
608
649
Sands Macao
72
81
218
236
Ferry Operations and Other
32
31
97
91
Macao Operations
1,906
1,771
5,412
5,336
Marina Bay Sands
1,436
919
3,987
3,093
Intercompany Royalties
80
60
208
186
Intersegment Eliminations(1)
(91)
(68)
(239)
(213)
$ 3,331
$ 2,682
$ 9,368
$ 8,402
Adjusted Property EBITDA
The Venetian Macao
$ 242
$ 267
$ 703
$ 843
The Londoner Macao
219
124
577
399
The Parisian Macao
53
74
163
228
The Plaza Macao and Four Seasons Macao
74
102
214
238
Sands Macao
8
14
27
36
Ferry Operations and Other
5
4
18
12
Macao Operations
601
585
1,702
1,756
Marina Bay Sands
743
406
2,116
1,515
$ 1,344
$ 991
$ 3,818
$ 3,271
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao
35.0 %
38.6 %
35.3 %
39.2 %
The Londoner Macao
31.9 %
27.0 %
31.1 %
27.2 %
The Parisian Macao
24.3 %
29.6 %
25.5 %
30.6 %
The Plaza Macao and Four Seasons Macao
35.9 %
39.7 %
35.2 %
36.7 %
Sands Macao
11.1 %
17.3 %
12.4 %
15.3 %
Ferry Operations and Other
15.6 %
12.9 %
18.6 %
13.2 %
Macao Operations
31.5 %
33.0 %
31.4 %
32.9 %
Marina Bay Sands
51.7 %
44.2 %
53.1 %
49.0 %
Total
40.3 %
37.0 %
40.8 %
38.9 %
____________________
(1)
Intersegment eliminations include royalties and other intercompany services.
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:
Three Months Ended
Nine Months Ended
September 30
September 30
2025
2024
2025
2024
Net income
$ 491
$ 353
$ 1,418
$ 1,360
Add (deduct):
Income tax expense
91
50
244
139
Loss on modification or early retirement of debt
—
—
5
—
Other (income) expense
(11)
(11)
12
(16)
Interest expense, net of amounts capitalized
187
179
555
547
Interest income
(39)
(67)
(123)
(218)
Loss on disposal or impairment of assets
68
