- Las Vegas Sands (LVS, Financial) reported a 3.4% decline in net revenue, totaling $2.86 billion for Q1 2025.
- The company's net income dropped 30% year-over-year to $408 million, with an adjusted property EBITDA of $1.14 billion.
- Sands China saw a 5.7% decline in net revenues to $1.70 billion, with net income at $202 million.
Las Vegas Sands (LVS), a prominent player in the integrated resorts sector, announced its financial results for the first quarter of 2025. The company reported net revenues of $2.86 billion, reflecting a 3.4% drop from $2.96 billion in the same quarter of the previous year. The net income also saw a substantial decrease, plunging 30% to $408 million from $583 million in Q1 2024.
Consolidated adjusted property EBITDA came in at $1.14 billion, down from $1.21 billion year-over-year. The performance was significantly impacted by the Macao operations, which faced a 5.7% decline in total net revenues to $1.70 billion, with net income dropping to $202 million from $297 million in the preceding year. This was attributed to a $10 million adverse effect on EBITDA due to a low hold on rolling play.
Despite these challenges, Marina Bay Sands in Singapore emerged as a high performer, generating $605 million in adjusted property EBITDA. The company's financial resilience is underscored by its liquidity position, holding $3.04 billion in unrestricted cash and $4.44 billion available for borrowing.
In a move to boost shareholder value, Las Vegas Sands repurchased $450 million worth of common stock at an average price of $44.59 per share during the quarter. The Board of Directors also increased the share repurchase authorization to $2.0 billion. Meanwhile, the quarterly dividend remains steady at $0.25 per share, with the next payment scheduled for May 14, 2025.
These results illustrate Las Vegas Sands' strategic emphasis on capital investment and shareholder returns, even amid softened growth in its Macao market. The company's diversified portfolio, with Singapore operations now contributing more than half of the total EBITDA, highlights the benefits of geographic diversification.
