Q1 2025 Las Vegas Sands Corp Earnings Call Transcript
Key Points
- Las Vegas Sands Corp (LVS) reported a record quarter in Singapore with $605 million of adjusted property EBITDA, marking an extraordinary achievement.
- The company completed the refurbishment of the Londoner Grand, adding 2,405 rooms and suites, which is expected to drive revenue and cash flow growth.
- LVS repurchased $450 million of its stock during the quarter and paid a recurring quarterly dividend of $0.25 per share, indicating strong shareholder returns.
- The company has increased its share repurchase authorization to $2 billion, reflecting confidence in its financial position and future prospects.
- LVS's investment in non-gaming amenities and high-value tourism in Singapore has shown significant positive impacts, with mass gaming revenue reflecting substantial growth.
- Macao's EBITDA margin for the portfolio of properties decreased by 280 basis points compared to the first quarter of 2024.
- The company faced challenges in the Macao market with a decline in non-rolling revenues, particularly in the premium mass segment.
- LVS decided not to bid for a casino license in New York due to concerns about the impact of potential legalization of iGaming on market opportunity and project returns.
- The competitive environment in Macao has intensified, making it more challenging to leverage current gameplay types and player segments.
- Operating expenses in Macao increased by approximately 7%, contributing to negative operating leverage due to revenue declines in key segments.
Good day, ladies and gentlemen, and welcome to the Sands first quarter 2025 earnings call. (Operator Instructions)
It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. Sir, the floor is yours.
Thank you, Paul. Joining the call today are Rob Goldstein, our Chairman and CEO; Patrick Dumont, our President and Chief Operating Officer; Dr. Wilford Wong, Executive Vice Chairman of Sands China, and Grant Chum, CEO and President of Sands China and EVP of Asia Operations.
Today's conference call will contain forward-looking statements. We will be making those statements under the Safe Harbor provision of federal security laws. A language on forward-looking statements included in our press release and 8-K filings also applies to our comments made on the call today. The company's actual results will be revealed materially from the results reflected in those forward-looking statements.
In addition, we will discuss
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