Share repurchases exceed $800m while Macau results stabilise following soft Q1.

Key Points

• Net revenue grew 15.2% year on year to $3.18bn.
• Net income went up 22.4% to $519m which was a result of record performance in Singapore.
• $800m in common stock repurchased, bringing total since Q4 2023 to $3.5bn

Las Vegas Sands showed a rise of 15.2% year-on-year in Q2 2025 net revenue, reaching $3.18bn. The quarter followed a period in Q1 when revenue had declined 3.4% to $2.86bn, returning the company to growth. Net income went up to $519m, 22.4% higher than $424m in Q2 2024, as Singapore’s performance set new records. Consolidated adjusted property EBITDA moved up by 24.3% to reach $1.33bn, a turnaround from Q1 when net income fell 30% and adjusted property EBITDA dropped 5.8%.

Marina Bay Sands Sets New Records

Marina Bay Sands in Singapore delivered strong results again. Adjusted property EBITDA at this property was $768m in Q2, rising 27% quarter-on-quarter compared to the $605m in Q1 2025.High hold on rolling play benefited the property, adding $107m to its EBITDA for the period. Q1 for Marina Bay Sands already saw double-digit increases, and this growth kept up as tourism from around the region continued. The operator accessed SGD 1.13bn ($848m) from its delayed draw term facility to pay the land cost for the ongoing Marina Bay Sands Expansion Project.

Macau Rebounds despite Earnings Dip at SCL

In Macau, adjusted property EBITDA reached $566m, showing a modest rise compared to Q1’s $535m. Sands China (SCL) reported total net revenue of $1.79bn, a 2.5% annual increase, but SCL’s net income went down 13% to $214m. This turnaround follows a Q1 period marked by a 5.7% fall in revenue and weak rolling play hold that caused $10m negative impact on adjusted EBITDA. LVS said capital investment continued in both Singapore and Macau, with $286m spent in Q2, $138m for Macau and $129m at Marina Bay Sands.

Shareholder Returns and Capital Management

During Q2 2025, the company repurchased $800 million in common stock, equivalent to approximately 20 million shares at an average price of $39.59. Since Q4 2023, LVS returned $3.5bn to shareholders through 79 million share buybacks. A $.25 per share dividend was paid in this quarter, and the next dividend is planned for 13 August 2025. Share repurchases for SCL were also ongoing, with $179m spent for 87 million shares at an average price of HKD 16.00, raising LVS’s stake in Sands China to 73.4% by late July.

Debt and Liquidity Update

LVS recorded $3.45bn in unrestricted cash as of 30 June 2025, along with access to $4.45bn in revolving credit. The company’s total debt, excluding finance leases, came to $15.68bn. The company completed two bond issuances for $1.5bn in Q2 to cover $500m in notes maturing June 2025, using the rest for general needs, including share buybacks.

LVS redeemed $1.63bn in SCL senior notes due August 2025, drawing down from its HKD 12.75bn ($1.64bn) term loan. Net interest expense increased to $194m, 4.3% up from $186m in Q2 2024; average borrowing cost dipped from 5% to 4.8%. The effective tax rate was 14.8%, close to last year’s 14.5%. Las Vegas Sands will hold its Q2 earnings call on 23 July at 1:30 pm Pacific Time.