Las Vegas Sands reports $3.33 billion in Q3 revenue driven by Marina Bay Sands and Macau recovery

Las Vegas Sands Corp. (LVS) posted a 24.3% year-on-year increase in net revenue for the third quarter of 2025, supported by sustained strength in Singapore and a rebound in Macau. Net revenue rose to $3.33 billion from $2.68 billion a year earlier, while operating income climbed to $719 million compared to $504 million. Net income for the quarter was $491 million, up from $353 million in the same period of 2024.

Consolidated adjusted property EBITDA grew to $1.34 billion from $991 million in the prior year quarter. Chairman and Chief Executive Officer Robert G. Goldstein credited the gains to the company’s capital investment programs in its two key markets.

“We remain enthusiastic about our growth opportunities in both Macau and Singapore, as we realize the benefits of our recently completed capital investment programs,” he said.

Marina Bay Sands (MBS) continued to outperform expectations, generating $1.44 billion in net revenue for the quarter, up from $919 million a year earlier and $1.39 billion in the second quarter. Casino revenue alone contributed $1.07 billion. Adjusted property EBITDA reached $743 million, only slightly below the $768 million recorded in the prior quarter, with the company noting a favorable $43 million gaming hold.

Chairman and Chief Executive Officer Robert G. Goldstein

Goldstein described MBS’s financial performance as “unprecedented in our industry,” highlighting that the property’s annual EBITDA could exceed $2.5 billion. “MBS is currently over US$2.1 billion in EBITDA this year with a quarter to go,” he said. “Mass gaming and slot win was a record US$905 million, representing 122% growth from 3Q19 and 35% higher than last year.”

In Macau, Sands China Ltd. posted a 7.5% year-on-year increase in net revenue to $1.90 billion and a 6.1% rise from the previous quarter. Adjusted property EBITDA stood at $601 million, up from $566 million in Q2, while net income reached $272 million compared to $268 million a year earlier.

The Londoner Macao was a standout performer with net revenue of $686 million, a 49.1% year-on-year increase, while The Venetian Macao generated $692 million, flat compared to last year but up 4.4% from the June quarter. All Macau properties recorded sequential improvements.

“In Macau, our decades-long commitment to making investments that enhance the business and leisure tourism appeal and support its development as a world center of business and leisure tourism positions us well for future growth,” Goldstein said.

The Venetian Macao

“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.”

Capital expenditures for the quarter totaled $229 million, including $121 million for construction and maintenance at Marina Bay Sands and $99 million in Macau. Interest expense, net of amounts capitalized, was $187 million, compared to $179 million last year. The company’s average debt balance rose to $15.94 billion from $13.87 billion, with an average borrowing cost of 4.5%, down from 5.1%.

Sands repurchased $500 million worth of its common stock, approximately nine million shares, at an average price of $54.39 during the quarter. As of September 30, the remaining amount under the repurchase program stood at $700 million, later increased by the Board to $2 billion with an extended authorization through November 3, 2027.

Since resuming buybacks in late 2023, the company has repurchased roughly 88 million shares for a total of $4 billion.

Additionally, the company purchased $337 million of Sands China Ltd. common stock, increasing its ownership to 74.76% as of October 10. A quarterly dividend of $0.25 per share was paid during the quarter, with the next dividend scheduled for November 12 to shareholders of record on November 4.

As of September 30, unrestricted cash balances stood at $3.35 billion, while total debt outstanding, net of deferred offering costs and discounts, was $15.63 billion. Sands’s effective income tax rate was 15.6%, primarily reflecting Singapore’s 17% statutory rate.