Las Vegas Sands (LVS) announced a significant financial rebound in its second-quarter 2025 results, with net revenue climbing 15.2% year-on-year to reach $3.18 billion.
The strong performance marks a notable recovery from a softer first quarter and was driven by record-breaking results at its Marina Bay Sands property in Singapore. The company’s net income rose 22.4% to $519 million, while consolidated adjusted property EBITDA surged 24.3% to $1.33 billion.
The primary engine of this growth was Marina Bay Sands, which delivered a record-setting adjusted property EBITDA of $768 million, representing a 27% increase from the previous quarter.
The Singapore venue’s performance was further bolstered by a high hold on rolling play, which positively impacted EBITDA by an additional $107 million. Underscoring its commitment to future growth, LVS also drew SGD 1.13 billion ($848 million) from a delayed draw term facility to pay the land premium for the property’s ongoing expansion project.
In Macau, the recovery was more modest but still showed positive momentum. The region’s adjusted property EBITDA reached $566 million, a slight increase from the first quarter.
Sands China (SCL), the company’s Macau subsidiary, posted total net revenues of $1.79 billion, up 2.5% year-on-year. However, SCL’s net income saw a 13% decline to $214 million, indicating a mixed but stabilizing operational environment.
Las Vegas Sands continued its aggressive capital return strategy, repurchasing $800 million of its common stock during the quarter and maintaining its $0.25 quarterly dividend.
The company also increased its controlling stake in Sands China to 73.4% after acquiring $179 million worth of its shares. Despite holding total debt of $15.68 billion, the company reported $3.45 billion in unrestricted cash and has access to $4.45 billion in credit facilities, signaling a strong liquidity position as it moves into the second half of the year.
