The earnings call reflects a strong performance in Singapore with historic results, while Macau faces challenges in market share and reinvestment strategies. The company is optimistic about future growth, particularly in Singapore, despite competitive pressures in Macau.

Company Guidance -

Q3 2025

During the Sands Second Quarter 2025 Earnings Call, the company provided several key metrics and guidance insights. Marina Bay Sands achieved a historic quarterly EBITDA of $768 million, indicating a potential annual run rate of $2.5 billion, with mass gaming and slot win reaching $843 million, showcasing 97% growth compared to Q2 2019 and 40% higher than the same quarter last year. In Macau, EBITDA was $566 million, although the company acknowledged underperformance and has adjusted its strategy to increase market share and EBITDA, aiming for a $2.7 billion run rate in the near term. The Londoner property is progressing towards a $1 billion annualized EBITDA target. In terms of margins, the Venetian's was 35.6%, while the Plaza and Four Seasons were at 34%, and the Londoner at 31.9%. Marina Bay Sands reported an EBITDA margin of 55.3%, and the company repurchased $800 million of LVS stock, paid a $0.25 per share dividend, and increased its ownership of SCL stock to 73.4%. These figures highlight Sands' strategic focus on leveraging its scale and product advantages for sustained growth.

Historic Marina Bay Sands Performance

Marina Bay Sands achieved a record EBITDA of $768 million for the quarter, with mass gaming and slot win at $843 million, reflecting a 97% growth from Q2 2019 and 40% higher than the previous year.

Macau GGR Acceleration

Macau's GGR accelerated this quarter, indicating a positive market trend. The Londoner is moving towards a $1 billion annualized EBITDA goal.

Strong Shareholder Returns

The company repurchased $800 million of LVS stock and paid a recurring dividend of $0.25 per share. The company's ownership of SCL increased to 73.4%.

Positive Outlook for Singapore Expansion

The groundbreaking for the second building in Singapore was completed, with strong government support indicating future expansion and growth.

Las Vegas Sands (LVS) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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LVS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2025 (Q3)	0.60 / -	0.44	―	―	―
Jul 23, 2025	2025 (Q2)	0.53 / 0.79	0.55	43.64% (+0.24)
Apr 23, 2025	2025 (Q1)	0.57 / 0.59	0.75	-21.33% (-0.16)
Jan 29, 2025	2024 (Q4)	0.57 / 0.54	0.57	-5.26% (-0.03)
Oct 23, 2024	2024 (Q3)	0.53 / 0.44	0.55	-20.00% (-0.11)
Jul 24, 2024	2024 (Q2)	0.58 / 0.55	0.46	19.57% (+0.09)
Apr 17, 2024	2024 (Q1)	0.62 / 0.75	0.28	167.86% (+0.47)
Jan 24, 2024	2023 (Q4)	0.61 / 0.57	-0.19	400.00% (+0.76)
Oct 18, 2023	2023 (Q3)	0.55 / 0.55	-0.27	303.70% (+0.82)
Jul 19, 2023	2023 (Q2)	0.44 / 0.46	-0.343	234.11% (+0.80)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

LVS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	$48.46	$50.55	+4.31%
Apr 23, 2025	$33.99	$36.20	+6.50%
Jan 29, 2025	$42.69	$47.42	+11.08%
Oct 23, 2024	$49.98	$51.38	+2.80%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.