The earnings call highlighted significant successes in Singapore with record-breaking performance and proactive shareholder returns. However, challenges in Macau with underperformance and competitive pressures were notable. The sentiment is balanced with strong positives from Singapore and challenges in Macau.

Company Guidance -

Q3 2025

During the Sands Second Quarter 2025 Earnings Call, the company provided detailed guidance on its financial performance, highlighting significant achievements and strategic adjustments. Marina Bay Sands recorded an unprecedented EBITDA of $768 million, with a forecasted potential to reach $2.5 billion annually. This performance was driven by mass gaming and slot wins totaling $843 million, marking a 97% increase from Q2 2019 and a 40% rise compared to the previous year. In Macau, the EBITDA was $566 million, reflecting a change in strategy with increased customer reinvestment efforts to capture market share. Despite a lower-than-expected hold in the rolling segment, the Macau portfolio maintained a 31.3% EBITDA margin. The Londoner property is set on a trajectory toward $1 billion in annualized EBITDA, aided by the full availability of its 2,450 rooms and suites. Furthermore, a strategic focus on maximizing revenue growth through targeted reinvestment was emphasized. In Singapore, Marina Bay Sands achieved an EBITDA margin of 55.3%, with a potential $107 million reduction if the expected hold rate was met. The company also repurchased $800 million in stock and paid a $0.25 per share dividend, aiming to increase shareholder returns through its share repurchase program. Overall, the company remains focused on sustaining growth and optimizing its asset performance.

Record EBITDA for Marina Bay Sands

Marina Bay Sands achieved a historic quarter with EBITDA of $768 million, reflecting 97% growth compared to Q2 2019 and 40% higher than the same quarter last year.

Strong Performance in Singapore

Singapore's Marina Bay Sands is on track to achieve $2.5 billion annually, with significant investments in high-quality market-leading products and growth in high-value tourism contributing to exceptional results.

Shareholder Returns

The company repurchased $800 million of LVS stock during the quarter and increased its ownership percentage of SCL to 73.4%.

Positive Market Trends in Macau

Macau's GGR accelerated this quarter, and there is a new approach to customer reinvestment, positioning Sands to lead in the market.

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	$48.69	$50.79	+4.31%
Apr 23, 2025	$34.16	$36.37	+6.47%
Jan 29, 2025	$42.90	$47.65	+11.07%
Oct 23, 2024	$50.22	$51.62	+2.79%

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.