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Las Vegas Sands (LVS) reported a strong second quarter for 2025, with consolidated net income rising 22% year-on-year to USD 519 million. This performance was largely driven by the outstanding results of Marina Bay Sands (MBS) in Singapore. Total group net revenue grew by 15% to USD 3.18 billion, while adjusted property EBITDA jumped 24.3% to USD 1.33 billion. Earnings per share came in at USD 0.66 (GAAP) and USD 0.79 (adjusted), both beating analyst expectations, according to RTT News.

Marina Bay Sands was the key contributor to LVS’s growth. Its net revenue rose 36.6% to USD 1.39 billion, and adjusted property EBITDA surged 50% to USD 768 million, achieving a 55.3% margin. CEO Robert Goldstein credited this performance to strong demand, particularly in the premium gaming and luxury suite segments. He said, “Marina Bay Sands once again delivered record financial and operating performance,” and added that the resort is “positioned for additional growth as travel and tourism spending in Asia expands.”

Meanwhile, Sands China in Macau experienced a more mixed outcome. Although revenue in Macau rose slightly to USD 1.79 billion (up 2.5%), net income dropped 13% year-on-year to USD 214 million. Adjusted property EBITDA increased only marginally to USD 566 million, and EBITDA margins slipped to 31.3%. Grant Chum, CEO of Sands China, noted that they have started implementing “a more aggressive customer reinvestment programme” since April to help lift underperforming properties such as Sands Macao and The Parisian.

In terms of capital deployment, LVS repurchased USD 800 million of its shares during the quarter and increased its stake in Sands China to 73.4% by investing an additional USD 179 million. Capital expenditure for Q2 amounted to USD 286 million—USD 138 million in Macau and USD 129 million in Singapore. The company also maintained its quarterly dividend of USD 0.25 per share.

Looking ahead, Goldstein expressed confidence in sustained growth from both Singapore and Macau. He emphasized the benefits from LVS’s recently completed and ongoing capital investments, including the multi-billion-dollar expansion of Marina Bay Sands. Despite the challenges in Macau, the company remains optimistic about achieving higher returns as tourism and gaming demand continue to recover across Asia.