Las Vegas Sands Corp (LVS) reported a 22.4% year-over-year increase in net income for Q2 2025, reaching $519 million. The surge was primarily driven by strong performance at Marina Bay Sands in Singapore and a steady recovery in Macau. Total net revenue rose 15% to $3.18 billion, with casino operations contributing $2.42 billion. While Macau saw modest growth in revenue (up 2.5%), net income declined 13%. The Londoner Macau stood out after fully reopening 2,405 rooms, driving a sharp increase in casino revenue. In Singapore, Marina Bay Sands set a quarterly record with $1.39 billion in revenue and a 50% rise in adjusted EBITDA. LVS continues to invest in property upgrades and stock buybacks, and has announced a quarterly dividend of $0.25 per share.
Las Vegas Sands Reports 22% Profit Growth Driven by Macau and Singapore Outperformance
Strong Q2 Earnings Back
Global casino and resort giant Las Ve reported robust financial results for the second quarter of 2025, fueled by strong growth in Singapore and a stable rebound in Macau. The company posted net income of $519 million, a 22.4% year-over-year increase.
According to the official earnings release, total net revenue rose 15.0% to $3.18 billion, with casino operations contributing $2.42 billion, up 18.7% from the same period last year—highlighting sustained demand in the company’s two key Asian markets.
Steady Growth Beyond Casinos
Non-gaming revenue—including hotel, dining, retail, conventions, and shopping mall operations—also grew modestly, increasing 4.7% from $726 million in Q2 2024 to $760 million in Q2 2025.
Macau Operations: Stable but Mixed
Subsidiary Sands China Ltd. generated nearly $1.8 billion in net revenue from Macau, up 2.5% year-over-year. However, net income dropped 13%, from $246 million to $214 million.
The region’s adjusted property EBITDA remained steady at $566 million, a 0.9% increase over the previous year.
The Londoner Macau Leads the Pack
One of the top-performing properties in Macau was The Londoner Macau, where casino revenue surged from $318 million to $495 million, largely due to the full reopening of 2,405 rooms ahead of the May Day holiday.
The property’s operating margin improved from 29% in Q1 to 32%.
LVS is also continuing a $1.2 billion renovation, including the rebranding of the former Sheraton tower into Londoner Grand and the transformation of Pacifica casino into Londoner Grand Casino.
Singapore’s Marina Bay Sands Breaks Records
In Singapore, Marina Bay Sands delivered record-setting results:
- Net revenue: $1.39 billion (up 36.6%)
- Adjusted property EBITDA: $768 million (up 50%)
- Casino revenue: $1.07 billion (up nearly 50%)
The growth followed the completion of a $1.75 billion multi-year renovation, which LVS hailed as a major operational milestone.
Leadership Perspective
Chairman and CEO Robert Goldstein praised the performance of the Singapore property:
“Marina Bay Sands has once again delivered record financial and operational results. Our new suite product and upgraded service experiences provide exciting growth opportunities, especially amid continued recovery in Asian travel and spending.”
He also expressed optimism for improved Macau performance in the coming quarters.
Capital Expenditures and Investments
LVS recorded $286 million in capital expenditures during Q2:
- $138 million allocated to Macau
- $129 million allocated to Singapore
The company also repurchased $800 million in stock at an average price of $39.59 per share, and increased its ownership in Sands China to 73.4% through a $179 million acquisition of 87 million shares.
Dividend Announcement
LVS will pay a quarterly dividend of $0.25 per share, scheduled for distribution on August 13, 2025.
Looking Ahead: SiGMA Europe in Malta
Las Vegas Sands is expected to participate in the upcoming SiGMA Europe – Mediterranean Summit, taking place September 1–3, 2025, whic
