Las Vegas Sands reported first quarter 2025 net revenue of $2.86 billion and net income of $408 million, down from $2.96 billion and $583 million, respectively, in the same quarter last year. Consolidated adjusted property EBITDA declined to $1.14 billion from $1.21 billion.

In Macao, adjusted property EBITDA was $535 million, impacted by $10 million due to low hold on rolling play. Revenue for the Macao operations was $1.71 billion, down 5.7% year-over-year, with net income from Sands China Ltd. falling to $202 million from $297 million. Marina Bay Sands in Singapore outperformed with adjusted property EBITDA of $605 million, up slightly from $597 million a year prior, and a margin increase to 52.0%.

LVS repurchased $450 million in common stock during the quarter and increased its total repurchase authorization to $2.0 billion. The company maintained a strong liquidity position with $3.04 billion in unrestricted cash and access to $4.44 billion in available credit. Total debt stood at $13.71 billion.

Capital expenditures reached $379 million in the quarter, including $197 million in Macao and $175 million at Marina Bay Sands. A new SGD 7.5 billion facility was established in February to support the MBS Expansion Project.

Adjusted earnings per diluted share were $0.59, down from $0.73 in Q1 2024. The tax rate rose to 13.4%, driven primarily by Singapore’s statutory rate, compared to 2.8% a year earlier.

Looking ahead, the company remains focused on its investment programs and returning capital to shareholders, citing confidence in long-term growth opportunities in Macao, Singapore, and potential new markets.