Las Vegas Sands reported Wednesday an across-the-board decline in revenue, income, and adjusted earnings in the first quarter, mostly due to its performance in Macau.
During an earnings call with investors, Sands reported net revenue during the quarter was $2.86 billion compared to $2.96 billion in the first quarter of 2024. Operating income was $609 million compared to $717 million in the prior-year quarter. Net income in the first quarter was $408 million compared to $583 million in the first quarter of 2024. Consolidated adjusted property EBITDA was $1.14 billion compared to $1.21 billion in the prior-year quarter.
For Sands China, total net revenues decreased 5.7% to $1.7 billion compared to the first quarter of 2024. Net income for SCL was $202 million compared to $297 million in the first quarter of 2024.
Capital expenditures during the first quarter totaled $379 million, including construction, development, and maintenance activities of $197 million in Macau and $175 million at Marina Bay Sands.
“We continued to execute our strategic objectives during the quarter,” Goldstein said. “We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macau and Singapore in the years ahead as we execute our capital investment programs in both markets. In Macau, while market growth has softened in the current environment, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world center of business and leisure tourism positions us well for future growth.”
In Singapore, Goldstein said Marina Bay Sands continued to deliver “outstanding” financial and operating performance. Its new suite product and elevated service offerings position Sands for additional growth as travel and tourism spending in Asia expands, he noted.
“Our financial strength and cash flow continue to support our ongoing investment and capital expenditure programs in both Macau and Singapore, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders,” Goldstein said.
Goldstein told Wall Street analysts Macau is a competitive market, but that the operator has the strongest assets and “can perform better despite the challenging macro environment.”
The Londoner Macau is fully open with 2,405 rooms and suites, as Sands prepares for Golden Week in May. This should help elevate Sands’s performance and improve cash flow, Goldstein said.
Sands China continues to lead the gaming and non-gaming revenue and EBITDA in the market. The margin at the Venetian was 35.3%, while it was 35.6% at The Plaza and Four Seasons.
Sands reported $605 million in adjusted property EBITDA during the first quarter in Marina Bay Sands and said it’s likely a record for any gaming property in the world. That’s a margin of 62%. “It’s an extraordinary performance,” Goldstein said.
Sands reported interest expense net of amounts capitalized was $174 million for the first quarter of 2025, compared to $182 million in the prior year quarter. The weighted average borrowing cost was 4.9% during the first quarter compared to 5% during the first quarter of 2024.
The effective income tax rate for the first quarter was 13.4%, compared to 2.8% in the prior year quarter. The income tax rate for the first quarter of 2025 was primarily driven by a 17% statutory rate on its Singapore operations.
