Led by record performance in Singapore, Las Vegas Sands reported year-over-year gains in net revenue, net income and adjusted property earnings.
Net revenue was $3.18 billion, compared to $2.76 billion in the prior-year quarter. Operating income was $783 million, compared to $591 million in 2024. Net income in the second quarter was $519 million, compared to $424 million in the second quarter of 2024.
Consolidated adjusted property EBITDA was $1.33 billion, compared to $1.07 billion in the prior year quarter.
“We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macau and Singapore as we realize the benefits from our recently completed capital investment programs in both markets,” said Robert Goldstein, chairman and CEO.
Goldstein said the company’s 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 the company well for future growth.
Sands China Ltd. (SCL) increased net revenue 2.5% to $1.79 billion compared to the second quarter of 2024. Net income for SCL was $214 million, compared to $246 million in the second quarter of 2024.
In Singapore, Marina Bay Sands once again delivered record financial and operating performance, the company stated. Its new suite product and elevated service offerings position Sands for additional growth as travel and tourism spending in Asia expands, Goldstein said.
“Our financial strength and industry-leading cash flow continue to support our 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,” he noted.
Sands repurchased $800 million LVS shares under its share repurchase program during the quarter and said it plans to continue returning excess capital to shareholders. It has authorized another $1.2 billion as of the end of June.
Since the resumption of its share repurchase program in the fourth quarter of 2023 through June 30th, Sands has repurchased 79 million shares of common stock at an average price of $44.38, for a total investment of $3.50 billion.
During the second quarter of 2025 and through July 23, 2025, Sands purchased $179 million of SCL common stock – 87 million shares at an average price of HKD 16.00 (US$2.04) – increasing the company’s ownership percentage of SCL to 73.4% as of July 23rd.
Sands paid a quarterly dividend of $0.25 per common share during the quarter. Its next quarterly dividend of $0.25 per common share will be paid on August 13th to stockholders of record on August 5th.
