Las Vegas Sands Corp. (LVS) reported a robust net revenue growth of 24.3% year-over-year for Q3 2025, fueled by ongoing strength in Singapore and a recovery in Macau. Net revenue surged to $3.33 billion from $2.68 billion in the previous year, with operating income rising to $719 million from $504 million. The company’s net income for this quarter reached $491 million, up from $353 million in the same quarter of 2024.
Consolidated adjusted property EBITDA increased to $1.34 billion, up from $991 million in the same quarter last year. Chairman and CEO Robert G. Goldstein attributed these improvements to their capital investment initiatives in both principal markets.
“We are optimistic about our growth prospects in Macau and Singapore, as we are starting to see the benefits from our recently completed capital investment projects,” he stated.
Marina Bay Sands (MBS) consistently exceeded expectations, producing $1.44 billion in net revenue this quarter, compared to $919 million in the prior year and $1.39 billion in the previous quarter. Casino revenue made a significant contribution, totaling $1.07 billion. Adjusted property EBITDA was recorded at $743 million, slightly lower than the $768 million from the prior quarter, boosted by a favorable $43 million gaming hold.
Chairman and Chief Executive Officer Robert G. Goldstein
Goldstein referred to MBS’s financial performance as “unprecedented in our industry,” noting that the property’s annual EBITDA could surpass $2.5 billion. “MBS has already reached over US$2.1 billion in EBITDA this year with one quarter remaining,” he noted. “Mass gaming and slot revenue set a record at US$905 million, indicating a 122% growth from Q3 2019 and a 35% increase from the previous year.”
In Macau, Sands China Ltd. reported a 7.5% year-over-year rise in net revenue to $1.90 billion, marking a 6.1% increase from the previous quarter. Adjusted property EBITDA was $601 million, up from $566 million in Q2, while net income reached $272 million compared to $268 million a year earlier.
The Londoner Macao emerged as a top performer, generating $686 million in net revenue, reflecting a 49.1% year-on-year increase, while The Venetian Macao achieved $692 million, consistent with last year but 4.4% higher than the June quarter. Notably, all Macau establishments registered sequential improvements.
“In Macau, our long-term investment strategy to enhance business and leisure tourism is positioning us well for future growth,” Goldstein remarked.
The Venetian Macao
“In Singapore, Marina Bay Sands once again showcased exceptional financial and operational results. Our new suite product offerings and upgraded services set us up for further growth as travel and tourism expenditure in Asia rises.”
Total capital expenditures for the quarter amounted to $229 million, with $121 million dedicated to construction and maintenance at Marina Bay Sands and $99 million for Macau. Net interest expenses, after capitalized amounts, reached $187 million, up from $179 million last year. The company’s average debt balance climbed to $15.94 billion from $13.87 billion, with an average borrowing cost of 4.5%, reduced from 5.1%.
Sands executed a $500 million repurchase of its common stock, acquiring approximately nine million shares at an average price of $54.39 during the quarter. As of September 30, the remaining amount available for repurchase stood at $700 million, which was later increased by the Board to $2 billion with an extended authorization until November 3, 2027.
Since resuming buybacks in late 2023, the company has repurchased approximately 88 million shares, amounting to $4 billion.
Additionally, the company acquired $337 million in Sands China Ltd. common stock, raising its ownership stake to 74.76% as of October 10. A quarterly dividend of $0.25 per share was disbursed this quarter, with the next dividend set for November 12 for shareholders recorded on November 4.
As of September 30, unrestricted cash balances were $3.35 billion, while total debt outstanding, net of deferred offering costs and discounts, was $15.63 billion. Sands’s effective income tax rate was 15.6%, largely reflecting Singapore’s statutory rate of 17%.