Las Vegas Sands Corp

Latest Results (01.09.2026):

Las Vegas Sands Corp reported results for the fourth quarter of 2025: net revenue of $3.65 billion, net income of $448 million, and consolidated adjusted property EBITDA of $1.41 billion — all up versus the prior-year quarter — driven by very strong performance at Marina Bay Sands and continued recovery in Macao; the company also repurchased $500 million of common stock during the quarter.

Top-line and operating results

For the fourth quarter of 2025 Las Vegas Sands Corp posted net revenues of $3.65 billion (vs. $2.90 billion in Q4 2024) and operating income of $707 million (vs. $590 million). Net income was $448 million for the quarter.

Adjusted Property EBITDA (consolidated)

Consolidated adjusted property EBITDA was $1.41 billion in Q4 2025, up from $1.11 billion in the year-ago quarter, reflecting higher gaming and non-gaming revenues across the portfolio.

Marina Bay Sands — standout performance

Marina Bay Sands generated adjusted property EBITDA of $806 million in Q4 2025 (up from $537 million), with net revenues of $1.603 billion. Management noted a $45 million positive impact to EBITDA from high hold on rolling play.

Macao operations

Macao adjusted property EBITDA was $608 million (vs. $571 million), with net revenues of $2.058 billion. Macao’s Q4 hold on rolling play contributed a $26 million positive EBITDA impact.

Gaming metrics and hold effects

The company disclosed hold-adjusted impacts: a combined ~$71 million positive effect on adjusted property EBITDA in Q4 2025 (Marina Bay Sands $45M, Macao $26M). Rolling chip volumes and win percentages were notably higher at Marina Bay Sands versus prior year.

Capital returns and dividends

Las Vegas Sands repurchased $500 million of common stock in Q4 2025 (~8 million shares at a weighted avg price of $61.39), leaving $1.56 billion remaining under the program; the company paid a quarterly dividend of $0.25 per share and declared the next quarterly dividend of $0.30 payable Feb 18, 2026.

Balance sheet and liquidity

Unrestricted cash was $3.84 billion at Dec 31, 2025. Total debt outstanding was $15.63 billion (net of certain items). As of Jan 28, 2026 the company reported $3.66 billion of borrowing availability under revolving facilities and $4.84 billion available under a delayed draw term loan for the MBS expansion.

Full-year 2025 and Sands China (SCL)

Full-year 2025 net income attributable to Las Vegas Sands was $1.63 billion, or $2.35 per diluted share (vs. $1.45B / $1.96 in 2024). Sands China reported Q4 2025 total net revenues of $2.05 billion and net income of $213 million (Q4 2024 net income $237 million).

Capex and other operational notes

Q4 2025 capital expenditures totaled $274 million (including $149 million at Marina Bay Sands and $121 million in Macao). Interest expense (net of amounts capitalized) was $191 million for the quarter and the effective income tax rate for Q4 2025 was 18.7% (driven largely by Singapore statutory rates).