Las Vegas Sands Reports Strong Second Quarter Performance
Overview of Q2 Financial Performance
Las Vegas Sands, a leading global gaming and hospitality company, has announced impressive financial results for the second quarter. The growth was driven notably by high performance in rolling play at its Marina Bay Sands location, contributing significantly to the positive outcomes.
Revenue and Income Growth
The company reported net revenue of $3.18 billion for the quarter, marking an increase from $2.76 billion recorded in the same period last year. Operating income rose to $783 million, compared to $591 million previously. Additionally, net income climbed to $519 million from $424 million in the prior year quarter.
EBITDA and Regional Performance
Consolidated adjusted property EBITDA reached $1.33 billion in Q2 2025, up from $1.07 billion a year earlier. Sands China Limited (SCL) generated total revenues of $1.79 billion, representing a 2.5% year-over-year increase, although its net income slightly declined from $246 million to $214 million.
Debt and Liquidity Status
During the quarter, Las Vegas Sands reported an interest expense of $194 million after adjustments. The average debt balance was $15.85 billion, with borrowing costs at 4.8%. As of June 30, 2025, the company held $3.45 billion in unrestricted cash and had $4.45 billion available through revolving credit facilities. Outstanding debt excluding finance leases was $15.68 billion.
Tax and Financial Activities
The effective income tax rate slightly increased to 14.8%, up from 14.5% the previous year. The company also completed a public offering consisting of two series of senior unsecured notes totaling $1.5 billion. Proceeds were used to redeem $500 million in senior notes due in 2025 and to cover related costs, with remaining funds allocated for other corporate uses including share buybacks.
Share Repurchase and Capital Management
Las Vegas Sands bought back approximately 20 million common shares for $800 million at an average price of $39.59 per share. It also acquired an additional $179 million in Sands China Limited common stock, increasing its stake in SCL to 73.4%. Additionally, the company drew down $1.64 billion from the 2024 SCL Term Loan Facility and $848 million from the 2025 Singapore Delayed Draw Term Facility, with the latter supporting expansion projects at Marina Bay Sands.
Commitment to Growth and Shareholder Value
CEO Robert G. Goldstein emphasized the company’s ongoing enthusiasm for expanding its markets in Singapore and Macau. He highlighted the firm’s financial strength and consistent cash flow as foundations for sustaining investment, pursuing growth opportunities, and returning capital to shareholders.
In line with rewarding stakeholders, Las Vegas Sands declared a dividend of $0.25 per share for Q2.