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Las Vegas Sands, founded in 1988 by casino mogul Sheldon Adelson, is one of the world’s largest casino and resort operators. Through its subsidiary Sands China, Las Vegas Sands operates properties like the Venetian and the Londoner in the Chinese city of Macau, the world’s largest gambling market. The company also operates the Marina Bay Sands resort in Singapore. Despite the name, Las Vegas Sands no longer has a presence on the Las Vegas Strip after selling its famed Venetian resort in 2022. With casinos in Singapore and Macau, Las Vegas Sands is one of a handful of Fortune 500 companies that generates almost all of its revenue outside the U.S.

Q2 2026

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Q4 2024

Las Vegas Sands (LVS): Company Profile, Stock Price, News, Rankings

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Las Vegas Sands

las vegas sands

Good day, ladies and gentlemen, and welcome to the Saan's First Quarter twenty twenty five It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. Sir, the floor is yours.

Thank you, Paul. Joining the call today are Rob Goldstein, our Chairman and CEO Patrick Dumont, our President and Chief Operating Officer Doctor. Wilpin Huang, Executive Vice Chairman of Sands China and Grant Chung, CEO and President of Sands China and EVP of Asia Operations. Today's conference call will contain forward looking statements. We will be making those statements under the Safe Harbor provision of federal securities laws.

The language on forward looking statements included in our press release and eight ks filings also applies to our comments made on the call today. The company's actual results may differ materially from the results reflected in those forward looking statements. In addition, we will discuss non GAAP measures. Reconciliations to the most comparable GAAP financial measure are included in our press release. We have posted an earnings presentation on our website.

We will refer to that presentation during the call. Finally, the Q and A session, we ask those with interest to please post one question and one follow-up question so we might allow everyone with interest the opportunity to participate. This presentation is being recorded. I'll now turn

Okay. Thank you, Dan. Let's begin with Macao. This is a competitive market that has not grown as we anticipated.

However, we have the strongest assets in the market, and we can perform better despite the challenging macro environment. The Londoner is now fully open this time, 2,405 study rooms and suites as we prepare for gold week in May. Now we've completed development projects, we expect this asset to elevate our performance. Our focus is on improving our revenue and cash flow across the portfolio. There is opportunity in every segment to show strong results.

Our business strategy remains unchanged. We have designed our capital investment programs to ensure we will lead in both Macao and Singapore. We delivered $535,000,000 of EBITDA for the quarter in Macao. SEL still continues to lead the market in gaming and non gaming revenue and EBITDA. We have meaningful opportunities to grow in every segment.

Our objective is to grow our share of EBITDA in Macao markets. We have a unique product advantage in terms of scale, quality and diversity of product offerings. Turning to Rainy Bay Sands in Singapore. We delivered a record quarter with $6.00 $5,000,000 of adjusted property EBITDA, an extraordinary achievement by any standard. I assume this is record EBITDA quarter for any gaming property in the world, pretty extraordinary performance.

Mass gaming is flat. We have reached $778,000,000 reflecting 73% growth from the first quarter of twenty nineteen and thirteen percent growth from one quarter a year ago. The results of MBS reflect the positive impact of our gaming investment program and the growth of high value tourism. The growing appeal of Singapore as a destination is enhanced by the robust entertainment and lifestyle calendar. We believe there is considered runway for growth there as well.

Again, thanks for joining the call. Let me turn the call over to Patrick before we go to Q and A. Patrick?

Thanks, Rob. Macau EBITDA was $535,000,000 If we had held as expected in our rolling program, our EBITDA would have been higher by $10,000,000 When adjusted for lower than expected hold in the rolling segment, our EBITDA margin for the Macau portfolio properties would have been 31.6%, down two eighty basis points compared to the first quarter of twenty twenty four. All 2,405 rooms and suites at the Londoner Grand are now available for the upcoming May Golden Week. Now that the refurbishment process is completed, we are focused on delivering revenue and cash flow growth at the Londoner. Margin at The Venetian was 35.3%, while margin at The Plaza and Four Seasons was 35.6%.

We expect margin improvement as revenue grows, and we use our scale and product advantages to better address every market segment. As the Londoner ramps up and is integrated into our Cotai offerings, our competitive position will be stronger than ever. We look forward to utilizing our entire portfolio to grow revenue and EBITDA. Now turning to Singapore. MBS' EBITDA was $6.00 $5,000,000 at a margin of 52%.

Given the mix of games and demonstrated player preferences over the last two years, we have updated our expectation for hold on rolling play at Rainy Bay Sands to 3.7%. There will naturally be fluctuations in any specific quarter given by game mix and player preference. We will continue to provide the illustrative impact of hold on our rolling play in Singapore. The record financial results of Rainy Bay Sands reflect the impact of high quality investment in market leading product and growth in high value tourism. We believe we are still in the early stages of realizing the benefits of our investments in Maria Bay Sands.

Turning to our program to return capital to shareholders, we repurchased $450,000,000 of LVS stock during the quarter. We also paid our recurring quarterly dividend of $0.25 per share. Before going on to Q and A, I would like to provide an update on the New York development opportunity. We strongly believe in the development opportunity for land based downstate casino license in New York. We also continue to believe that the Nassau Coliseum site is the best location for that development opportunity and should be highly competitive in the New York casino licensing process.

However, as we have previously stated, the company remains concerned about the impact of potential legalization of iGaming on the overall market opportunity and project returns. We are in the process of attempting to secure an agreement with a third party to whom we can transact the opportunity to bid for a casino license on the NASCAR Coliseum site. This would include those that may be able to address both land based and digital markets in New York. For Las Vegas Sands, we believe the highest and best use of our capital in the near term is to purchase LVS and SCL shares. Accordingly, LVS has decided not to bid for casino license in New York.

We believe repurchases of LVS equity through our share repurchase program will be meaningfully accretive to the company and its shareholders over the long term. Our Board has increased our share repurchase authorization to $2,000,000,000 We look forward to continuing to utilize the company's share repurchase program to increase returns to shareholders in the future. Thanks again for joining the call today. Now let's take questions.

Thank you. Ladies and gentlemen, the floor is now open for questions. And the first question today is coming from Carlo Santarelli from Deutsche Bank.

Patrick, thanks for your comments. As anyone could kind of see when you look at valuation of the Hong Kong listing and what it implies basically basically for the corporate and Singapore. One understands kind of the willingness and desire to kind of repurchase shares. As you do think about the two entities though and the various repurchases across both and your stake in in the Hong Kong listing specifically, how are you guys kind of balancing, the way you you more or less go about those allocations right now?

So I appreciate the question. You've heard us say it on prior calls. We see meaningful value in both LBS and SEL equity, and we're gonna continue to act with this belief. So we were active during the quarter at LBS. I think our goal is to really be active in both SCL and LBS equity and continue to march towards that 74.9, and you'll see us do that.

I think on the LBS side, we think the valuation where our stock is currently is very attractive for us. We're going be aggressive in the way that we buy back shares than we have done previously. So we view it as an opportunity, and we're going to continue to be active in the share repurchase market for both SEL and LVS.

Obviously, the decision to raise the theoretical on the VIP side in Marina Bay Sands makes sense relative to the history here over the last two years. As you look at, however, on the mass side, hold was up nicely. And I know it's always tough to kind of guesstimate what handle would have been in a hold environment and how to think about all of that. But when you look at kind of the impact, the higher hold year over year on the mass side, mass table side specifically had on MBS. Is there any way you guys could maybe outline how you think about the potential EBITDA benefit that stemmed from that?

I think the the problem is, you know, it doesn't matter high end or or mass. The problem is it depends on what the customers pay. And that's always been the reason why the just starts talking about smart tables. It enables you to actually know and not guess whether it's three four, three six, four one. It tells you specifically.

I think that's the advantage we're gonna have in both Macao and Singapore in the future. And, again, it it depends on the composition of bets. It really doesn't matter, you know, if it's pretty a mass or base mass. If the the customer bets the I I I call them profits, but the lesser the more favorable bets the house is gonna drive the whole percentage. It's it's a very for years, people discussed this, and guess what handle the whole percentage and false drop, etcetera.

This takes the guesswork out and makes it actually not exactly perfect. And that's our goal, to have that information across both jurisdictions in the future.

I think the most important thing here is that while MBS obviously is impacted by BOLD, our rolling program, really the outperformer at Marine Bay Sands has been the mass segment. And I think that really has been the story of Marine Bay Sands. Yes, I think our rolling business has improved in a meaningful way. But when you look at Marina Bay Sands and the investments that have been made there, it's really to attract high value tourists on the mass side. And our premium mass and mass segment there had outperformed to an extraordinary level.

And we think there's room to grow now that our renovation is complete. So I think it's an important story to talk about how we see the uptake of these side bets and how it has moved our hold over time. I think our team there has done great work developing game types and innovating so that we can benefit from player preferences and these more aggressive bets. But at the same time, it's really a mass driven story based on the investment and the non gaming amenities that are driving visitation and high value tourism. That's why you see the EBITDA that we have today.

the math table hold was right around 2020.1%. It had been kind of eighteen and nineteen in the prior years. Based on the theoretical that that you guys are seeing with the information that you you have to be able to do so, is is 20 more like that normalized level on a go forward basis on the mass side?

I don't know. You can, though. And, again, the the difference is it's like sportswear. If you read about the sports betting companies, when they have flat bets, one if one team wins the other, their whole percentage is relatively weak. When they make side bets, it's soars.

And I think the same is happening here. The the math tends to bet more on the profit. It's usually more advantage. And that's my point is that if for twenty, thirty years I've been doing this, people have been guessing what's the right hope rate. 3.6?

Is 2.4? The beauty of this whole thing is we'll know mathematically perfect based on the best they make, and we take the the table drop out of it and the and the false drop in the handle. It comes down to it. It basically becomes a slot machine. You'll know exactly what the number should be.

I think we are seeing, though, across the industry is the development of side bets have been very valuable. And since we're the biggest spot we have provided in the world, for this company, very valuable and it will impact EBITDA in the future because the more best they can get in these side bets, the more you grow the whole percentage. Bond, but it used to be a very dense house at two six, two seven because the flat bets were predominant. Today, the fact it's growing at three seven, could go to four, is hugely valuable for your EBITDA. And, again, it will be very clear within the next year the exact mathematical number.

You won't be guessing more and say, it's going to be this, but it's going range of, I guess, 3.5% to 4%. But again, as these bets proliferate and people choose to make these five bets, I think baccarat becomes more and more valuable to this company because it's our principal source of revenue.

And we should just caution everyone that with player preference and game mix, these percentages will move around Yes. And with bet size. So we just have to be aware that this is the best that we can do in terms of providing information, and we're gonna continue to be optimistic about the types of gains we put on the floor in terms of growth they can provide, and we'll see what they do.

The one thing that I've learned was is that differences are happening every day. The result of these gains is very valuable for the industry, very valuable for us, and it's happening and getting better by the day. And the more these bets continue to become more important, the more EBITDA will grow. And I think it's going happen both in Singapore. Think it'll happen in Macau as well.

The next question is coming from Stephen Grambling from Morgan Stanley.

Hey, thank you. I think you mentioned that there's an effort to activate the properties and see revenue and EBITDA ramp from here as the Lindner project has generally come to completion. It looks like there's some moving parts across the different properties. So I'm curious if there's any thought process on some of the ones that maybe have lagged in terms of how you will reinvigorate growth there, whether it's Venetian Or is it just really a question of as the Londoner is kind of fully up and running, you'll see everything click?

Yeah. Thank you, Stephen. I'll take that question. I think overall, yes, the focus will be ramping up the new product at London and France. As Rob mentioned, we now have the 2,400 rooms and suites in full service.

And you'll see us leveraging the asset, the new product, to drive customer growth and, obviously, eventually, revenues and EBITDA. But the ramp up will will take its course over the next twelve months. We're still at the early stages of it. We just got the full complement of the rooms in mid April. As for the other properties, our intention is is to maintain and grow each of the existing properties while Londoner is ramped up.

So you'll see us focus across Venetian, Parisian, Four Seasons, and Sands across all of the product segments and price points. But yes, the driver of our customer growth will be the Londoner over the next six to twelve months.

And does the initial read in what you're seeing there change the way you think about CapEx and allocating capital across the different properties? Or is there any kind of renovations that you see in the future at some of the other properties?

I have to tell you, I think Macau is the greatest gaming market in the world. If you look at its size and you look at the potential and where its source markets are, the long term potential there is absolutely incredible. And so we love our ability to invest there. We love the scale nature of our portfolio, the number of amenities that we have and the quality of those amenities and now the high quality of our entire property portfolio. We think we're in a great position.

And we're going to continue to invest to maintain that position but also for growth because we think the opportunity is there long term.

I think we will continue, Stephen, with regular upgrade and renovation of our existing assets. That's a given, given we have 33,000,000 square feet of asset portfolio across Macao. But the major redevelopment and upgrading at the Londoner is largely complete. We'll have a few more amenities to add and restaurants. But from here on, you should expect, yes, we will continue to reinvest back into the asset base because we need to upgrade and keep up with the competition.

But it will be regular renovation where we'll be taking modest amount of keys out at any one time. And you'll see that over every year, every quarter, over the next several years as we upgrade the existing portfolio.

Helpful. Thank you. I'll jump back in the queue.

Thank you. The next question is coming from Robin Farley from UBS. Robin, your line is live.

Thanks. I just wanted to circle back to the ramp up you mentioned for the Londoner. And you did mention that it may take twelve months. So I wonder if you could talk a little bit about, do you think that your market share results in Q1, did the new Londoner rooms contribute to that or would you say not really like that's not really indicative of where you think your market share can go? And I guess, don't know if you can give a little more color around what would happen over the next twelve months or why it would take twelve months.

I know you'll have, of course, very easy comparisons to the disruption in Q2 and last year, but that maybe is a little bit longer of a ramp up period than maybe people would have expected. Thanks.

I have to tell you, this is what we spend a lot of time talking about. And we're very focused on growing our business in Macao. Unfortunately, we had 2,000 keys we really 2,405 keys that we really wanted to be available. It took a little while to get them. So during the quarter we didn't have full access to all the inventory we normally would have to bring to bear.

So I think when you think about it, 1,700 keys that we were out or 1,416 keys we were out on average over the quarter is equivalent to not having a property available in your portfolio. And so I think now that it's back and we have the full strength of our portfolio, we're going to press very hard to continue to grow this business, recapture share, recapture EBITDA share and grow revenue, which will expand our margin. But we have some work to do. I think that's very clear to us. We know it.

We acknowledge it. And there's some things we wanna focus on in Macau to improve our outlook and grow our business.

Yeah. Robin, I think the the reference to the twelve months is simply that in any new property of this scale, we are going to get better and better over time. That that's really the point of that comment. In terms of the market share, yes. I think, our results were impacted by the fact that we lost market share both against the prior year and sequentially.

And we are looking with the new assets coming online, we are looking to be competing harder for the revenues in a flat market. And we fully intend to compete with the Londoner, but also you can see some of our results in the other properties. We're looking to improve performance at Venetian as well as the other existing properties. So I think it's going to be a comprehensive effort to reactivate, engage new customer growth as well as to fully leverage the new property in Dun And Bradstreet.

Thank you. And maybe just as a follow-up. Macau has talked about kind of wanting to review the non gaming investments and efforts of the concessionaires. Do you have a sense of what they would like to see more of or what may have changed recently or they would be looking for more of going forward? Thanks.

I'll give my view and maybe Wilfred can also chime in here in terms of the policy direction. For us, we we are continuing to focus on what we've committed to the government in terms of non gaming investments. And, clearly, we are we've already made a significant investment in upgrading the Venetian Arena at a cost of around $200,000,000 was completed last year. That's our single biggest project that we've completed for the concession commitment. And of course, in terms of programming, in terms of developing sports and mega events with with strong international IP, we'll bring the NBA preseason games this October, which will be a multiyear partnership.

Wilfred, do you wanna add to to how how things are evolving in terms of the direction on on non gaming investments?

Sure. I think the new administration now has had time to look at the overall picture of the non gaming development. And they are as long as we maintain our total commitment, they are looking to us to specialize in areas where we each do best because this, they feel that maybe it's better that rather than six of us or working on similar areas, maybe there are emphasis that each of us can focus on. So there will be opportunities for us to discuss with the government what how we do best in some of the areas. And the second area is that we because of the GTR reaching certain level, we are also committed to spending an additional 20% of our into the non gaming investment.

And the government is really looking into how best to coordinate the use of these proceeds.

Thank you. The next question will be from Shaun Kelley from Bank of America. Shaun, your line is live.

Hi, good afternoon, everyone. Thank you for taking my question. One big picture one and then sort of one micro one, if I could. On the big picture side, just Rob or Grant, high level view here on just has the market dynamic in Macau changed at all as it relates to the balance between premium mass and the competition there versus base mass? I mean, as I think about it, LVS has always succeeded, I think really well when the market's been extremely full.

But we've seen the visitation recover now and sort of both segments are struggling a little And so I'm just kind of curious on the balance. And sort of are you pivoting strategy at all to kind of lean into particularly the premium segment if that's the healthier one right now?

Sure. I think your observations are correct. It's a we used to our scale and and size played to our advantage for years, and it was a huge advantage for us, and that's more difficult to make the right. And it's more competitive in each segment. There's no more longer a free segment or easy business, but, yeah, it'll be very competitive.

But in the end, I think our assets give us a I think that we've really handicapped this Monday thing that's taken so long and so difficult. Now we have all these rooms back open again. We can service the base mass, premium mass. We've done well at the premium mass. We haven't done as well at the base mass nor has the market provided opportunity to base mass.

But your observations are spot on. We were the leaders and the margin leaders as well in that base mass segment, which is much more difficult today. And that's been the conundrum of Macao for us. I think now, though, it's a new day. London is open.

It's extraordinary, both in terms of scale and quality. I think it introduces all kinds of new opportunities for us to maximize that asset and grow again and get back in the game. We're disappointed by our results in every segment. We can do better. We plan to do better.

But I think your observations unfortunately make that market as highly competitive with base mass, premium mass. There is no easy segment anymore in Macao. Brent?

Yeah. Sean, I think to add to the visitation question, although you do see strong visitation growth and recovery, you can see also from slide 20 of Dan's deck, the visitation, especially this quarter, is being driven by the day trippers from Guangdong province because they've introduced a couple of new multiple entry visas to Zhuhai and Hengjin. And the Guangdong non Guangdong visitation is still only a recovery rate of about 75%. So clearly, the overnight visitation, the customers are gonna spend more coming from further away. That's still lagging.

But to Rob's point, the the base mass is is the opportunity there has been more challenging for us, and therefore, we are also competing for the revenues in in premium mass given a very competitive context in that segment. But that is the strongest segment. You're absolutely right in that observation. But we will continue to drive both premium mass and base mass, especially with the full inventory online now.

Great. Thanks. And just as a follow-up, this sort of alludes to, I think, a comment that Patrick made in prepared remarks about sort of expecting margin improvement as revenue grows. Just I think as we did our math and this is high level so it could be off a little bit, but Macao OpEx we had up roughly 7% across the properties this quarter. And kind of curious is that like the right run rate?

Or are there things you can do to match cost to revenue? Again, maybe this was somewhat inflated by reopening of Londoner, maybe the reopening of the Arena in the Venetian. I'm not sure exactly, but felt like it was a little that being up relative to kind of where revenues came in was a bit of a of a double issue for you.

Again, your observation is right. The main contributor is just additional payroll costs that we incurred both because of salary increases, but also additional headcount as we opened up these these new assets. But at the same time, obviously, we had a revenue decline in a non rolling segment. We we we actually did did well in the slot and also rolling, But the most important segment of revenue is the non rolling tables, and we came down in that segment. So that's where you get that negative operating leverage.

So hopefully, we should be seeing the reverse of that over time as we compete with the new assets and the existing properties for the customers and the revenues. And as revenues improve, we should see the positive operating leverage even with the payroll cost increase.

Thank you. The next question will be from Brandt Montour from Barclays. Brandt, your line is live.

Great. Thanks everybody. Thanks for taking my question. Curious and I know you guys don't give guidance or a comprehensive forward look at the business. But there's been some commentary from the government, from other sources that there's a pretty decent momentum into Golden Week in May.

I'm just curious if April and or the Golden Week bookings that you see feel better than normal or worse than normal? Or how would you kind of characterize what you're seeing out there?

Yeah. Appreciate the question, but we don't talk about current quarter. So we're gonna move on to your next question.

next question would be on the Venetian. I'm curious, I understand we kind of talked about the owner a lot here and we kind of can see what's going on a little bit with the sequential share losses there because you didn't have the rooms and so it's a tough environment for base mass. But what about the Venetian? Is there something can you kind of walk us through maybe the monthly results in that property or how things evolved throughout the quarter and if that was sort of affected at all by other things in the portfolio and optimization changes that you've made?

I think it's straightforward, Brandon. I mean, Venetian, we just had two sharper decline in the non rolling revenues, especially in the premium mass segment, and we're we're addressing that. Obviously, the whole percentage against both prior year and quarter on quarter was was actually much lower as well. But nonetheless, we're focused on on driving the customer and revenues across all segments of Venetian premium best and and base mass. It's fair to say it's as well patronized, as well populated in terms of headcount as ever.

In fact, we had quite significant growth in non rolling table headcount during the quarter both over the prior year and sequentially, But clearly, the spend per headcount was lower. So we do need to drive to secure higher value customers in the premium mass segment to grow the revenues back at the nation.

Thank you. The next question is coming from Joe Stauff from Susquehanna. Joe, your line is live.

Thank you. Patrick, Rob, Grant. Two questions on NBFs, please. I guess the first one, is there any way to assess, I guess, the level of consumer adoption, especially for the mass customer for Prop Bets? Naturally, of given the higher guidance that you have on VIP that the adoption rate is is higher, but I was just wondering how you guys think about it.

I think it's very difficult. Are you saying how can you handicap people's willingness to bet a certain way? Is that I'm not sure I understand what you're asking.

No. More like the, I guess, the frequency of a mass customer to bet on props versus that of the VIP. Obviously, bet sizes, but just the frequency between the two groups.

I don't think you can actually ever say 100% how people are going bet a certain way, but I do think the lower end customer tends to be it's like lottery tickets. It tends to bet more it's a lesser customer, I think, on the prop bets. And your large bettors, your your more you're rolling in super high end tend to be more flat bettors, but that's not always true. That can reverse as well. And I think the truth is no one can predict this, but what you are seeing over the market is they are adopting or moving towards these prop bets in a way which I never thought we'd see these.

Think about a whole percentage moving the entire point. It wasn't that long ago, two eighty five was the standard, but now Patrick mentioned three eighty seven. It could be four one. The truth is they are adopting these bets every day, both in the base mass, premium mass, and rolling segments. How much we keep moving after, I don't know.

I can't predict that. I can tell you we've got the ability now. We're we're confident with the new machinery and the and our smart tables to tell you what it should be exactly, and you'll be able to tell for yourself. But I think people propensity of bet is very hard to figure out. Some people are valuable bank bettors or player bettors, and some love prop bets.

I don't think you can can pigeonhole any one segment how they're gonna bet. We have people at the super high end who bet props like crazy, and it's hard to imagine they're that kind of money, and others who are flat bettors. That's always been the case in gambling. You can't really assess how someone's gonna bet till they step off the table. Although people sometimes do see these bets, how we merchandise them, will be very important in the future of our business to merchandise these bets in a way we get people to bet more in different directions.

Flat betting definitely helped our company's whole percentage with the industry. But I think we're in a new world here in baccarat, and it's an astounding new world. We're lucky to have it because imagine a point point and a half more of hold, what that does to this company's revenues and EBITDA. It's astounding. And we're seeing it in Singapore, I think you'll see it in Macao as well over time.

But you can't really get handicap or success. You can merchandise it better so people see it and have the ability to at least gravitate towards it.

Las Vegas Sands (LVS) Q1 2025 Earnings Call Transcript

Company Participants