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    Las Vegas Sands Reports Second Quarter 2025 Results

    7/23/25 4:05:00 PM ET
    $LVS
    Hotels/Resorts
    Consumer Discretionary
    Get the next $LVS alert in real time by email

    For the quarter ended June 30, 2025

    • Net Revenue of $3.18 billion and Net Income of $519 million
    • Consolidated Adjusted Property EBITDA of $1.33 billion
    • Macao Adjusted Property EBITDA of $566 million
      • High Hold on Rolling Play in Macao Positively Impacted Adjusted Property EBITDA by $7 million
    • Marina Bay Sands Adjusted Property EBITDA of $768 million
      • High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $107 million
    • LVS Repurchased $800 million of Common Stock

    LAS VEGAS, July 23, 2025 /PRNewswire/ -- Las Vegas Sands (NYSE:LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended June 30, 2025.

    "We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore as we realize the benefits from our recently completed capital investment programs in both markets," said Robert G. Goldstein, chairman and chief executive officer.

    "In Macao, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth.

    "In Singapore, Marina Bay Sands once again delivered record financial and operating performance.  Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.

    "Our financial strength and industry-leading cash flow continue to support our investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.

    "We repurchased $800 million of LVS shares under our share repurchase program during the quarter.  We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders."

    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 the prior year quarter.  Net income in the second quarter of 2025 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.

    Sands China Ltd. Consolidated Financial Results

    On a GAAP basis, total net revenues for SCL increased 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.

    Other Factors Affecting Earnings

    Interest expense, net of amounts capitalized, was $194 million for the second quarter of 2025, compared to $186 million in the prior year quarter.  Our weighted average debt balance was $15.85 billion during the second quarter of 2025, compared to $14.73 billion during the second quarter of 2024.  Our weighted average borrowing cost was 4.8% during the second quarter of 2025, compared to 5.0% during the second quarter of 2024.

    Our effective income tax rate for the second quarter of 2025 was 14.8%, compared to 14.5% in the prior year quarter.  The income tax rate for the second quarter of 2025 was primarily driven by a 17% statutory rate on our Singapore operations.

    Stockholder Returns

    During the second quarter of 2025, we repurchased $800 million of our common stock (approximately 20 million shares at a weighted average price of $39.59).  The remaining amount authorized under our share repurchase program was $1.20 billion as of June 30, 2025.  Since the resumption of our share repurchase program in the fourth quarter of 2023 through June 30, 2025, we have repurchased 79 million shares of our common stock at an average price of $44.38, for a total investment of $3.50 billion.  The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions. 

    During the second quarter of 2025 and through July 23, 2025, we purchased $179 million of SCL common stock (87 million shares at an average price of HKD 16.00), increasing the company's ownership percentage of SCL to 73.4% as of July 23, 2025.

    We paid a quarterly dividend of $0.25 per common share during the quarter.  Our next quarterly dividend of $0.25 per common share will be paid on August 13, 2025, to Las Vegas Sands stockholders of record on August 5, 2025.

    Balance Sheet Items

    Unrestricted cash balances as of June 30, 2025 were $3.45 billion.

    The company has access to $4.45 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.  As of June 30, 2025, total debt outstanding, excluding finance leases, was $15.68 billion.

    On May 6, 2025, the company issued, in an underwritten public offering, two series of senior unsecured notes in an aggregate principal amount of $1.50 billion, consisting of $1.0 billion of 5.625% Senior Notes due June 15, 2028 and $500 million of 6.000% Senior Notes due June 14, 2030.  The net proceeds from the offering were used to redeem in full the outstanding amount of the $500 million 2.900% Senior Notes due June 25, 2025 and any accrued interest, and to pay transaction-related fees and expenses.  The remaining proceeds are being used for general corporate purposes, including share repurchases.

    Additionally, during the quarter, the company drew down HKD 12.75 billion (approximately $1.64 billion at exchange rates in effect at the time of the transaction) under the 2024 SCL Term Loan Facility, in which the proceeds, coupled with cash on hand, were used to redeem in full the outstanding principal amount of $1.63 billion of the 5.125% SCL Senior Notes due August 8, 2025 and any accrued interest.

    The company drew down SGD 1.13 billion (approximately $848 million at exchange rates in effect at the time of the payment) on the 2025 Singapore Delayed Draw Term Facility to fund the payment for the land premium related to the Marina Bay Sands expansion project.

    Capital Expenditures

    Capital expenditures during the second quarter totaled $286 million, including construction, development and maintenance activities of $138 million in Macao and $129 million at Marina Bay Sands.

    Conference Call Information

    The company will host a conference call to discuss the company's results on Wednesday, July 23, 2025, at 1:30 p.m. Pacific Time.  Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.

    About Sands (NYSE: LVS) 

    Sands is the leading global developer and operator of integrated resorts.  The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.

    Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian Macao®, The Plaza Macao and Four Seasons Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.  

    Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet.  The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America.  To learn more, visit www.sands.com.

    Forward-Looking Statements

    This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.  In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "expects," "intends," "look forward to," "plans," "positions," "remains," "seeks," "will" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.  Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct.  These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements.  These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made.  Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.

    Las Vegas Sands Corp.

    Second Quarter 2025 Results

    Non-GAAP Financial Measures

    Within the company's second quarter 2025 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures.  The company believes these measures represent important internal measures of financial performance.  Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP.  The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.

    The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance.  These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

    Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax.  Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results.  These measures also form the basis of certain internal management performance expectations.

    Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes.  Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.  Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.  In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations.  Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP.  The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income tax payments, which are not reflected in consolidated adjusted property EBITDA.  Not all companies calculate adjusted property EBITDA in the same manner.  As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

     

    Exhibit 1

    Las Vegas Sands Corp. and Subsidiaries

    Condensed Consolidated Statements of Operations

    (In millions, except per share data)

    (Unaudited)







    Three Months Ended



    Six Months Ended





    June 30,



    June 30,





    2025



    2024



    2025



    2024

    Revenues:

















      Casino



    $        2,415



    $        2,035



    $        4,542



    $        4,263

      Rooms



    345



    313



    669



    643

      Food and beverage



    147



    148



    288



    298

      Mall



    187



    174



    373



    348

      Convention, retail and other



    81



    91



    165



    168

    Net revenues



    3,175



    2,761



    6,037



    5,720

    Operating expenses:

















      Resort operations



    1,846



    1,691



    3,569



    3,449

      Corporate



    69



    69



    142



    147

      Pre-opening



    9



    3



    13



    6

      Development



    69



    61



    138



    114

      Depreciation and amortization



    371



    316



    733



    636

      Amortization of leasehold interests in land



    20



    14



    35



    30

    Loss on disposal or impairment of assets



    8



    16



    15



    30





    2,392



    2,170



    4,645



    4,412

    Operating income



    783



    591



    1,392



    1,308

    Other income (expense):

















      Interest income



    42



    80



    84



    151

      Interest expense, net of amounts capitalized



    (194)



    (186)



    (368)



    (368)

    Other income (expense)



    (22)



    11



    (23)



    5

    Loss on modification or early retirement of debt



    —



    —



    (5)



    —

    Income before income taxes



    609



    496



    1,080



    1,096

    Income tax expense



    (90)



    (72)



    (153)



    (89)

    Net income



    519



    424



    927



    1,007

    Net income attributable to noncontrolling interests



    (58)



    (71)



    (114)



    (160)

    Net income attributable to Las Vegas Sands Corp.



    $           461



    $           353



    $           813



    $           847



















    Earnings per share:

















    Basic



    $          0.66



    $          0.48



    $          1.15



    $          1.14

    Diluted



    $          0.66



    $          0.48



    $          1.15



    $          1.13



















    Weighted average shares outstanding:

















      Basic



    695



    740



    704



    745

      Diluted



    696



    741



    704



    747

     

    Exhibit 2

    Las Vegas Sands Corp. and Subsidiaries

    Net Revenues and Adjusted Property EBITDA

    (In millions)

    (Unaudited)







    Three Months Ended



    Six Months Ended





    June 30,



    June 30,





    2025



    2024



    2025



    2024

    Net Revenues

















    The Venetian Macao

    $        663



    $        686



    $       1,301



    $       1,457

    The Londoner Macao

    642



    444



    1,171



    1,006

    The Parisian Macao

    194



    265



    421



    495

    The Plaza Macao and Four Seasons Macao

    194



    250



    402



    392

    Sands Macao

    71



    79



    146



    155

    Ferry Operations and Other

    33



    30



    65



    60

      Macao Operations

    1,797



    1,754



    3,506



    3,565



















    Marina Bay Sands

    1,388



    1,016



    2,551



    2,174

    Intercompany Royalties

    67



    63



    128



    126

    Intersegment Eliminations(1)

    (77)



    (72)



    (148)



    (145)





    $     3,175



    $     2,761



    $       6,037



    $       5,720



















    Adjusted Property EBITDA

















    The Venetian Macao

    $        236



    $        262



    $          461



    $          576

    The Londoner Macao

    205



    103



    358



    275

    The Parisian Macao

    44



    83



    110



    154

    The Plaza Macao and Four Seasons Macao

    66



    100



    140



    136

    Sands Macao

    9



    10



    19



    22

    Ferry Operations and Other

    6



    3



    13



    8

      Macao Operations

    566



    561



    1,101



    1,171



















    Marina Bay Sands

    768



    512



    1,373



    1,109



    $     1,334



    $     1,073



    $       2,474



    $       2,280



















    Adjusted Property EBITDA as a Percentage of Net Revenues

    The Venetian Macao

    35.6 %



    38.2 %



    35.4 %



    39.5 %

    The Londoner Macao

    31.9 %



    23.2 %



    30.6 %



    27.3 %

    The Parisian Macao

    22.7 %



    31.3 %



    26.1 %



    31.1 %

    The Plaza Macao and Four Seasons Macao

    34.0 %



    40.0 %



    34.8 %



    34.7 %

    Sands Macao

    12.7 %



    12.7 %



    13.0 %



    14.2 %

    Ferry Operations and Other

    18.2 %



    10.0 %



    20.0 %



    13.3 %

      Macao Operations

    31.5 %



    32.0 %



    31.4 %



    32.8 %



















    Marina Bay Sands

    55.3 %



    50.4 %



    53.8 %



    51.0 %



















    Total

    42.0 %



    38.9 %



    41.0 %



    39.9 %

    ____________________ 

    (1)

    Intersegment eliminations include royalties and other intercompany services.

     

    Exhibit 3

    Las Vegas Sands Corp. and Subsidiaries

    Non-GAAP Financial Measure Reconciliation

    (In millions)

    (Unaudited)



    The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:























    Three Months Ended



    Six Months Ended





    June 30,



    June 30,





    2025



    2024



    2025



    2024

    Net income

    $           519



    $           424



    $           927



    $        1,007

      Add (deduct):















    Income tax expense

    90



    72



    153



    89

    Loss on modification or early retirement of debt

    —



    —



    5



    —

    Other (income) expense

    22



    (11)



    23



    (5)

    Interest expense, net of amounts capitalized

    194



    186



    368



    368

    Interest income

    (42)



    (80)



    (84)



    (151)

    Loss on disposal or impairment of assets

    8



    16



    15



    30

    Amortization of leasehold interests in land

    20



    14



    35



    30

    Depreciation and amortization

    371



    316



    733



    636

    Development expense

    69



    61



    138



    114

    Pre-opening expense

    9



    3



    13



    6

    Stock-based compensation(1)

    5



    3



    6



    9

    Corporate expense

    69



    69



    142



    147

    Consolidated Adjusted Property EBITDA

    $        1,334



    $        1,073



    $        2,474



    $        2,280

    ____________________

    (1)

    During the three months ended June 30, 2025 and 2024, the company recorded stock-based compensation expense of $17 million and $14 million, respectively, of which $12 million and $11 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.







    During the six months ended June 30, 2025 and 2024, the company recorded stock-based compensation expense of $26 million and $34 million, respectively, of which $20 million and $25 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

     

    Exhibit 4

    Las Vegas Sands Corp. and Subsidiaries

    Non-GAAP Financial Measure Reconciliation

    (In millions, except per share data)

    (Unaudited)



    The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:























    Three Months Ended



    Six Months Ended





    June 30,



    June 30,





    2025



    2024



    2025



    2024

    Net income attributable to LVS



    $           461



    $           353



    $           813



    $           847



















    Pre-opening expense



    9



    3



    13



    6

    Development expense



    69



    61



    138



    114

    Loss on disposal or impairment of assets



    8



    16



    15



    30

    Other (income) expense



    22



    (11)



    23



    (5)

    Loss on modification or early retirement of debt



    —



    —



    5



    —

    Income tax impact on net income adjustments(1)



    (14)



    (13)



    (28)



    (24)

    Noncontrolling interest impact on net income adjustments



    (8)



    2



    (11)



    (5)

    Adjusted net income attributable to LVS



    $           547



    $           411



    $           968



    $           963



















    The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:























    Three Months Ended



    Six Months Ended





    June 30,



    June 30,





    2025



    2024



    2025



    2024

    Per diluted share of common stock:

















    Net income attributable to LVS



    $          0.66



    $          0.48



    $          1.15



    $          1.13



















    Pre-opening expense



    0.01



    —



    0.02



    0.01

    Development expense



    0.10



    0.08



    0.20



    0.15

    Loss on disposal or impairment of assets



    0.01



    0.02



    0.02



    0.04

    Other (income) expense



    0.03



    (0.01)



    0.03



    (0.01)

    Loss on modification or early retirement of debt



    —



    —



    0.01



    —

    Income tax impact on net income adjustments



    (0.01)



    (0.02)



    (0.03)



    (0.03)

    Noncontrolling interest impact on net income adjustments



    (0.01)



    —



    (0.02)



    —

    Adjusted earnings per diluted share



    $          0.79



    $          0.55



    $          1.38



    $          1.29



















    Weighted average diluted shares outstanding



    696



    741



    704



    747

    ____________________

    (1)

    The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

     

    Exhibit 5

    Las Vegas Sands Corp. and Subsidiaries

    Supplemental Data

    (In millions)

    (Unaudited)



    The following reflects the impact on Net Revenues for hold-adjusted win percentage:











    Three Months Ended



    June 30,



    2025



    2024

    Macao Operations

    $           (11)



    $              6

    Marina Bay Sands(1)

    (137)



    (59)



    $         (148)



    $           (53)









    The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:











    Three Months Ended



    June 30,



    2025



    2024

    Macao Operations

    $             (7)



    $              4

    Marina Bay Sands(1)

    (107)



    (46)



    $         (114)



    $           (42)

    ____________________

    Note:

    These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's current period Rolling Chip win percentage equaled 3.30% for the Macao operations and 3.70% for Marina Bay Sands.  Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.





    (1)

    We revised the expected Rolling Chip win percentage from 3.30% to 3.70% during the three months ended March 31, 2025, due to the increase in Rolling Chip win percentage experienced over the last several years.  The prior year non-GAAP expected Rolling Chip win percentage for Marina Bay Sands has also been adjusted to conform to the current period presentation.

     

    Exhibit 6

    Las Vegas Sands Corp. and Subsidiaries

    Supplemental Data

    (Unaudited)







    Three Months Ended



    Six Months Ended





    June 30,



    June 30,





    2025



    2024



    2025



    2024

    Casino Statistics:

















    The Venetian Macao:

















    Table games win per unit per day(1)



    $        9,710



    $        9,234



    $        9,271



    $      10,045

    Slot machine win per unit per day(2)



    $           305



    $           363



    $           336



    $           397

    Average number of table games



    658



    724



    663



    705

    Average number of slot machines



    1,651



    1,639



    1,667



    1,553



















    The Londoner Macao:

















    Table games win per unit per day(1)



    $      11,904



    $      11,180



    $      11,194



    $      10,896

    Slot machine win per unit per day(2)



    $           591



    $           500



    $           506



    $           491

    Average number of table games



    523



    385



    509



    438

    Average number of slot machines



    1,566



    1,228



    1,562



    1,348



















    The Parisian Macao:

















    Table games win per unit per day(1)



    $        6,850



    $        6,982



    $        7,552



    $        7,048

    Slot machine win per unit per day(2)



    $           273



    $           442



    $           278



    $           415

    Average number of table games



    228



    342



    238



    310

    Average number of slot machines



    1,412



    980



    1,352



    907



















    The Plaza Macao and Four Seasons Macao:

















    Table games win per unit per day(1)



    $      19,300



    $      25,969



    $      20,460



    $      21,653

    Slot machine win per unit per day(2)



    $            92



    $           276



    $            99



    $           142

    Average number of table games



    105



    108



    105



    101

    Average number of slot machines



    53



    13



    51



    17



















    Sands Macao:

















    Table games win per unit per day(1)



    $        5,435



    $        8,140



    $        5,774



    $        7,412

    Slot machine win per unit per day(2)



    $           256



    $           279



    $           246



    $           298

    Average number of table games



    116



    94



    114



    99

    Average number of slot machines



    761



    635



    779



    603



















    Marina Bay Sands:

















    Table games win per unit per day(1)



    $      21,003



    $      14,405



    $      18,928



    $      16,031

    Slot machine win per unit per day(2)



    $        1,052



    $           906



    $           992



    $           901

    Average number of table games



    539



    493



    541



    502

    Average number of slot machines



    2,959



    2,930



    2,979



    2,936

    ____________________

    (1)

    Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.





    (2)

    Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

     

    Exhibit 7

    Las Vegas Sands Corp. and Subsidiaries

    Supplemental Data

    (Unaudited)





    Three Months Ended





    The Venetian Macao

    June 30,





    (Dollars in millions)

    2025



    2024



    Change

    Revenues:











    Casino

    $        524



    $        556



    $       (32)

    Rooms

    50



    50



    —

    Food and beverage

    15



    16



    (1)

    Mall

    62



    55



    7

    Convention, retail and other

    12



    9



    3

    Net revenues

    $        663



    $        686



    $       (23)













    Adjusted Property EBITDA

    $        236



    $        262



    $       (26)

    EBITDA Margin %

    35.6 %



    38.2 %



           (2.6) pts













    Gaming Statistics











    (Dollars in millions)























    Rolling Chip volume

    $        859



    $        795



    $        64

    Rolling Chip win %(1)

    3.57 %



    4.86 %



             (1.29) pts













    Non-Rolling Chip drop

    $     2,348



    $     2,325



    $        23

    Non-Rolling Chip win %

    23.5 %



    24.5 %



           (1.0) pts













    Slot handle

    $     1,372



    $     1,548



    $     (176)

    Slot hold %

    3.3 %



    3.5 %



           (0.2) pts













    Hotel Statistics























    Occupancy %

    98.6 %



    96.4 %



          2.2 pts

    Average daily room rate (ADR)

    $        195



    $        198



    $        (3)

    Revenue per available room (RevPAR)

    $        192



    $        191



    $          1

    ____________________

    (1)

    This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

     

    Las Vegas Sands Corp. and Subsidiaries

    Supplemental Data

    (Unaudited)





    Three Months Ended





    The Londoner Macao

    June 30,





    (Dollars in millions)

    2025



    2024



    Change

    Revenues:











    Casino

    $        495



    $        318



    $      177

    Rooms

    95



    77



    18

    Food and beverage

    27



    22



    5

    Mall

    21



    17



    4

    Convention, retail and other

    4



    10



    (6)

    Net revenues

    $        642



    $        444



    $      198













    Adjusted Property EBITDA

    $        205



    $        103



    $      102

    EBITDA Margin %

    31.9 %



    23.2 %



          8.7 pts













    Gaming Statistics











    (Dollars in millions)























    Rolling Chip volume

    $     2,090



    $     2,357



    $     (267)

    Rolling Chip win %(1)

    4.09 %



    2.47 %



            1.62 pts













    Non-Rolling Chip drop

    $     2,196



    $     1,647



    $      549

    Non-Rolling Chip win %

    21.9 %



    20.3 %



          1.6 pts













    Slot handle

    $     2,114



    $     1,546



    $      568

    Slot hold %

    4.0 %



    3.6 %



          0.4 pts













    Hotel Statistics























    Occupancy %

    93.3 %



    94.4 %



           (1.1) pts

    Average daily room rate (ADR)

    $        259



    $        195



    $        64

    Revenue per available room (RevPAR)

    $        242



    $        184



    $        58

    ____________________

    (1)

    This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

     

    Las Vegas Sands Corp. and Subsidiaries

    Supplemental Data

    (Unaudited)





    Three Months Ended





    The Parisian Macao

    June 30,





    (Dollars in millions)

    2025



    2024



    Change

    Revenues:











    Casino

    $        143



    $        207



    $       (64)

    Rooms

    34



    32



    2

    Food and beverage

    11



    17



    (6)

    Mall

    5



    7



    (2)

    Convention, retail and other

    1



    2



    (1)

    Net revenues

    $        194



    $        265



    $       (71)













    Adjusted Property EBITDA

    $         44



    $         83



    $       (39)

    EBITDA Margin %

    22.7 %



    31.3 %



           (8.6) pts













    Gaming Statistics











    (Dollars in millions)























    Rolling Chip volume(1)

    $          —



    $          —



    $        —

    Rolling Chip win %

    — %



    — %



         —    pts













    Non-Rolling Chip drop

    $        663



    $     1,088



    $     (425)

    Non-Rolling Chip win %

    21.4 %



    20.0 %



          1.4 pts













    Slot handle

    $        872



    $        943



    $       (71)

    Slot hold %

    4.0 %



    4.2 %



           (0.2) pts













    Hotel Statistics























    Occupancy %

    99.2 %



    95.7 %



          3.5 pts

    Average daily room rate (ADR)

    $        147



    $        147



    $        —

    Revenue per available room (RevPAR)

    $        146



    $        141



    $          5

    ____________________

    (1)

    Rolling Chip tables were made available based on demand beginning in March 2024.

     

    Las Vegas Sands Corp. and Subsidiaries

    Supplemental Data

    (Unaudited)





    Three Months Ended





    The Plaza Macao and Four Seasons Macao

    June 30,





    (Dollars in millions)

    2025



    2024



    Change

    Revenues:











    Casino

    $        122



    $        178



    $       (56)

    Rooms

    28



    25



    3

    Food and beverage

    7



    8



    (1)

    Mall

    37



    38



    (1)

    Convention, retail and other

    —



    1



    (1)

    Net revenues

    $        194



    $        250



    $       (56)













    Adjusted Property EBITDA

    $         66



    $        100



    $       (34)

    EBITDA Margin %

    34.0 %



    40.0 %



           (6.0) pts













    Gaming Statistics











    (Dollars in millions)























    Rolling Chip volume

    $     1,399



    $     2,449



    $  (1,050)

    Rolling Chip win %(1)

    2.72 %



    3.32 %



             (0.60) pts













    Non-Rolling Chip drop

    $        655



    $        748



    $       (93)

    Non-Rolling Chip win %

    22.3 %



    23.4 %



           (1.1) pts













    Slot handle(2)

    $         19



    $           1



    $        18

    Slot hold %

    2.3 %



    23.4 %



             (21.1) pts













    Hotel Statistics























    Occupancy %

    92.1 %



    88.2 %



          3.9 pts

    Average daily room rate (ADR)

    $        502



    $        489



    $        13

    Revenue per available room (RevPAR)

    $        462



    $        432



    $        30

    ____________________

    (1)

    This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).





    (2)

    During the prior year, a majority of the slot machines were temporarily relocated to other properties, with the remaining slot machines reserved for high-end patrons.

     

    Las Vegas Sands Corp. and Subsidiaries

    Supplemental Data

    (Unaudited)





    Three Months Ended





    Sands Macao

    June 30,





    (Dollars in millions)

    2025



    2024



    Change

    Revenues:











    Casino

    $         63



    $         70



    $        (7)

    Rooms

    4



    5



    (1)

    Food and beverage

    3



    3



    —

    Convention, retail and other

    1



    1



    —

    Net revenues

    $         71



    $         79



    $        (8)













    Adjusted Property EBITDA

    $           9



    $         10



    $        (1)

    EBITDA Margin %

    12.7 %



    12.7 %



         — pts













    Gaming Statistics











    (Dollars in millions)























    Rolling Chip volume

    $         23



    $         24



    $        (1)

    Rolling Chip win %(1)

    5.60 %



    4.65 %



            0.95 pts













    Non-Rolling Chip drop

    $        389



    $        401



    $       (12)

    Non-Rolling Chip win %

    14.4 %



    17.1 %



           (2.7) pts













    Slot handle

    $        589



    $        542



    $        47

    Slot hold %

    3.0 %



    3.0 %



         — pts













    Hotel Statistics























    Occupancy %

    99.4 %



    99.0 %



          0.4 pts

    Average daily room rate (ADR)

    $        176



    $        172



    $          4

    Revenue per available room (RevPAR)

    $        175



    $        170



    $          5

    ____________________

    (1)

    This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

     

    Las Vegas Sands Corp. and Subsidiaries

    Supplemental Data

    (Unaudited)





    Three Months Ended





    Marina Bay Sands

    June 30,





    (Dollars in millions)

    2025



    2024



    Change

    Revenues:











    Casino

    $     1,068



    $        706



    $      362

    Rooms

    134



    124



    10

    Food and beverage

    84



    82



    2

    Mall

    62



    58



    4

    Convention, retail and other

    40



    46



    (6)

    Net revenues

    $     1,388



    $     1,016



    $      372













    Adjusted Property EBITDA

    $        768



    $        512



    $      256

    EBITDA Margin %

    55.3 %



    50.4 %



          4.9 pts













    Gaming Statistics











    (Dollars in millions)























    Rolling Chip volume

    $     8,945



    $     6,075



    $   2,870

    Rolling Chip win %(1)

    5.26 %



    4.68 %



            0.58 pts













    Non-Rolling Chip drop

    $     2,360



    $     2,039



    $      321

    Non-Rolling Chip win %

    23.7 %



    17.8 %



          5.9 pts













    Slot handle

    $     6,192



    $     5,994



    $      198

    Slot hold %

    4.6 %



    4.0 %



          0.6 pts













    Hotel Statistics























    Occupancy %

    95.0 %



    95.3 %



           (0.3) pts

    Average daily room rate (ADR)

    $        888



    $        797



    $        91

    Revenue per available room (RevPAR)

    $        844



    $        759



    $        85

    ____________________

    (1)

    This compares to our expected Rolling Chip win percentage of 3.70% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).



    We revised the expected Rolling Chip win percentage during the three months ended March 31, 2025, due to the increase in Rolling Chip win percentage experienced over the last several years.  The prior year has also been adjusted to conform to the current period presentation.

     

    Las Vegas Sands Corp. and Subsidiaries

    Supplemental Data - Asian Retail Mall Operations

    (Unaudited)







    For the Three Months Ended June 30, 2025



    TTM

    June 30,

    2025

    (Dollars in millions except per square foot data)



    Gross

    Revenue(1)



    Operating

    Profit



    Operating

    Profit

    Margin



    Gross

    Leasable

    Area (sq. ft.)



    Occupancy

    % at End

    of Period



    Tenant Sales

    Per Sq. Ft.(2)

    Shoppes at Venetian



    $           62



    $         56



    90.3 %



    825,079



    85.1 %



    $          1,700



























    Shoppes at Four Seasons

























    Luxury Retail



    28



    25



    89.3 %



    164,144



    100.0 %



    5,295

    Other Stores(3)



    9



    8



    88.9 %



    83,538



    84.2 %



    2,036





    37



    33



    89.2 %



    247,682



    94.7 %



    4,337



























    Shoppes at Londoner



    21



    17



    81.0 %



    517,603



    75.6 %



    1,510



























    Shoppes at Parisian



    5



    3



    60.0 %



    259,506



    74.8 %



    471



























    Total Cotai Strip in Macao



    125



    109



    87.2 %



    1,849,870



    82.3 %



    1,974



























    The Shoppes at Marina Bay Sands



    62



    56



    90.3 %



    620,513



    98.8 %



    2,837



























    Total



    $         187



    $       165



    88.2 %



    2,470,383



    86.4 %



    $          2,243

    ____________________

    Note:

    This table excludes the results of our retail outlets at Sands Macao.





    (1)

    Gross revenue figures are net of intersegment revenue eliminations.





    (2)

    Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.





    (3)

    During the three months ended June 30, 2025, approximately 14,000 square feet of space was removed from the gross leasable area as it was taken off the market and not available for leasing.

     

    Sands logo (PRNewsfoto/Las Vegas Sands)

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-second-quarter-2025-results-302512379.html

    SOURCE Las Vegas Sands Corp.

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      3/4/25 1:00:00 PM ET
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      Hotels/Resorts
      Consumer Discretionary
    • 2024 Sands Shopping Carnival Draws Record-Breaking 120,000 Visits

      July 18-21 event supported Macao's "tourism+" initiative Free business platform for local SMEs and Sands retailers    MACAO, July 24, 2024 /PRNewswire/ -- The 2024 Sands Shopping Carnival successfully drew to a close Sunday at The Venetian® Macao's Cotai Expo, after setting an all-time high of 120,000 visits during four days of shopping, activities and performances. The Sands Shopping Carnival has welcomed over 540,000 visitors since its 2020 debut, becoming an annual signature event for Sands China. It offers residents and tourists an exciting weekend destination while suppor

      7/24/24 8:55:00 AM ET
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      Hotels/Resorts
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    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • Amendment: SEC Form SC 13G/A filed by Las Vegas Sands Corp.

      SC 13G/A - LAS VEGAS SANDS CORP (0001300514) (Subject)

      11/12/24 3:56:12 PM ET
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    • SEC Form SC 13G filed by Las Vegas Sands Corp.

      SC 13G - LAS VEGAS SANDS CORP (0001300514) (Subject)

      11/12/24 12:54:20 PM ET
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    • Amendment: SEC Form SC 13G/A filed by Las Vegas Sands Corp.

      SC 13G/A - LAS VEGAS SANDS CORP (0001300514) (Subject)

      11/4/24 1:21:45 PM ET
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      Hotels/Resorts
      Consumer Discretionary

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    Financials

    Live finance-specific insights

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    • Sands to Release Second Quarter 2025 Financial Results

      LAS VEGAS, July 16, 2025 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS) will release its second quarter 2025 financial results on Wednesday, July 23, 2025, after market close. The company will host a conference call to discuss its results at approximately 1:30 p.m. Pacific Time. A webcast of the conference call will be available at www.investor.sands.com. About Sands (NYSE: LVS) Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions idea

      7/16/25 4:30:00 PM ET
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    • Las Vegas Sands Reports First Quarter 2025 Results

      For the quarter ended March 31, 2025 Net Revenue of $2.86 billion and Net Income of $408 millionConsolidated Adjusted Property EBITDA of $1.14 billionMacao Adjusted Property EBITDA of $535 millionLow Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $10 millionMarina Bay Sands Adjusted Property EBITDA of $605 millionLVS Repurchased $450 million of Common StockLVS Board of Directors Increased Stock Repurchase Authorization to $2.0 billionLAS VEGAS, April 23, 2025 /PRNewswire/ -- Las Vegas Sands (NYSE:LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended March 31, 2025. "We continued to execute

      4/23/25 4:05:00 PM ET
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      Hotels/Resorts
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    • Sands to Release First Quarter 2025 Financial Results

      LAS VEGAS, April 16, 2025 /PRNewswire/ -- Las Vegas Sands (NYSE:LVS) will release its first quarter 2025 financial results on Wednesday, April 23, 2025, after market close. The company will host a conference call to discuss its results at approximately 1:30 p.m. Pacific Time. A webcast of the conference call will be available at www.investor.sands.com.    About Sands (NYSE: LVS) Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions i

      4/16/25 4:05:00 PM ET
      $LVS
      Hotels/Resorts
      Consumer Discretionary