Core Viewpoint - The current earnings season for U.S. consumer stocks has led to an unusual sell-off, despite strong earnings reports, indicating deep-seated market concerns about the sustainability of consumer strength [1][2]. Group 1: Earnings Performance - 83% of the 317 S&P 500 companies that have reported earnings exceeded expectations, yet stock prices generally fell post-announcement [1]. - Companies like Procter & Gamble (PG) and PepsiCo (PEP) experienced initial stock price increases after reporting strong earnings, but ultimately saw declines in the following days [3]. Group 2: Market Sentiment - The prevailing market environment suggests a tactical "sell-the-news" approach, with investors opting to take profits rather than establish new long positions [2]. - Negative earnings surprises have led to significant stock price drops, with companies like Philip Morris International (PM) and Chipotle Mexican Grill (CMG) facing severe sell-offs following disappointing results [4]. Group 3: Exceptions to the Trend - A few companies managed to resist the broader sell-off, including Las Vegas Sands (LVS), Wingstop (WING), and Builders FirstSource (BLDR), which showed resilience due to specific business strengths [5]. - Despite these exceptions, the overall sentiment in the consumer sector remains pessimistic, with investors wary of future economic uncertainties [5].

Group 1 - The core viewpoint of the article is that Argus Research has upgraded the rating of Las Vegas Sands Corp (LVS) from "Hold" to "Buy" [1] - Following the upgrade, LVS shares rose by 1.85% in pre-market trading [1]

PART I FINANCIAL INFORMATION [ITEM 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) This section presents the unaudited condensed consolidated financial statements, including balance sheets, income, equity, and cash flows, with detailed notes on key financial areas [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities increased, while total equity decreased, with a notable shift from current to long-term debt Condensed Consolidated Balance Sheets | Metric | June 30, 2025 (In millions) | December 31, 2024 (In millions) | Change (In millions) | | :-------------------------------- | :--------------------------- | :----------------------------- | :------------------- | | Total assets | $21,850 | $20,666 | +$1,184 | | Total liabilities | $19,568 | $17,506 | +$2,062 | | Total equity | $2,282 | $3,160 | -$878 | | Current maturities of debt | $923 | $3,160 | -$2,237 | | Debt (long-term) | $14,897 | $10,592 | +$4,305 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net revenues and operating income increased for both periods, with quarterly net income rising and half-year net income slightly decreasing Key Financial Results (Three Months Ended June 30) | Metric | 2025 (In millions) | 2024 (In millions) | Change (%) | | :----------------------------------- | :----------------- | :----------------- | :--------- | | Net revenues | $3,175 | $2,761 | +15.0% | | Operating income | $783 | $591 | +32.5% | | Net income attributable to LVSC | $461 | $353 | +30.6% | | Diluted EPS | $0.66 | $0.48 | +37.5% | Key Financial Results (Six Months Ended June 30) | Metric | 2025 (In millions) | 2024 (In millions) | Change (%) | | :----------------------------------- | :----------------- | :----------------- | :--------- | | Net revenues | $6,037 | $5,720 | +5.5% | | Operating income | $1,392 | $1,308 | +6.4% | | Net income attributable to LVSC | $813 | $847 | -4.0% | | Diluted EPS | $1.15 | $1.13 | +1.8% | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Positive currency translation adjustments in 2025, contrasting with prior year's negative adjustments, led to increased total comprehensive income for both periods Comprehensive Income (Three Months Ended June 30) | Metric | 2025 (In millions) | 2024 (In millions) | | :--------------------------------------- | :----------------- | :----------------- | | Net income | $519 | $424 | | Currency translation adjustment | $102 | $(13) | | Total comprehensive income | $526 | $409 | Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (In millions) | 2024 (In millions) | | :--------------------------------------- | :----------------- | :----------------- | | Net income | $927 | $1,007 | | Currency translation adjustment | $129 | $(70) | | Total comprehensive income | $971 | $923 | [Condensed Consolidated Statements of Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity decreased from **$3,160 million** to **$2,282 million** due to share repurchases and dividends, partially offset by net income and currency adjustments Equity Changes (Six Months Ended June 30, 2025) | Metric | January 1, 2025 (In millions) | June 30, 2025 (In millions) | | :----------------------------------- | :---------------------------- | :-------------------------- | | Total equity | $3,160 | $2,282 | | Net income | — | $927 | | Repurchase of common stock | — | $(1,262) | | Dividends declared and noncontrolling interest payments | — | $(425) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased, investing cash flow increased, and financing cash flow decreased due to debt proceeds offsetting share repurchases and dividends Cash Flow Summary (Six Months Ended June 30) | Activity | 2025 (In millions) | 2024 (In millions) | Change (In millions) | | :----------------------------------- | :----------------- | :----------------- | :------------------- | | Net cash generated from operating activities | $704 | $1,528 | -$824 | | Net cash used in investing activities | $(740) | $(488) | -$252 | | Net cash used in financing activities | $(180) | $(1,408) | +$1,228 | | Decrease in cash, cash equivalents and restricted cash | $(200) | $(393) | +$193 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed disclosures on financial statements, covering organization, projects, debt, equity, leases, fair value, commitments, and segment performance [Note 1 — Organization and Business of Company](index=8&type=section&id=Note%201%20%E2%80%94%20Organization%20and%20Business%20of%20Company) This note outlines the company's business, updates on Macao and Singapore development projects, cessation of a New York casino license pursuit, and an intercompany loan repayment - VML committed to invest at least **35.84 billion patacas** (approximately **$4.43 billion**) in Macao by December 2032, with **33.39 billion patacas** (approximately **$4.13 billion**) allocated to non-gaming projects. As of December 31, 2023, approximately **$168 million** has been spent on these projects[22](index=22&type=chunk)[23](index=23&type=chunk)[229](index=229&type=chunk) - Phase II of The Londoner Macao, including the conversion of the Sheraton Grand Macao into the Londoner Grand (2,405 rooms/suites), was substantially completed in Q1 2025 with an estimated total cost of **$1.2 billion**[24](index=24&type=chunk)[231](index=231&type=chunk) - The MBS Expansion Project in Singapore has an estimated total cost of approximately **$8.0 billion**. Construction commenced on May 26, 2025, with an anticipated completion by July 8, 2029 (expected opening January 2031). Approximately **$2.4 billion** has been incurred as of June 30, 2025, including an **$848 million** payment for the Additional Gaming Area[26](index=26&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk) - The company ceased pursuit of a casino license in New York for the Nassau Coliseum site on April 23, 2025, due to concerns regarding a lower anticipated return on investment[31](index=31&type=chunk)[238](index=238&type=chunk) - Sands China Ltd. (SCL) repaid its outstanding intercompany loan balance and interest totaling **$1.07 billion** to LVSC on March 27, 2025[32](index=32&type=chunk) [Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities](index=12&type=section&id=Note%202%20%E2%80%94%20Accounts%20Receivable%2C%20Net%20and%20Customer%20Contract%20Related%20Liabilities) This note details accounts receivable composition, credit loss provision movement, and customer contract-related liabilities like outstanding chip liability and customer deposits Accounts Receivable, Net (In millions) | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Casino | $633 | $462 | | Rooms | $21 | $28 | | Mall | $30 | $63 | | Other | $35 | $50 | | Less - provision for credit losses | $(186) | $(186) | | **Total Accounts Receivable, Net** | **$533** | **$417** | Movement in Provision for Credit Losses (In millions) | Metric | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Balance at January 1 | $186 | $201 | | Current period provision for credit losses | $21 | $15 | | Write-offs | $(26) | $(7) | | Recoveries of receivables previously written-off | — | $1 | | Exchange rate impact | $5 | $(4) | | **Balance at June 30** | **$186** | **$206** | Customer Contract Related Liabilities (In millions) | Liability Type | June 30, 2025 | June 30, 2024 | | :-------------------------------- | :-------------- | :-------------- | | Outstanding Chip Liability | $95 | $109 | | Loyalty Program Liability | $38 | $39 | | Customer Deposits and Other Deferred Revenue | $7

So, let's go on that theme a little bit. We'll we'll segue to some moves, but we'll we'll take your buying more of Las Vegas Sands. Yeah, the stock is uh it's actually flat year to date and it the expectations are really low for the earnings, but they were actually quite good. Uh Singapore is on fire for them and that's about 40% of their uh revenues and it was it beat expectations by 44% and Macau was less bad and actually the margins were actually better.So, that's much more of the business at 60% of the ...

Singapore Market Performance - Singapore property achieved unprecedented results, with $768 million in revenue, a historic performance [1][2] - The company is investing $8 billion in a new Singapore property, expecting a return on investment [5] - Singapore benefits from a supportive government and booming tourism for the super-luxury customer [5] Macau Market Strategy - Macau's market has become more competitive, requiring a shift in strategy [6] - The company is pivoting to a more competitive approach to fuel more EBITDA and market share in Macau [7] - Macau remains a premier market and is expected to contribute to exceeding pre-COVID EBITDA levels [8] Geopolitical and Economic Factors - A strong China economy is crucial for the company's prosperity in Macau [9][10][11] - Geopolitical concerns and tariff wars negatively impact the company's performance [9][10][11] - Macau is a $30-32 billion market and the primary gambling destination for mainland Chinese and most Asians in the region [10]

Financial Data and Key Metrics Changes - Marina Bay Sands (MBS) achieved an EBITDA of $768 million, with a forecast of potentially reaching $2.5 billion annually this year, reflecting a significant performance increase [6][11] - Mass gaming and slot win at MBS reached $843 million, showing a 97% growth compared to 2019 and a 40% increase year-over-year [6][11] - Macau's EBITDA was $566 million for the quarter, indicating underperformance in that market [7][10] Business Line Data and Key Metrics Changes - MBS's EBITDA margin was 55.3%, while Macau's EBITDA margin for the portfolio properties was 31.3%, down 80 basis points year-over-year [10][11] - The Londoner is on track to achieve an annualized EBITDA of $1 billion, with a focus on increasing market share and EBITDA through strategic reinvestment [9][12] Market Data and Key Metrics Changes - Macau's rolling program EBITDA would have been lower by $7 million if the expected hold had been maintained, indicating fluctuations in market performance [10] - The mass gaming market share in Macau improved by 8% for the quarter, suggesting a positive trend in customer engagement [17] Company Strategy and Development Direction - The company is focusing on aggressive customer reinvestment strategies to regain market share in Macau, with a commitment to adjusting reinvestment levels based on market conditions [15][18] - There is an emphasis on leveraging high-quality investments in marketing and product offerings to attract high-value tourism, particularly in Singapore [11][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for improved customer reinvestment in Macau and expressed confidence in the potential for EBITDA growth through strategic adjustments [18][19] - The company remains optimistic about the long-term prospects in Singapore, citing strong customer demand and government support as key factors for continued success [41][45] Other Important Information - The company repurchased $800 million of LVS stock during the quarter and paid a recurring dividend of $0.25 per share, indicating a commitment to returning capital to shareholders [12] - The company is exploring new development opportunities in jurisdictions like Thailand, which is seen as a significant potential market for future growth [90] Q&A Session Summary Question: How is the company planning to turn the tide in Macau? - Management has implemented a more aggressive customer reinvestment program since late April, with initial positive results observed in May and June [15][16] Question: What is driving the improvement in Macau's market? - The market saw acceleration from May, with a notable performance in June driven by events and improved customer density [25][26] Question: How sustainable is the recent performance in Singapore? - Management believes the strong performance is sustainable due to high-quality investments and a growing customer base attracted by unique experiences [41][46] Question: What are the expectations for EBITDA margins in Macau? - The focus is on driving revenue growth, with margins being influenced by promotional activities and customer reinvestment strategies [82][85] Question: What is the company's approach to credit in Macau? - Credit plays a small role in overall GGR, primarily extended to premium patrons, and is not a significant factor in current operations [118] Question: How is the retail mall portfolio performing? - Retail tenant sales in Macau grew by about 10% year-over-year, with luxury sales showing signs of improvement [123]

Financial Data and Key Metrics Changes - The company reported an EBITDA of $768 million for Marina Bay Sands (MBS), with a forecast of potentially reaching $2.5 billion annually this year, marking a significant performance milestone [5][10] - Mass gaming and slot win reached $843 million, reflecting a 97% growth compared to 2019 and a 40% increase year-over-year [5][10] - Macau's EBITDA was $566 million for the quarter, indicating underperformance in that market [6][9] Business Line Data and Key Metrics Changes - MBS achieved an EBITDA margin of 55.3%, while Macau's EBITDA margin for the portfolio properties was 31.3%, down 80 basis points year-over-year [9][10] - The Londoner is on track to achieve an annualized EBITDA of $1 billion, with a new approach aimed at increasing market share and EBITDA [8][11] Market Data and Key Metrics Changes - Macau's GGR accelerated this quarter, indicating a positive trend despite previous underperformance [8][9] - The VIP segment in Macau saw a year-on-year increase of 26%, while non-rolling and slot win also improved, indicating a healthy market recovery [24][52] Company Strategy and Development Direction - The company is focusing on aggressive customer reinvestment strategies to regain market share in Macau, with a goal of improving EBITDA through targeted reinvestment [7][14] - There is an emphasis on enhancing the customer experience and product offerings, particularly in Singapore, to capitalize on high-value tourism [10][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for improved customer reinvestment in Macau and expressed optimism about future growth potential [17][38] - The company is confident in the long-term prospects of Singapore, citing strong visitation and high customer spending as key drivers [40][45] Other Important Information - The company repurchased $800 million of LVS stock during the quarter and paid a recurring dividend of $0.25 per share [11] - The company is exploring new development opportunities in jurisdictions like Thailand, contingent on regulatory frameworks [92] Q&A Session Summary Question: How is the company planning to turn around its performance in Macau? - Management has implemented a more aggressive customer reinvestment program since late April, with initial positive results observed [14][15] Question: What is driving the recent improvement in Macau's market? - The market saw acceleration from May, driven by increased customer density and a favorable events calendar [24][60] Question: Can the company sustain the high EBITDA levels seen in Singapore? - While the recent performance is impressive, management cautioned against overestimating future results, emphasizing the unpredictable nature of the market [27][29] Question: What is the company's strategy regarding capital allocation in Macau? - The focus remains on returning capital to shareholders, with plans to increase dividends as cash flow improves [20][21] Question: How is the competitive environment in Macau evolving? - The market remains highly competitive, with all operators increasing promotional activities to capture market share [97][100]

Financial Performance Highlights - Las Vegas Sands' Net Revenue increased by 14% from $2761 million in 2Q24 to $3175 million in 2Q25[9] - Net Income attributable to Las Vegas Sands increased from $424 million to $519 million[9] - Adjusted diluted earnings per share increased by $024 from $055 in 2Q24 to $079 in 2Q25[9] - Adjusted Property EBITDA increased by 243% from $1073 million in 2Q24 to $1334 million in 2Q25[9] - Adjusted Property EBITDA margin increased by 310 basis points from 389% to 420%[9] Capital Allocation - Las Vegas Sands repurchased $800 million of LVS stock, representing 2021 million shares at a weighted average price of $3959[10] - Las Vegas Sands paid $175 million in dividends, equivalent to $025 per share[10] - Las Vegas Sands increased its ownership in Sands China Ltd (SCL) to 734% with the purchase of $179 million of SCL shares[10] Macao Market Update - The Macao market generated gaming revenue of approximately $76 billion in 2Q25, an 8% increase compared to 2Q24[21] - Mass gaming revenue in Macao was approximately $65 billion, up 6% compared to 2Q24[21] - Visitation from China excluding Guangdong province in April and May of 2Q25 remained below 2019 levels, reaching approximately 65% of the comparable period in 2019[21] - Sands China Ltd's Adjusted Property EBITDA was $566 million[21] Marina Bay Sands (Singapore) Update - Marina Bay Sands' Adjusted Property EBITDA was $768 million[23] - Mass win was $843 million, up 40% from $604 million in 2Q24[23] - Rolling volume was $89 billion, up 47% from $61 billion in 2Q24[23] - Adjusted Property EBITDA margin was 553%[23]

[Executive Summary](index=1&type=section&id=Executive%20Summary) Las Vegas Sands reported strong Q2 2025 financial results driven by Macao and Singapore operations, supported by strategic capital investments and shareholder returns [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) Las Vegas Sands reported strong Q2 2025 financial results with significant increases in net revenue, net income, and consolidated adjusted property EBITDA, alongside $800 million in stock repurchases Q2 2025 Consolidated Financial Highlights (YoY) | Metric | Q2 2025 | Q2 2024 | Change | | :----------------------------- | :-------- | :-------- | :------- | | Net Revenue | $3.18 billion | $2.76 billion | +$0.42 billion | | Net Income | $519 million | $424 million | +$95 million | | Consolidated Adjusted Property EBITDA | $1.33 billion | $1.07 billion | +$0.26 billion | - LVS repurchased **$800 million** of common stock during the quarter[3](index=3&type=chunk) [Management Commentary and Strategic Outlook](index=1&type=section&id=Management%20Commentary%20and%20Strategic%20Outlook) Management expressed enthusiasm for continued growth in Macao and Singapore, driven by capital investments and enhanced offerings, supporting future investments and shareholder returns - The company is enthusiastic about delivering industry-leading growth in Macao and Singapore, benefiting from recently completed capital investment programs[2](index=2&type=chunk) - In Macao, decades-long investments in business and leisure tourism appeal position the company for future growth[4](index=4&type=chunk) - Marina Bay Sands in Singapore achieved record financial and operating performance, with new suite products and elevated service offerings driving additional growth[4](index=4&type=chunk) - Financial strength and industry-leading cash flow support investments, capital expenditures in Macao and Singapore, pursuit of new market growth, and returning excess capital to stockholders through share repurchases[5](index=5&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) The company's consolidated financial performance in Q2 2025 showed significant growth in net revenues, operating income, and net income, with diluted EPS rising to $0.66 [Key Financial Metrics](index=2&type=section&id=Key%20Financial%20Metrics) Consolidated net revenues increased to **$3.18 billion** in Q2 2025, driven primarily by casino revenue growth, with operating income, net income, and diluted EPS also seeing substantial increases Condensed Consolidated Statements of Operations (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | | :---------------------------------- | :----------------- | :----------------- | :---------------- | | Net revenues | $3,175 | $2,761 | +$414 | | Casino revenue | $2,415 | $2,035 | +$380 | | Rooms revenue | $345 | $313 | +$32 | | Operating income | $783 | $591 | +$192 | | Net income | $519 | $424 | +$95 | | Net income attributable to LVS | $461 | $353 | +$108 | | Diluted EPS | $0.66 | $0.48 | +$0.18 | | Consolidated Adjusted Property EBITDA | $1,334 | $1,073 | +$261 | [Other Financial Details](index=2&type=section&id=Other%20Financial%20Details) Interest expense, net, increased to **$194 million** in Q2 2025 due to a higher weighted average debt balance, while the effective income tax rate was **14.8%**, primarily influenced by Singapore operations Other Financial Factors (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :-------------------------------- | :-------- | :-------- | :------- | | Interest expense, net | $194 million | $186 million | +$8 million | | Weighted average debt balance | $15.85 billion | $14.73 billion | +$1.12 billion | | Weighted average borrowing cost | 4.8% | 5.0% | -0.2 pts | | Effective income tax rate | 14.8% | 14.5% | +0.3 pts | - The income tax rate was primarily driven by a **17% statutory rate** on Singapore operations[9](index=9&type=chunk) [Operational Performance by Segment](index=10&type=section&id=Operational%20Performance%20by%20Segment) Operational performance varied by segment, with Macao showing slight revenue growth and stable EBITDA, while Marina Bay Sands achieved record financial performance [Macao Operations](index=2&type=section&id=Macao%20Operations) Macao operations reported a slight increase in net revenues to **$1.79 billion** and stable Adjusted Property EBITDA at **$566 million**, with varied performance across properties Macao Operations Consolidated (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | | :----------------------------- | :----------------- | :----------------- | :---------------- | | Net Revenues | $1,797 | $1,754 | +$43 | | Adjusted Property EBITDA | $566 | $561 | +$5 | | EBITDA Margin % | 31.5% | 32.0% | -0.5 pts | [Sands China Ltd. (SCL)](index=2&type=section&id=Sands%20China%20Ltd.%20(SCL)) Sands China Ltd. (SCL) reported a **2.5% increase** in total net revenues but a decrease in net income for Q2 2025 Sands China Ltd. (SCL) Financials (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | | :----------------- | :----------------- | :----------------- | :---------------- | | Total Net Revenues | $1,790 | $1,746 | +$44 | | Net Income | $214 | $246 | -$32 | [The Venetian Macao](index=15&type=section&id=The%20Venetian%20Macao) The Venetian Macao experienced decreases in net revenues and Adjusted Property EBITDA despite increased occupancy, with mixed gaming metrics including a lower Rolling Chip win percentage The Venetian Macao Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | | :----------------------------- | :----------------- | :----------------- | :---------------- | | Net revenues | $663 | $686 | -$23 | | Adjusted Property EBITDA | $236 | $262 | -$26 | | EBITDA Margin % | 35.6% | 38.2% | -2.6 pts | | Rolling Chip win % | 3.57% | 4.86% | -1.29 pts | | Non-Rolling Chip drop | $2,348 | $2,325 | +$23 | | Occupancy % | 98.6% | 96.4% | +2.2 pts | [The Londoner Macao](index=16&type=section&id=The%20Londoner%20Macao) The Londoner Macao demonstrated strong growth in Q2 2025, with significant increases in net revenues and Adjusted Property EBITDA, improved gaming performance, and a substantial rise in ADR The Londoner Macao Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | | :----------------------------- | :----------------- | :----------------- | :---------------- | | Net revenues | $642 | $444 | +$198 | | Adjusted Property EBITDA | $205 | $103 | +$102 | | EBITDA Margin % | 31.9% | 23.2% | +8.7 pts | | Rolling Chip win % | 4.09% | 2.47% | +1.62 pts | | Non-Rolling Chip drop | $2,196 | $1,647 | +$549 | | Average daily room rate (ADR) | $259 | $195 | +$64 | [The Parisian Macao](index=17&type=section&id=The%20Parisian%20Macao) The Parisian Macao experienced declines in net revenues and Adjusted Property EBITDA in Q2 2025, with improved occupancy but significantly decreased Non-Rolling Chip drop volumes The Parisian Macao Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | | :----------------------------- | :----------------- | :----------------- | :---------------- | | Net revenues | $194 | $265 | -$71 | | Adjusted Property EBITDA | $44 | $83 | -$39 | | EBITDA Margin % | 22.7% | 31.3% | -8.6 pts | | Non-Rolling Chip drop | $663 | $1,088 | -$425 | | Occupancy % | 99.2% | 95.7% | +3.5 pts | [The Plaza Macao and Four Seasons Macao](index=18&type=section&id=The%20Plaza%20Macao%20and%20Four%20Seasons%20Macao) The Plaza Macao and Four Seasons Macao reported reduced net revenues and Adjusted Property EBITDA in Q2 2025, primarily due to a substantial decrease in Rolling Chip gaming volumes The Plaza Macao and Four Seasons Macao Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | | :----------------------------- | :----------------- | :----------------- | :---------------- | | Net revenues | $194 | $250 | -$56 | | Adjusted Property EBITDA | $66 | $100 | -$34 | | EBITDA Margin % | 34.0% | 40.0% | -6.0 pts | | Rolling Chip volume | $1,399 | $2,449 | -$1,050 | | Occupancy % | 92.1% | 88.2% | +3.9 pts | [Sands Macao](index=19&type=section&id=Sands%20Macao) Sands Macao experienced slight declines in net revenues and Adjusted Property EBITDA in Q2 2025, with an improved Rolling Chip win percentage but a decrease in Non-Rolling Chip win percentage Sands Macao Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | | :----------------------------- | :----------------- | :----------------- | :---------------- | | Net revenues | $71 | $79 | -$8 | | Adjusted Property EBITDA | $9 | $10 | -$1 | | EBITDA Margin % | 12.7% | 12.7% | 0.0 pts | | Rolling Chip win % | 5.60% | 4.65% | +0.95 pts | | Non-Rolling Chip win % | 14.4% | 17.1% | -2.7 pts | | Occupancy % | 99.4% | 99.0% | +0.4 pts | [Marina Bay Sands (Singapore)](index=20&type=section&id=Marina%20Bay%20Sands%20(Singapore)) Marina Bay Sands delivered record financial performance in Q2 2025, with substantial increases in net revenues and Adjusted Property EBITDA, strong growth across all gaming metrics, and significantly improved ADR Marina Bay Sands Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (Millions) | | :----------------------------- | :----------------- | :----------------- | :---------------- | | Net revenues | $1,388 | $1,016 | +$372 | | Adjusted Property EBITDA | $768 | $512 | +$256 | | EBITDA Margin % | 55.3% | 50.4% | +4.9 pts | | Rolling Chip volume | $8,945 | $6,075 | +$2,870 | | Rolling Chip win % | 5.26% | 4.68% | +0.58 pts | | Non-Rolling Chip win % | 23.7% | 17.8% | +5.9 pts | | Average daily room rate (ADR) | $888 | $797 | +$91 | - The expected Rolling Chip win percentage for Marina Bay Sands was revised from **3.30% to 3.70%** due to an increase in win percentage over recent years[39](index=39&type=chunk)[55](index=55&type=chunk) [Capital Management and Shareholder Returns](index=3&type=section&id=Capital%20Management%20and%20Shareholder%20Returns) The company maintained a strong liquidity position, actively managed its debt, invested in capital expenditures, and continued robust shareholder return programs [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, the company maintained a strong liquidity position with **$3.45 billion** in unrestricted cash and access to **$4.45 billion** under revolving credit facilities, with total debt outstanding at **$15.68 billion** Balance Sheet Highlights (as of June 30, 2025) | Metric | Amount | | :---------------------------------- | :------------- | | Unrestricted cash balances | $3.45 billion | | Available under revolving credit facilities | $4.45 billion | | Total debt outstanding (excluding finance leases) | $15.68 billion | [Debt Management](index=3&type=section&id=Debt%20Management) The company issued **$1.50 billion** in senior unsecured notes to redeem existing debt and for general corporate purposes, while also drawing funds for SCL note redemption and Marina Bay Sands expansion - Issued **$1.50 billion** in senior unsecured notes (5.625% due 2028 and 6.000% due 2030) to redeem **$500 million** of 2.900% Senior Notes due 2025 and for general corporate purposes, including share repurchases[13](index=13&type=chunk)[14](index=14&type=chunk) - Drew down HKD **12.75 billion** (approx. **$1.64 billion**) from the 2024 SCL Term Loan Facility to redeem **$1.63 billion** of 5.125% SCL Senior Notes due 2025[15](index=15&type=chunk) - Drew down SGD **1.13 billion** (approx. **$848 million**) from the 2025 Singapore Delayed Draw Term Facility to fund the land premium for the Marina Bay Sands expansion project[16](index=16&type=chunk) [Capital Expenditures](index=4&type=section&id=Capital%20Expenditures) Capital expenditures for Q2 2025 totaled **$286 million**, with significant investments in both Macao and Marina Bay Sands for construction, development, and maintenance Q2 2025 Capital Expenditures | Category | Amount (Millions) | | :-------------------------------- | :---------------- | | Total Capital Expenditures | $286 | | Macao (construction, development, maintenance) | $138 | | Marina Bay Sands (construction, development, maintenance) | $129 | [Shareholder Return Programs](index=3&type=section&id=Shareholder%20Return%20Programs) The company repurchased **$800 million** of common stock during Q2 2025, with **$1.20 billion** remaining authorized, and also increased its ownership in SCL and paid a quarterly dividend of **$0.25** per common share Share Repurchase Program (Q2 2025) | Metric | Amount | | :------------------------------------ | :------------- | | Common stock repurchased (Q2 2025) | $800 million | | Shares repurchased (Q2 2025) | 20 million | | Weighted average price per share (Q2 2025) | $39.59 | | Remaining authorized under program (as of June 30, 2025) | $1.20 billion | | Total investment in share repurchases (since Q4 2023) | $3.50 billion | - Purchased **$179 million** of SCL common stock, increasing ownership to **73.4%** as of July 23, 2025[11](index=11&type=chunk) - Paid a quarterly dividend of **$0.25** per common share, with the next dividend of **$0.25** per share payable on August 13, 2025[11](index=11&type=chunk) [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) The report provides definitions and reconciliations for key non-GAAP financial measures, including Adjusted Net Income and Consolidated Adjusted Property EBITDA, along with the impact of hold-adjusted win percentage [Non-GAAP Definitions](index=7&type=section&id=Non-GAAP%20Definitions) The report defines key non-GAAP financial measures like Adjusted Net Income and Consolidated Adjusted Property EBITDA, highlighting their utility for evaluating underlying financial performance and valuation - Adjusted net income (loss) is net income (loss) attributable to Las Vegas Sands, excluding specific non-cash and non-recurring items, net of income tax[27](index=27&type=chunk) - Consolidated adjusted property EBITDA is net income (loss) before stock-based compensation, corporate, pre-opening, development, depreciation and amortization, leasehold interest amortization, interest, other income/expense, debt modification/retirement, and income taxes[29](index=29&type=chunk) - These non-GAAP measures are used by management and industry analysts to evaluate operations and operating performance, providing insight into underlying financial performance on a year-over-year and quarter-sequential basis[26](index=26&type=chunk) [Reconciliations](index=11&type=section&id=Reconciliations) Detailed reconciliations are provided for Net Income to Consolidated Adjusted Property EBITDA, and Net Income Attributable to LVS to Adjusted Net Income and Adjusted Earnings per Diluted Share, illustrating the adjustments made from GAAP figures Reconciliation of Net Income to Consolidated Adjusted Property EBITDA (Q2 2025 vs Q2 2024) | Item | Q2 2025 (Millions) | Q2 2024 (Millions) | | :---------------------------------- | :----------------- | :----------------- | | Net income | $519 | $424 | | Add (deduct) adjustments (e.g., tax, interest, D&A, development, corporate) | $815 | $649 | | Consolidated Adjusted Property EBITDA | $1,334 | $1,073 | Reconciliation of Net Income Attributable to LVS to Adjusted Net Income (Q2 2025 vs Q2 2024) | Item | Q2 2025 (Millions) | Q2 2024 (Millions) | | :---------------------------------- | :----------------- | :----------------- | | Net income attributable to LVS | $461 | $353 | | Add (deduct) adjustments (e.g., pre-opening, development, tax impact) | $86 | $58 | | Adjusted net income attributable to LVS | $547 | $411 | Reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share (Q2 2025 vs Q2 2024) | Item | Q2 2025 | Q2 2024 | | :---------------------------------- | :------ | :------ | | Net income attributable to LVS per diluted share | $0.66 | $0.48 | | Adjustments per diluted share | $0.13 | $0.07 | | Adjusted earnings per diluted share | $0.79 | $0.55 | [Hold-Adjusted Win Percentage Impact](index=13&type=section&id=Hold-Adjusted%20Win%20Percentage%20Impact) The report details the estimated impact of hold-adjusted win percentage on Net Revenues and Adjusted Property EBITDA for Macao Operations and Marina Bay Sands, showing a negative impact in Q2 2025 due to actual win percentages differing from expected rates Impact on Net Revenues for Hold-Adjusted Win Percentage (Q2 2025 vs Q2 2024) | Segment | Q2 2025 (Millions) | Q2 2024 (Millions) | | :---------------- | :----------------- | :----------------- | | Macao Operations | $(11) | $6 | | Marina Bay Sands | $(137) | $(59) | | Total Impact | $(148) | $(53) | Impact on Adjusted Property EBITDA for Hold-Adjusted Win Percentage (Q2 2025 vs Q2 2024) | Segment | Q2 2025 (Millions) | Q2 2024 (Millions) | | :---------------- | :----------------- | :----------------- | | Macao Operations | $(7) | $4 | | Marina Bay Sands | $(107) | $(46) | | Total Impact | $(114) | $(42) | - The expected Rolling Chip win percentage for Macao operations is **3.30%**, and for Marina Bay Sands, it was revised to **3.70%** (from 3.30%) in Q1 2025[38](index=38&type=chunk)[39](index=39&type=chunk) [Supplemental Data - Asian Retail Mall Operations](index=21&type=section&id=Supplemental%20Data%20-%20Asian%20Retail%20Mall%20Operations) The Asian Retail Mall Operations generated **$187 million** in gross revenue and **$165 million** in operating profit for Q2 2025, achieving an overall operating profit margin of **88.2%**, with strong tenant sales per square foot at key properties Asian Retail Mall Operations (Q2 2025) | Property | Gross Revenue (Millions) | Operating Profit (Millions) | Operating Profit Margin | Gross Leasable Area (sq. ft.) | Occupancy % | Tenant Sales Per Sq. Ft. (TTM) | | :-------------------------------- | :----------------------- | :-------------------------- | :---------------------- | :---------------------------- | :---------- | :----------------------------- | | 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 | | Shoppes at Londoner | $21 | $17 | 81.0% | 517,603 | 75.6% | $1,510 | | 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 | - Approximately **14,000 square feet** of space was removed from the gross leasable area during Q2 2025 as it was taken off the market[58](index=58&type=chunk) [Company Information](index=4&type=section&id=Company%20Information) This section provides an overview of Las Vegas Sands as a leading global integrated resort developer and operator, along with important disclosures regarding forward-looking statements [About Sands](index=4&type=section&id=About%20Sands) Las Vegas Sands (NYSE: LVS) is a leading global developer and operator of integrated resorts, known for iconic properties like Marina Bay Sands in Singapore and multiple resorts in Macao SAR, China, with a strong commitment to corporate responsibility and ESG leadership - Sands is the leading global developer and operator of integrated resorts, driving leisure and business tourism and delivering economic benefits[18](index=18&type=chunk) - The company's portfolio 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[20](index=20&type=chunk) - Sands is dedicated to corporate responsibility, anchored by serving people, communities, and the planet, and is included on the Dow Jones Sustainability Indices[21](index=21&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements regarding business strategies and future operations, which are subject to various risks and uncertainties, including economic conditions, government regulation, and market factors, and readers are cautioned not to place undue reliance on these statements - Forward-looking statements discuss business strategies and expectations concerning future operations, margins, profitability, liquidity, and capital resources[22](index=22&type=chunk) - These statements involve risks and uncertainties beyond the company's control, such as gaming licenses, general economic conditions, travel disruptions, government regulation, political instability, and currency fluctuations[22](index=22&type=chunk)[23](index=23&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, and the company assumes no obligation to update them[23](index=23&type=chunk)

Sixth edition of Macao's tourism and leisure extravaganza July 17-19 Drawing more than 640,000 visits to date MACAO, July 22, 2025 /PRNewswire/ -- Macao's largest sales event, the 2025 Sands Shopping Carnival, ran July 17-19 at The Venetian® Macao's Cotai Expo, concluding one day ahead of schedule due to Typhoon Wipha. This year's carnival holds significant influence as it received an overwhelming response from local residents and tourists – the shortened three-day run attracted nearly 110,000 visits, close ...