Group 1 - Las Vegas Sands Corp reported fourth-quarter revenue of $3.649 billion, exceeding the consensus estimate of $3.328 billion [1] - The company's adjusted earnings per share were 85 cents, surpassing the consensus estimate of 76 cents per share [1] - Capital expenditures for the fourth quarter amounted to $274 million [1] Group 2 - CEO Robert G. Goldstein expressed enthusiasm about growth opportunities in Singapore and Macao, highlighting the benefits of capital investment programs [2] - Following the earnings announcement, Las Vegas Sands shares fell by 5.8% to $57.69 in pre-market trading [2] - Analysts adjusted their price targets for Las Vegas Sands after the earnings report [2]

Core Viewpoint - Las Vegas Sands Corp reported strong fourth-quarter earnings, exceeding revenue and earnings per share estimates, indicating positive financial performance and growth potential in key markets [1][2]. Financial Performance - The company achieved fourth-quarter revenue of $3.649 billion, surpassing the consensus estimate of $3.328 billion [1]. - Adjusted earnings per share were reported at 85 cents, exceeding the consensus estimate of 76 cents per share [1]. - Capital expenditures for the fourth quarter amounted to $274 million [1]. Market Reaction - Following the earnings announcement, Las Vegas Sands shares experienced a decline of 5.8%, trading at $57.69 in pre-market [2]. - Analysts adjusted their price targets for Las Vegas Sands in response to the earnings report [2]. Growth Outlook - The CEO expressed optimism about growth opportunities in Singapore and Macao, highlighting the benefits of the company's capital investment programs [2].

Core Viewpoint - Casino operator shares experienced a decline despite reporting strong earnings, primarily due to concerns regarding the Macao market's performance and future growth potential [1] Group 1: Earnings Performance - The casino operator reported robust earnings, indicating strong financial performance in the recent quarter [1] - Despite the strong earnings report, shares fell, suggesting that market expectations were not met or that investors are cautious about future growth [1] Group 2: Macao Market Concerns - The decline in shares is attributed to worries about the Macao market, which has shown signs of slowing down [1] - Analysts are focusing on the potential impact of regulatory changes and competition in Macao, which could affect the casino operator's future profitability [1]

Core Insights - The company reported strong financial results, with Marina Bay Sands achieving an EBITDA of $806 million, marking a record quarter for casino hotels, and a projected EBITDA of $2.9 billion for the year [4][21] - In Macao, EBITDA was $608 million, with a focus on revenue and cash flow growth across the portfolio, despite a decline in EBITDA margin due to a shift in segment mix and increased operating expenses [2][10][11] - The company is actively repurchasing shares, having bought back $500 million of LVS stock in the quarter, and continues to pay a quarterly dividend of $0.25 per share [1][5] Financial Performance - Marina Bay Sands achieved an EBITDA margin of 50.3%, while Macao's EBITDA margin was 28.9%, down 390 basis points from the previous quarter [2][4] - Mass gaming revenue at Marina Bay Sands exceeded $951 million, up 118% compared to Q4 2019 and 27% from Q4 last year [4] - The company anticipates growth in EBITDA as revenue increases, leveraging scale and product advantages [2][10] Market Dynamics - The Macao market is currently driven by the premium segment, with mass market revenue exceeding 25% share, up 23.6% in Q1 2025 [3][10] - The promotional environment in Macao remains intense, particularly in the premium segments, but the company is stabilizing its promotional strategies [16][32] - The company is seeing a rising interest in side wagers in Macao, although participation levels are not yet as high as in Singapore [14][15] Strategic Initiatives - The company is focused on improving service models and investing in renovations to enhance customer experience in Singapore [8][9] - There is a commitment to grow in every segment in Macao, with a significant increase in rolling volumes up 60% year-over-year [24][25] - The company is exploring new development opportunities, including potential investments in Japan, while prioritizing existing properties [29][30] Future Outlook - The company aims to achieve better results in 2026, with expectations of improved EBITDA and market positioning despite current challenges [3][13] - The trajectory for revenue growth is positive, with a focus on converting revenue into EBITDA over time [32][47] - The company acknowledges the competitive dynamics in the market and is prepared to adapt its strategies accordingly [16][44]

Las Vegas Sands (NYSE:LVS) Q4 2025 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsDaniel Briggs - SVP of Investor RelationsDaniel Politzer - Executive Director of Equity ResearchDavid Katz - Managing DirectorGrant Chum - CEO and PresidentJohn DeCree - Head of Equity ResearchPatrick Dumont - President and COORob Goldstein - Chairman and CEORobin Farley - Managing DirectorStephen Grambling - Head of US Gaming, Lodging, and Leisure ResearchSteven Wieczynski - Managing DirectorConference Call Pa ...

Financial Data and Key Metrics Changes - Marina Bay Sands achieved an EBITDA of $806 million, marking the highest quarter in the history of casino hotels, with a total EBITDA exceeding $2.9 billion for the year [5] - Macau delivered an EBITDA of $608 million for the quarter, with an adjusted EBITDA margin of 28.9%, down 390 basis points compared to Q4 2024 [8][9] - The mass gaming revenue in Singapore exceeded $951 million, up 118% from Q4 2019 and up 27% from Q4 last year [5] Business Line Data and Key Metrics Changes - In Singapore, Marina Bay Sands had an EBITDA margin of 50.3%, with a potential EBITDA reduction of $45 million if the rolling program had held as expected [9] - Macau's mass market revenue share exceeded 25%, with a focus on premium segments driving growth [7] - The Venetian's EBITDA margin was reported at 32.3%, while The Londoner's margin was 28.8% [8] Market Data and Key Metrics Changes - The Macau market is currently driven by the premium segment, with a noted increase in rolling business as a proportion of total gaming [19] - The promotional environment in Macau has become more competitive, particularly in the premium segments [31][33] - Property visitation across Sands China exceeded 2019 levels, approaching 100 million visitations in 2025 [103] Company Strategy and Development Direction - The company is focused on delivering revenue and cash flow growth across its portfolio, leveraging scale and product advantages [8] - Continued investment in Singapore and renovations are planned to enhance service models and customer experience [17] - The company is exploring new development opportunities in markets like Japan but is currently focused on existing properties [61] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory in Singapore, citing a strong customer base and high-quality offerings [15][46] - In Macau, management acknowledged challenges in the base mass segment but noted improvements in premium segments and overall market positioning [25][90] - The company aims to maintain a low 30% margin business model while focusing on revenue growth and long-term health [96] Other Important Information - The company repurchased $500 million of LVS stock during the quarter and paid a recurring quarterly dividend of $0.25 per share [9] - The company increased its ownership percentage of SCL to 74.8% as of December 31, 2025 [10] - Rob Goldstein will serve as a senior advisor to the company for the next two years after his tenure as CEO [108] Q&A Session Summary Question: What is driving the strong quarter in Singapore? - Management attributed the success to the property's offerings and an increase in customer visits, with no significant changes needed in operations [15][16] Question: What is the outlook for Macau's EBITDA margins? - Management indicated that margins are expected to be in the low 30% range, influenced by the mix of play and promotional activities [96] Question: How is the promotional environment in Macau evolving? - The promotional environment has become more competitive, particularly in premium segments, but management sees stabilization in the current quarter [31][33] Question: Are there any impacts from the NBA activities on operating expenses? - Higher event costs were noted due to the NBA activities, which were successful but did impact margins [71][72] Question: What is the strategy for the base mass segment in Macau? - Management acknowledged the stagnant growth in the base mass segment but is focusing on leveraging assets and enhancing customer engagement to stimulate higher spending [105][106]

Financial Data and Key Metrics Changes - Marina Bay Sands achieved an EBITDA of $806 million, marking the highest quarter in the history of casino hotels, with a total EBITDA exceeding $2.9 billion for the year [4] - Macau delivered an EBITDA of $608 million for the quarter, with an adjusted EBITDA margin of 28.9%, down 390 basis points compared to Q4 2024 [6][8] - The company repurchased $500 million of LVS stock during the quarter and paid a recurring quarterly dividend of $0.25 per share [7] Business Line Data and Key Metrics Changes - Mass gaming in Singapore reached $951 million for the quarter, up 118% from Q4 2019 and up 27% from Q4 last year [4] - Macau's mass market revenue exceeded 25% share for the quarter, up 23.6% in the first quarter of 2025 [5] - The Venetian's EBITDA margin was 32.3%, while The Londoner's margin was 28.8% [6] Market Data and Key Metrics Changes - The Macau market is currently driven by the premium segment, with a focus on rolling and non-rolling segments [5][6] - The promotional environment in Macau has become more intense, particularly in the premium segments [31] Company Strategy and Development Direction - The company is focused on maximizing asset performance and achieving $700 million per quarter in Macau [5] - Continued investment in Singapore and renovations to enhance service offerings are planned [16] - The company is exploring new development opportunities in markets like Japan but is currently focused on existing properties [60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory in both Singapore and Macau, citing strong customer demand and market positioning [24][46] - The company acknowledged challenges in the base mass segment but remains committed to improving revenue and EBITDA [97] - Management emphasized the unpredictability of future performance but noted a strong belief in the potential for continued growth [46] Other Important Information - The company increased its ownership percentage of SCL to 74.8% as of December 31, 2025 [9] - The impact of the NBA events in Macau was noted as a significant success, contributing to brand projection and stakeholder engagement [70] Q&A Session Summary Question: What is driving the strong quarter in Singapore? - Management attributed the success to the property's offerings and an increase in customer visits, with no significant changes needed in operations [14][16] Question: What is the outlook for Macau's EBITDA recovery? - Management indicated that they are focused on customer growth and revenue, with a positive trajectory expected despite current margin pressures [22][24] Question: How is the promotional environment in Macau evolving? - The promotional environment remains intense, particularly in premium segments, but management sees stabilization in promotional intensity [31][32] Question: Are there any concerns about the World Cup affecting traffic? - Management believes the World Cup will not significantly impact traffic, as customers can engage with the event remotely [55] Question: What is the strategy for the base mass segment? - Management noted that while visitation remains strong, spend per head in the base mass segment has declined, and they are working on initiatives to stimulate higher spending [102]

Core Insights - The operator of casinos and resorts reported a profit of $395 million, driven by strong performance at its Marina Bay Sands resort in Singapore [1] Company Performance - The profit of $395 million indicates a significant financial success for the company, highlighting the effectiveness of its operations at Marina Bay Sands [1]

4Q25 Earnings Presentation January 28, 2026 Forward Looking Statements This presentation 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 presentation, the words "anticipates," "believes ...

Financial Performance - Net revenue for Q4 2025 was $3.65 billion, a 25.9% increase from $2.90 billion in Q4 2024[5] - Net income for Q4 2025 was $448 million, compared to $392 million in Q4 2024, reflecting a 14.3% year-over-year growth[5] - Full year 2025 net income attributable to Las Vegas Sands was $1.63 billion, or $2.35 per diluted share, compared to $1.45 billion, or $1.96 per diluted share, in 2024[6] - Operating income for the year ended December 31, 2025, was $2,818 million, up 17% from $2,402 million in 2024[29] - Net income attributable to Las Vegas Sands Corp. for Q4 2025 was $395 million, compared to $324 million in Q4 2024, representing a 22% increase[34] - Adjusted net income attributable to Las Vegas Sands Corp. for the year ended December 31, 2025, was $2,083 million, compared to $1,673 million in 2024[34] Adjusted Property EBITDA - Consolidated adjusted property EBITDA for Q4 2025 was $1.41 billion, up from $1.11 billion in the prior year quarter, representing a 27% increase[6] - Adjusted Property EBITDA for the year ended December 31, 2025, was $5,232 million, a 19% increase from $4,379 million in 2024[33] - Adjusted Property EBITDA for Marina Bay Sands increased to $806 million, up 50% from $537 million in 2024[52] - Adjusted Property EBITDA for Sands Macao was $4 million, down from $20 million, reflecting a decline of 80%[50] - Adjusted Property EBITDA for The Venetian Macao was $243 million, down from $250 million, resulting in an EBITDA margin decrease of 4.4 percentage points to 32.3%[41] - The total adjusted Property EBITDA margin as a percentage of net revenues for Q4 2025 was 38.8%, slightly up from 38.3% in Q4 2024[30] Revenue Breakdown - Sands China Ltd. total net revenues for Q4 2025 increased 16.4% to $2.05 billion, while net income was $213 million, down from $237 million in Q4 2024[7] - The Venetian Macao generated net revenues of $752 million in Q4 2025, up from $682 million in Q4 2024[30] - Marina Bay Sands reported net revenues of $1,603 million for Q4 2025, a 41% increase from $1,137 million in Q4 2024[30] - The Londoner Macao's casino revenues increased by $137 million to $524 million in Q4 2025, up from $387 million in the same period last year[43] - The Plaza Macao and Four Seasons Macao achieved net revenues of $264 million, reflecting a $41 million increase from $223 million in 2024[48] - Sands Macao reported net revenues of $76 million for the three months ended December 31, 2025, a decrease of 10% from $86 million in 2024[50] Capital Expenditures and Share Repurchase - Capital expenditures for Q4 2025 totaled $274 million, including $149 million at Marina Bay Sands and $121 million in Macao[16] - The company repurchased $500 million of common stock during Q4 2025, with a remaining authorization of $1.56 billion under the share repurchase program[10] Cash and Debt Position - As of December 31, 2025, unrestricted cash balances were $3.84 billion, and total debt outstanding was $15.63 billion[12][13] Gaming Metrics - Marina Bay Sands saw table games win per unit per day rise to $23,730 in Q4 2025, compared to $16,914 in 2024, marking a significant increase of 40.5%[39] - Rolling Chip volume at The Londoner Macao surged to $3,543 million, an increase of $1,694 million from $1,849 million in 2024[43] - Rolling Chip volume at Marina Bay Sands rose to $13,403 million, a significant increase of 66% from $8,068 million[52] - Non-Rolling Chip drop at Marina Bay Sands increased to $2,881 million, up 23% from $2,342 million[52] - Slot machine win per unit per day at The Parisian Macao was $323, slightly up from $322 in 2024[45] Room Rates and Occupancy - The average daily room rate (ADR) at The Londoner Macao decreased to $269, down from $290, a decline of $21[43] - The average daily room rate (ADR) at Sands Macao decreased to $167, down 4% from $174[50] - The average daily room rate (ADR) at Marina Bay Sands increased to $978, up 5.5% from $927[52] - The overall occupancy rate at The Venetian Macao was 98.8%, a slight decrease from 99.5% in the previous year[41]