Core Viewpoint - Las Vegas Sands Corp. reported first-quarter 2025 results with earnings and revenues missing expectations, attributed to a challenging macro environment [1][3][4] Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were 59 cents, missing the Zacks Consensus Estimate of 60 cents by 1.7%, down from 73 cents in the same quarter last year [3] - Quarterly net revenues totaled $2.86 billion, falling short of the consensus mark of $2.88 billion and declining 3.3% year over year [4] Asian Operations - The Venetian Macao reported net revenues of $638 million, down from $771 million year-over-year, primarily due to decreased casino revenues [5] - The Londoner Macao's net revenues were $529 million, down from $562 million, with declines in casino, rooms, and food and beverage revenues [9] - The Parisian Macao's net revenues were $227 million, slightly down from $230 million, with stable revenues from rooms and food and beverage [13] - The Plaza Macao and Four Seasons Macao saw net revenues increase to $208 million from $142 million, attributed to higher casino and rooms revenues [15] Operational Metrics - Adjusted property EBITDA for the Venetian Macao was $225 million, down from $314 million year-over-year [7] - Adjusted property EBITDA for the Londoner Macao was $153 million, down from $172 million [11] - Adjusted property EBITDA for the Parisian Macao was $66 million, compared to $71 million last year [14] - Adjusted property EBITDA for the Plaza Macao and Four Seasons Macao increased to $74 million from $36 million [16] Marina Bay Sands Performance - Marina Bay Sands in Singapore reported net revenues of $1.16 billion, up from $1.15 billion year-over-year, supported by increased room and mall revenues [20] - Adjusted property EBITDA for Marina Bay Sands was $605 million, up from $597 million [22] Consolidated Financials - On a consolidated basis, adjusted property EBITDA totaled $1.14 billion in Q1 2025, down from $1.21 billion in the previous year [23] - As of March 31, 2025, unrestricted cash balances were $3.04 billion, down from $3.65 billion in the previous quarter, while total debt outstanding increased to $13.71 billion from $13.62 billion [24]

Financial Performance - Q1 2025 - LVS Consolidated Net Revenue was $2862 million, a decrease of $97 million compared to Q1 2024[10] - Net Income Attributable to LVS was $352 million, a decrease of $142 million compared to Q1 2024[10] - Adjusted Property EBITDA was $1140 million, a decrease of $67 million compared to Q1 2024[10] - Adjusted Property EBITDA Margin was 398%, a decrease of 100 bps compared to Q1 2024[10] - Macao Operations Adjusted Property EBITDA was $535 million, a decrease of 123% compared to Q1 2024[13] - Marina Bay Sands Adjusted Property EBITDA was $605 million, an increase of 13% compared to Q1 2024[13] Capital Allocation - LVS repurchased $450 million of its stock in Q1 2025[10, 11] - LVS paid $179 million in dividends, which is $025 per share[11] - The LVS Board of Directors increased the share repurchase authorization to $20 billion on April 22, 2025[8, 11] Macao Market - Macao market generated gaming revenue of approximately $72 billion in 1Q25, up 1% from 1Q24[26] - Mass gaming revenue in Macao was approximately $63 billion, up 1% from 1Q24[26] - Visitation from China excluding Guangdong province remained at approximately 75% of 1Q19 levels[26] - Total visitation to Macao in 1Q25 was approximately 99 million people, which is approximately 95% of 1Q19 levels[57] Marina Bay Sands - Mass win at Marina Bay Sands was $778 million, up 13% from $687 million in 1Q24[29] - Marina Bay Sands Adjusted Property EBITDA margin was 520%[29]

Las Vegas Sands has withdrawn its planned bid to open a $4 billion casino complex at the site of the Nassau Coliseum on Long Island. The gaming giant's announcement Wednesday caught some casino industry insiders by surprise. "Crazy," one industry source said. Sands had the strong political support of Nassau County Executive Bruce Blakeman and the Republican-run legislature — but there was some hard-core opposition led by nearby Hofstra University and residents living near the Nassau Coliseum hub in Uniondal ...

Core Insights - Las Vegas Sands (LVS) reported a revenue of $2.86 billion for the quarter ended March 2025, reflecting a decrease of 3.3% year-over-year, with EPS at $0.59 compared to $0.75 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $2.88 billion, resulting in a surprise of -0.47%, while the EPS also missed the consensus estimate of $0.60 by -1.67% [1] Financial Performance Metrics - LVS shares have returned -15.7% over the past month, underperforming the Zacks S&P 500 composite, which saw a decline of -6.6% [3] - Key metrics for LVS in Macao include: - Rolling Chip volume at Sands Macao was $59 million, exceeding the average estimate of $43.48 million [4] - RevPAR at Sands Macao was $172, slightly above the average estimate of $169.70 [4] - Rolling Chip win percentage at Sands Macao was 4.2%, surpassing the estimated 3.7% [4] - Net Revenues for Sands Macao were $75 million, below the average estimate of $83.66 million, marking a -1.3% change year-over-year [4] - Net Revenues for The Plaza Macao and Four Seasons Macao were $208 million, exceeding the estimate of $223.05 million, representing a +46.5% change year-over-year [4] - Net Revenues for The Parisian Macao were $227 million, below the estimate of $245.07 million, reflecting a -1.3% change year-over-year [4] - Net Revenues for The Londoner Macao were $529 million, under the estimate of $558.90 million, indicating a -5.9% change year-over-year [4] - Net Revenues for The Venetian Macao were $638 million, below the estimate of $688.20 million, showing a -17.3% change year-over-year [4] - Marina Bay Sands reported revenues of $1.16 billion, slightly above the estimate of $1.14 billion, with a +0.4% change year-over-year [4] - Total revenue for Macao was $1.71 billion, below the estimate of $1.82 billion, reflecting a -5.6% change year-over-year [4] - Food and Beverage revenue for The Venetian Macao was $15 million, below the estimate of $17.53 million, indicating an -11.8% change year-over-year [4]

Las Vegas Sands (LVS) came out with quarterly earnings of $0.59 per share, missing the Zacks Consensus Estimate of $0.60 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1.67%. A quarter ago, it was expected that this casino operator would post earnings of $0.60 per share when it actually produced earnings of $0.54, delivering a surprise of -10%. Over the last four quarters, the c ...

Financial Performance - Net revenue for Q1 2025 was $2.86 billion, a decrease of 3.3% from $2.96 billion in Q1 2024[6] - Net income for Q1 2025 was $408 million, down 30% from $583 million in the same quarter last year[6] - Consolidated adjusted property EBITDA was $1.14 billion, compared to $1.21 billion in Q1 2024, reflecting a decline of 5.8%[7] - Adjusted Property EBITDA for the same period was $1,140 million, down 5.5% from $1,207 million year-over-year[32] - Net income attributable to LVS for Q1 2025 was $352 million, a decline of 28.7% compared to $494 million in Q1 2024[34] - Adjusted net income attributable to LVS for Q1 2025 was $421 million, down 23.7% from $552 million in Q1 2024[34] Regional Performance - Macao adjusted property EBITDA was $535 million, negatively impacted by a low hold on rolling play, which reduced EBITDA by $10 million[3] - Marina Bay Sands adjusted property EBITDA was $605 million, indicating strong performance in Singapore[3] - The Venetian Macao reported net revenues of $638 million, a decrease of 17.7% from $771 million in the prior year[40] - The Londoner Macao reported net revenues of $529 million for Q1 2025, a decrease of $33 million (5.9%) compared to $562 million in Q1 2024[42] - The Parisian Macao's net revenues were $227 million, down $3 million (1.3%) from $230 million in the previous year[45] - The Plaza Macao and Four Seasons Macao experienced a significant increase in net revenues to $208 million, up $66 million (46.5%) from $142 million in Q1 2024[47] - Marina Bay Sands achieved net revenues of $1,163 million, a slight increase of $5 million (0.4%) compared to $1,158 million in Q1 2024[51] Operational Metrics - The adjusted EBITDA margin for The Venetian Macao was 35.3%, down 5.4 percentage points from 40.7% in the previous year[40] - Rolling Chip volume at The Venetian Macao decreased to $862 million, down 16.7% from $1,035 million in Q1 2024[40] - The average daily room rate (ADR) for The Venetian Macao was $204, a slight increase from $202 in the same quarter last year[40] - The occupancy rate for The Venetian Macao improved to 99.8%, up 2.1 percentage points from 97.7% in Q1 2024[40] - The average daily room rate (ADR) at The Londoner Macao increased by $103 to $291, while the revenue per available room (RevPAR) rose by $104 to $286[42] - The occupancy rate at The Parisian Macao improved to 99.8%, up 4.4 percentage points from 95.4% in the previous year[45] - Rolling Chip volume at The Plaza Macao decreased to $2,132 million, down $368 million (14.7%) from $2,500 million in Q1 2024[47] - The EBITDA margin for Marina Bay Sands increased to 52.0%, up 0.4 percentage points from 51.6% in Q1 2024[51] Cash and Investments - The company repurchased $450 million of common stock during the quarter, with a remaining authorization of $1.10 billion, increased to $2.0 billion[11] - Capital expenditures for Q1 2025 totaled $379 million, with $197 million in Macao and $175 million at Marina Bay Sands[16] - Unrestricted cash balances as of March 31, 2025, were $3.04 billion, with total debt outstanding at $13.71 billion[13] - The company plans to continue investing in growth opportunities in new markets and expanding its capital expenditure programs in Macao and Singapore[5] Retail Performance - The Shoppes at Venetian reported tenant sales per square foot of $1,588, with an occupancy rate of 84.4%[56] - Total gross revenue from Asian retail mall operations was $186 million, with an operating profit margin of 88.2%[56] Other Impacts - The company experienced a hold-adjusted win percentage impact of $17 million on net revenues for Macao operations, compared to $52 million in the prior year[36]

Core Insights - Las Vegas Sands reported a net revenue of $2.86 billion for Q1 2025, a decrease from $2.96 billion in the same quarter of the previous year [5][25] - The company's operating income was $609 million, down from $717 million year-over-year, and net income fell to $408 million from $583 million [5][25] - Consolidated adjusted property EBITDA was $1.14 billion, compared to $1.21 billion in the prior year quarter [6][25] Financial Performance - The company repurchased $450 million of its shares during the quarter, with a remaining authorization of $1.10 billion, which was later increased to $2.0 billion [10][12] - A quarterly dividend of $0.25 per common share was paid, with the next dividend scheduled for May 14, 2025 [11] - Unrestricted cash balances as of March 31, 2025, were $3.04 billion, with total debt outstanding at $13.71 billion [12][13] Market Insights - In Macao, market growth has softened, but the company remains committed to enhancing tourism appeal and supporting development [3][4] - Marina Bay Sands in Singapore showed strong financial performance, with adjusted property EBITDA of $605 million [4][6] - The company is optimistic about growth opportunities in both Macao and Singapore as travel and tourism spending in Asia expands [2][4] Capital Expenditures - Capital expenditures for the first quarter totaled $379 million, with $197 million allocated to Macao and $175 million to Marina Bay Sands [14] Tax and Interest Expenses - The effective income tax rate for Q1 2025 was 13.4%, significantly higher than 2.8% in the prior year, primarily due to a 17% statutory rate on Singapore operations [9] - Interest expense for the quarter was $174 million, down from $182 million in the previous year, with a weighted average borrowing cost of 4.9% [8]

Core Insights - Analysts expect Las Vegas Sands (LVS) to report quarterly earnings of $0.60 per share, reflecting a year-over-year decline of 20% [1] - Revenue projections stand at $2.93 billion, indicating a slight decrease of 0.9% from the same quarter last year [1] - The consensus EPS estimate has been adjusted upward by 2.4% over the past 30 days, suggesting a reassessment of initial projections by analysts [1][2] Revenue Estimates - 'Net Revenues- The Londoner Macao' is estimated at $558.90 million, a decrease of 0.6% from the prior year [4] - 'Net Revenues- The Plaza Macao and Four Seasons Macao' is projected at $223.05 million, showing a significant increase of 57.1% year-over-year [4] - 'Net Revenues- Sands Macao' is forecasted to reach $83.66 million, reflecting a year-over-year increase of 10.1% [4] - 'Net Revenues- The Venetian Macao' is estimated at $688.20 million, indicating a decline of 10.7% from the previous year [5] Key Metrics - The occupancy rate for 'The Parisian Macao' is expected to be 94.2%, down from 95.4% a year ago [5] - The average daily room rate for 'The Londoner Macao' is projected at $236.08, up from $188 in the same quarter last year [6] - 'Non-Rolling Chip drop - The Londoner Macao' is estimated at $1.84 billion, compared to $1.92 billion in the same quarter last year [6] - 'Non-Rolling Chip win percentage - The Londoner Macao' is expected to be 22.3%, an increase from 21.1% in the previous year [7] - 'Rolling Chip volume - The Londoner Macao' is projected at $2.15 billion, compared to $1.88 billion in the same quarter last year [7] - 'Rolling Chip win percentage - The Londoner Macao' is expected to be 3.7%, slightly down from 3.8% a year ago [8] - 'Slot handle - The Londoner Macao' is projected at $1.47 billion, down from $1.62 billion in the same quarter last year [8] - 'Slot hold percentage - The Londoner Macao' is expected to be 4.1%, up from 4% in the previous year [9] Stock Performance - Shares of Las Vegas Sands have decreased by 21.9% over the past month, contrasting with a 5.6% decline in the Zacks S&P 500 composite [11] - LVS holds a Zacks Rank 3 (Hold), indicating expectations to mirror overall market performance in the near future [11]

Core Points - Las Vegas Sands has contributed $100,000 to 100 Black Men Las Vegas to support youth mentorship, scholarship, and community service programs [1] - The funding will enable new initiatives including STEM programs, a public service career pipeline, and real estate training [2] - The contribution also aids in identifying a permanent location for 100 Black Men Las Vegas [3] Youth Programs - The Sands Cares funding supports youth leadership development programs, including the Crossroads mentoring program, which served over 1,500 students in 2024 and resulted in a 20% increase in GPA [4] - The organization aims to provide $100,000 in scholarships in 2025, building on over $80,000 distributed in the previous year [5] - Community service initiatives supported include a monthly Virtual Youth Cooking Class and an annual Thanksgiving dinner distribution event [6] Organizational Background - 100 Black Men Las Vegas, established in 1999, focuses on improving the quality of life and educational opportunities for Black youths and their families [7] - The organization offers various programs addressing mentorship, education, health, economic empowerment, and leadership development [14] - Sands' partnership aligns with its commitment to education and workforce development [8]

Core Viewpoint - Sands China celebrated the 10th anniversary of its Local Small, Medium and Micro Suppliers Support Programme, highlighting its commitment to supporting local SMEs and fostering economic growth in Macao [1][2][5]. Group 1: Programme Overview - The Local Small, Medium and Micro Suppliers Support Programme was established in 2015 in partnership with the Macao Chamber of Commerce to enhance procurement opportunities for local SMEs [2][10]. - The programme targets local small and micro suppliers, "Made in Macao" companies, and young entrepreneurs, aligning with government policies to support local business development [2][10]. Group 2: Open Day Event - The 2025 Sands China Local Supplier Open Day connected 250 local SMEs with Sands China procurement representatives, facilitating discussions on procurement opportunities [1][3]. - Various procurement booths were set up at the event, covering categories such as food and beverage, logistics, technology, and a special booth for DSEDT-certified Macao technology enterprises [4]. Group 3: Company Statements - Grant Chum, CEO of Sands China, emphasized the importance of the programme in supporting local SMEs and adapting strategies to market changes over the past decade [5]. - Hoi Lok Man from the Macao Chamber of Commerce highlighted the role of SMEs as the economic foundation of Macao and the collaborative spirit of local businesses [5]. Group 4: Future Initiatives - Sands China plans to launch a training programme to enhance local SMEs' online marketing capabilities, supporting their digital transformation [8]. - The company is also backing the "2025 Macau Youth Innovation and Entrepreneurship Competition" to empower young entrepreneurs and contribute to economic diversification [8]. Group 5: Procurement Achievements - In 2024, Sands China recorded a gross procurement amount of MOP 15.2 billion, with 84% (MOP 12.8 billion) allocated to Macao enterprises, including over MOP 4.6 billion to local SMEs [9].