LVSC(US:LVS)2025-04-23 20:07Financial 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]