LVSC(US:LVS)2025-04-25 20:03Financial Performance - Total net revenues for the three months ended March 31, 2025, were $2.86 billion, a decrease of 3.3% compared to $2.96 billion for the same period in 2024[127]. - Operating income was $609 million for the three months ended March 31, 2025, down from $717 million for the same period in 2024[127]. - Net income decreased to $408 million for the three months ended March 31, 2025, compared to $583 million for the same period in 2024[127]. - Consolidated adjusted property EBITDA decreased to $1,140 million in Q1 2025 from $1,207 million in Q1 2024, a decline of 5.6%[150]. - Adjusted property EBITDA for Macao operations fell by $75 million compared to Q1 2024, primarily due to decreased casino operations[151]. Casino Operations - Casino revenues decreased by $101 million, with Macao operations contributing a $99 million decline and Marina Bay Sands a $2 million decline[129]. - Non-Rolling Chip drop in Macao decreased by 6.4% to $2.26 billion, while Non-Rolling Chip win percentage fell by 2.6 percentage points to 22.7%[130]. - Rolling Chip volume at The Venetian Macao decreased by 16.7% to $862 million, with win percentage dropping by 4.53 percentage points to 2.18%[130]. - Marina Bay Sands reported total net casino revenues of $857 million, a slight decrease of 0.2% compared to the previous year[131]. - Food and beverage revenues decreased by $9 million compared to the three months ended March 31, 2024, driven by decreased business volume at Macao operations[137]. Revenue Sources - Room revenues decreased by $6 million compared to the three months ended March 31, 2024, with a $9 million decrease at Macao operations, partially offset by a $3 million increase at Marina Bay Sands[134]. - Total room revenues for Macao operations in Q1 2025 were $53 million for The Venetian Macao, $73 million for The Londoner Macao (down 18.0%), and $35 million for The Parisian Macao[135]. - Mall revenues increased by $12 million compared to the same period in 2024, driven by a $9 million increase in Macao operations and a $3 million increase at Marina Bay Sands[138]. Expenses and Costs - Operating expenses for the three months ended March 31, 2025, were $2.25 billion, an increase of $11 million from $2.24 billion in the same period in 2024[141]. - Casino expenses decreased by $23 million compared to the three months ended March 31, 2024, primarily due to a $41 million decrease in gaming taxes at Macao operations[142]. - Provision for credit losses was $5 million for Q1 2025, down from $11 million in Q1 2024, reflecting a decrease at Marina Bay Sands[143]. - Development expenses increased to $69 million in Q1 2025 from $53 million in Q1 2024, primarily due to increased efforts in digital gaming pursuits[146]. - Depreciation and amortization increased by $42 million compared to the same period in 2024, attributed to renovations completed at Marina Bay Sands[147]. Cash and Debt Management - The company had total unrestricted cash and cash equivalents of $3.04 billion as of March 31, 2025, with additional borrowing capacity of $4.39 billion across various facilities[117]. - Net cash generated from operating activities decreased by $188 million to $526 million for the three months ended March 31, 2025, compared to $714 million in the same period of 2024[178]. - The company held unrestricted cash and cash equivalents of $3.04 billion and restricted cash of $125 million as of March 31, 2025[188]. - The company repurchased 10,086,681 shares for $454 million during Q1 2025, with an increased share repurchase authorization from $1.10 billion to $2.0 billion[193]. - Total debt obligations for 2025, including the new Singapore Credit Facility, amount to $2.842 billion[196]. Investments and Future Projects - The company committed to invest at least 35.84 billion patacas (approximately $4.47 billion) in Macao, with 33.39 billion patacas (approximately $4.17 billion) allocated for non-gaming projects by December 2032[166]. - The Londoner Macao renovation includes 2,405 rooms and suites, with 1,746 licensed for occupancy by March 31, 2025, at a total estimated cost of $1.2 billion[169]. - The MBS Expansion Project in Singapore will add a hotel tower, premium gaming areas, and a live entertainment arena with approximately 15,000 seats, with a total project cost estimated at $8.0 billion[173]. - As of March 31, 2025, the company incurred approximately $2.3 billion in costs related to the MBS development project, including $845 million for the Additional Gaming Area payment[174]. - The company is evaluating additional development projects globally and pursuing new opportunities[177]. Market Risks and Economic Outlook - The company’s primary exposures to market risk include interest rate risk and foreign currency exchange rate risk[206]. - The company anticipates that its future operations may be affected by various risks, including economic downturns and regulatory changes[200]. - A hypothetical 100 basis point change in market rates would cause the fair value of the company's debt to change by $273 million[207]. - A hypothetical 1% weakening of the U.S. dollar/pataca exchange rate would result in a foreign currency transaction loss of approximately $17 million[208]. - Foreign currency transaction losses were $1 million for the three months ended March 31, 2025, primarily due to U.S. dollar denominated debt[208].