LVSC(US:LVS)2025-10-22 20:10Financial Performance - Net revenue for Q3 2025 was $3.33 billion, a 24.3% increase from $2.68 billion in Q3 2024[5] - Net income for Q3 2025 was $491 million, compared to $353 million in the same quarter last year, representing a 39.2% increase[5] - Consolidated adjusted property EBITDA was $1.34 billion, up from $991 million in Q3 2024, reflecting a 35% increase[6] - The company reported a net income of $491 million for the three months ended September 30, 2025, compared to $353 million in 2024, marking a 39.1% increase[30] - Adjusted Property EBITDA for the three months ended September 30, 2025, was $1,344 million, up 35.6% from $991 million in the same period of 2024[30] - The adjusted net income attributable to Las Vegas Sands Corp. for the three months ended September 30, 2025, was $536 million, compared to $323 million in 2024, a 66.1% increase[32] Revenue Breakdown - Casino revenues for the three months ended September 30, 2025, were $2,506 million, representing a 29.5% increase compared to $1,936 million in 2024[27] - The Londoner Macao's net revenues increased to $686 million for the three months ended September 30, 2025, compared to $460 million in 2024, a growth of 48.9%[28] - Marina Bay Sands generated net revenues of $1,436 million for the three months ended September 30, 2025, up 56.4% from $919 million in 2024[28] - The Venetian Macao reported net revenues of $692 million for the three months ended September 30, 2025, unchanged from the previous year[39] - The Plaza Macao and Four Seasons Macao reported net revenues of $206 million for the three months ended September 30, 2025, a decrease of 19.8% from $257 million in 2024[46] Operational Metrics - The average daily room rate (ADR) at The Venetian Macao decreased by $4 to $200, while the revenue per available room (RevPAR) fell by $6 to $196 for the three months ended September 30, 2025[39] - The average daily room rate (ADR) at Marina Bay Sands increased by $79 to $982, compared to $903 in the prior year[50] - The occupancy rate at Marina Bay Sands was 95.5%, up 0.8 percentage points from 94.7% in 2024[50] - The occupancy rate at The Parisian Macao was 97.0%, down from 98.5% in the previous year[43] - The average number of table games at The Venetian Macao decreased to 657 from 733 in the previous year, while the average number of slot machines remained stable at 1,660[37] Capital Management - The company repurchased $500 million of common stock during the quarter, with a total of approximately 88 million shares repurchased since the program's resumption[10] - The board of directors increased the stock repurchase authorization to $2.0 billion, extending the expiration date to November 3, 2027[10] Expenses and Taxation - Total operating expenses for the three months ended September 30, 2025, were $2,612 million, an increase of 19.9% from $2,178 million in 2024[27] - The effective income tax rate for Q3 2025 was 15.6%, up from 12.4% in the prior year quarter, primarily due to a 17% statutory rate on Singapore operations[9] Cash and Investments - Unrestricted cash balances as of September 30, 2025, were $3.35 billion, providing significant liquidity for future investments[12] - Capital expenditures for Q3 2025 totaled $229 million, including $121 million at Marina Bay Sands and $99 million in Macao[14] EBITDA and Margins - Adjusted Property EBITDA for Marina Bay Sands rose to $743 million, reflecting a 82.9% increase from $406 million in 2024[50] - The EBITDA margin for Marina Bay Sands improved to 51.7%, an increase of 7.5 percentage points compared to 44.2% in the previous year[50] Other Notable Metrics - The Rolling Chip volume at The Londoner Macao increased by $764 million to $2,312 million for the three months ended September 30, 2025, with a Rolling Chip win percentage of 3.65%[41] - The slot machine win per unit per day at Marina Bay Sands increased to $1,027, compared to $866 in the same period last year[39] - The Plaza Macao and Four Seasons Macao saw a decline in casino revenues to $132 million, down 27.5% from $182 million in 2024[46] - The company recorded a loss on disposal or impairment of assets of $68 million for the three months ended September 30, 2025, compared to $11 million in 2024[30]