LVSC(US:LVS)2026-01-28 21:11Financial 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]