Las Vegas Sands Reports First Quarter 2025 Results

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]