Financial Performance - The Group reported Q2 2025 Adjusted EBITDA of $3.6 billion, representing a 12% increase year-on-year and an 8% increase quarter-on-quarter [1][3][28] - For the first half of 2025, the Group's Net Revenue was $23.2 billion, up 8% year-on-year, and Adjusted EBITDA was $6.9 billion, up 14% year-on-year [3][21] - The Group's balance sheet remains strong with cash and liquid investments of $30.7 billion as of June 30, 2025, and minimal debt [4][36] Market Overview - Macau's Gross Gaming Revenue (GGR) grew 8% year-on-year and 6% quarter-on-quarter in Q2 2025, reaching $59.3 billion [2][19] - Visitor arrivals to Macau increased by 15% year-on-year in the first half of 2025, totaling 19.2 million [20][63] Business Segments - Galaxy Macau™ was the primary driver of the Group's earnings, with Net Revenue of $19.1 billion in 1H 2025, up 13% year-on-year [37] - StarWorld Macau's Adjusted EBITDA decreased by 21% year-on-year to $653 million in 1H 2025, attributed to bad luck in gaming operations [41][42] - Broadway Macau™ reported a Net Revenue of $97 million for 1H 2025, down 3% year-on-year [45] Development and Future Outlook - The Group is progressing with the construction of Phase 4, which includes multiple high-end hotel brands and is targeted for completion in 2027 [12][53] - The Capella at Galaxy Macau has received positive feedback during its exclusive previews and is expected to attract ultra-high value customers [11][60] - The Group remains optimistic about mega events tourism in the second half of the year, with several high-profile entertainment events planned [6][59] Awards and Recognition - Galaxy Macau™ won the 'Integrated Resort of the Year' and the Group was recognized as 'Casino Operator of the Year' at the Global Gaming Awards Asia-Pacific 2025 [10][54] - Four restaurants within the Group earned five MICHELIN stars in the MICHELIN Guide Hong Kong Macau 2025 [10]

Financial Data and Key Metrics Changes - The group-wide adjusted property EBITDA for Q1 2025 was approximately $341 million, while adjusted for VIP hold, it was approximately $313 million [9] - Operating expenses (OpEx) were reduced to $3.1 million per day in Q1 2025, down from $3.2 million in Q4 2024, with a target to exit Q2 2025 at $3 million per day [10][12] - Available liquidity stood at $3.3 billion, with consolidated cash on hand of approximately $1.2 billion as of the end of Q1 2025 [11] Business Line Data and Key Metrics Changes - Mass drop in Macau grew each month during the quarter, reaching record highs at both City of Dreams and Studio City, with market share increasing from 14.7% in Q4 2024 to 15.7% in Q1 2025 [4][5] - Studio City property EBITDA increased by 20% quarter-over-quarter, demonstrating the positive impact of recent renovations [6] - City of Dreams Mediterranean and Cypress achieved a 10% year-over-year growth in property EBITDA for Q1 2025 [7] Market Data and Key Metrics Changes - Property visitation in Macau grew by 30% year-over-year during the May Golden Week [4] - Golden Week visitation was up 40% year-over-year, indicating strong demand and market recovery [55] Company Strategy and Development Direction - The company is focused on maintaining high-quality product offerings and strategic marketing to drive business momentum [6] - There is an ongoing strategic review of City of Dreams Manila, with potential buyers currently engaged in the process [22] - The company aims to balance capital allocation between share buybacks and debt reduction, with a focus on maximizing shareholder value [12][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business momentum, citing strong performance in Macau and a stable market share despite new competition [4][18] - The company noted that the competitive environment in the Philippines has impacted performance, prompting adjustments in cost structure and marketing programs [7] - Management highlighted the importance of Chinese policy in supporting domestic consumption and travel, which is crucial for future growth [29] Other Important Information - The House of Dancing Water show was relaunched successfully, expected to drive additional visitation to City of Dreams [5] - The company has repurchased approximately $165 million in MLCO ADSs in 2025, taking advantage of low valuations in the equity markets [12] Q&A Session Summary Question: Impact of London Legrand opening on competition - Management reported no significant impact on market share or business from the opening of London Legrand, maintaining strong performance in Q1 [15][19] Question: Update on City of Dreams Manila strategic review - The strategic review is ongoing, with potential buyers signing NDAs and working through questions [22] Question: Signs of weakness on the gaming floor - Management indicated no signs of weakness post-Golden Week, with continued strong performance observed [27][32] Question: CapEx guidance for the year - Full year CapEx guidance remains unchanged at $415 million, with the completion of Sri Lanka highlighted as a major project [33] Question: OpEx expectations for Q2 - OpEx guidance for Q2 is expected to be around $3 million per day, excluding costs related to House of Dancing Water and residency concerts [36][37] Question: Non-gaming spend insights during Golden Week - Retail and F&B activity was strong during Golden Week, although high-end luxury retail continues to face challenges [57][58]

Financial Performance - Q1 2025 - LVS Consolidated Net Revenue was $2862 million, a decrease of $97 million compared to Q1 2024[10] - Net Income Attributable to LVS was $352 million, a decrease of $142 million compared to Q1 2024[10] - Adjusted Property EBITDA was $1140 million, a decrease of $67 million compared to Q1 2024[10] - Adjusted Property EBITDA Margin was 398%, a decrease of 100 bps compared to Q1 2024[10] - Macao Operations Adjusted Property EBITDA was $535 million, a decrease of 123% compared to Q1 2024[13] - Marina Bay Sands Adjusted Property EBITDA was $605 million, an increase of 13% compared to Q1 2024[13] Capital Allocation - LVS repurchased $450 million of its stock in Q1 2025[10, 11] - LVS paid $179 million in dividends, which is $025 per share[11] - The LVS Board of Directors increased the share repurchase authorization to $20 billion on April 22, 2025[8, 11] Macao Market - Macao market generated gaming revenue of approximately $72 billion in 1Q25, up 1% from 1Q24[26] - Mass gaming revenue in Macao was approximately $63 billion, up 1% from 1Q24[26] - Visitation from China excluding Guangdong province remained at approximately 75% of 1Q19 levels[26] - Total visitation to Macao in 1Q25 was approximately 99 million people, which is approximately 95% of 1Q19 levels[57] Marina Bay Sands - Mass win at Marina Bay Sands was $778 million, up 13% from $687 million in 1Q24[29] - Marina Bay Sands Adjusted Property EBITDA margin was 520%[29]