We see opportunity in every segment at every property in the portfolio. In Singapore, Marina Bay Sands EBITDA for the quarter was $806 million at a margin of 50.3%. If we had held as expected in our rolling program, our EBITDA would have been lower by $45 million. The record financial results at MBS reflect the impact of high-quality investment in market-leading product, world-class service and the growth in high-value tourism. Turning to our program to return capital to shareholders. We repurchased $500 mi ...

Las Vegas Sands (NYSE:LVS) Q4 2025 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsDaniel Briggs - SVP of Investor RelationsDaniel Politzer - Executive Director of Equity ResearchDavid Katz - Managing DirectorGrant Chum - CEO and PresidentJohn DeCree - Head of Equity ResearchPatrick Dumont - President and COORob Goldstein - Chairman and CEORobin Farley - Managing DirectorStephen Grambling - Head of US Gaming, Lodging, and Leisure ResearchSteven Wieczynski - Managing DirectorConference Call Pa ...

Las Vegas Sands (NYSE:LVS) Q4 2025 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsDaniel Briggs - SVP of Investor RelationsDaniel Politzer - Executive Director of Equity ResearchDavid Katz - Managing DirectorGrant Chum - CEO and PresidentJohn DeCree - Head of Equity ResearchPatrick Dumont - President and COORob Goldstein - Chairman and CEORobin Farley - Managing DirectorStephen Grambling - Head of US Gaming, Lodging, and Leisure ResearchSteven Wieczynski - Managing DirectorConference Call Pa ...

Financial Data and Key Metrics Changes - Marina Bay Sands achieved an EBITDA of $806 million, marking the highest quarter in the history of casino hotels, with a total EBITDA exceeding $2.9 billion for the year [4] - Macau delivered an EBITDA of $608 million for the quarter, with an adjusted EBITDA margin of 28.9%, down 390 basis points compared to Q4 2024 [6][8] - The company repurchased $500 million of LVS stock during the quarter and paid a recurring quarterly dividend of $0.25 per share [7] Business Line Data and Key Metrics Changes - Mass gaming in Singapore reached $951 million for the quarter, up 118% from Q4 2019 and up 27% from Q4 last year [4] - Macau's mass market revenue exceeded 25% share for the quarter, up 23.6% in the first quarter of 2025 [5] - The Venetian's EBITDA margin was 32.3%, while The Londoner's margin was 28.8% [6] Market Data and Key Metrics Changes - The Macau market is currently driven by the premium segment, with a focus on rolling and non-rolling segments [5][6] - The promotional environment in Macau has become more intense, particularly in the premium segments [31] Company Strategy and Development Direction - The company is focused on maximizing asset performance and achieving $700 million per quarter in Macau [5] - Continued investment in Singapore and renovations to enhance service offerings are planned [16] - The company is exploring new development opportunities in markets like Japan but is currently focused on existing properties [60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory in both Singapore and Macau, citing strong customer demand and market positioning [24][46] - The company acknowledged challenges in the base mass segment but remains committed to improving revenue and EBITDA [97] - Management emphasized the unpredictability of future performance but noted a strong belief in the potential for continued growth [46] Other Important Information - The company increased its ownership percentage of SCL to 74.8% as of December 31, 2025 [9] - The impact of the NBA events in Macau was noted as a significant success, contributing to brand projection and stakeholder engagement [70] Q&A Session Summary Question: What is driving the strong quarter in Singapore? - Management attributed the success to the property's offerings and an increase in customer visits, with no significant changes needed in operations [14][16] Question: What is the outlook for Macau's EBITDA recovery? - Management indicated that they are focused on customer growth and revenue, with a positive trajectory expected despite current margin pressures [22][24] Question: How is the promotional environment in Macau evolving? - The promotional environment remains intense, particularly in premium segments, but management sees stabilization in promotional intensity [31][32] Question: Are there any concerns about the World Cup affecting traffic? - Management believes the World Cup will not significantly impact traffic, as customers can engage with the event remotely [55] Question: What is the strategy for the base mass segment? - Management noted that while visitation remains strong, spend per head in the base mass segment has declined, and they are working on initiatives to stimulate higher spending [102]

Core Insights - The operator of casinos and resorts reported a profit of $395 million, driven by strong performance at its Marina Bay Sands resort in Singapore [1] Company Performance - The profit of $395 million indicates a significant financial success for the company, highlighting the effectiveness of its operations at Marina Bay Sands [1]

Core Viewpoint - Las Vegas Sands Corp. (LVS) is a leading developer and operator of upscale integrated resorts, focusing on luxury destinations that enhance tourism and commerce [1] Financial Performance - LVS reported a 24.2% year-over-year increase in revenues for Q3 fiscal 2025, reaching $3.33 billion, exceeding the expected $3.02 billion [4] - The adjusted EPS for Q3 was $0.78, reflecting a 77.3% year-over-year increase and surpassing the analyst estimate of $0.62 [5] - The iconic Marina Bay Sands hotel generated $1.44 billion in revenue, marking a 56.3% annual increase [4] Stock Performance - LVS stock reached a 52-week high of $70.45 on December 1 but has since declined by 4.8%, while gaining 24.8% over the past three months [2] - Over the past 52 weeks, LVS stock has increased by 24.3% and by 66.8% over the past six months, significantly outperforming the Consumer Discretionary ETF [3] - LVS has consistently traded above its 200-day moving average since late June and above its 50-day moving average since late October [3] Analyst Sentiment - The consensus rating for LVS stock is "Moderate Buy" from 18 analysts, with a mean price target of $67.11, indicating a potential upside of 19.3% based on the Street-high price target of $80 [6]

Core Insights - Las Vegas Sands, despite its name, does not operate any casinos in Las Vegas, having sold the Venetian Resort in February 2022, and currently focuses on five gaming venues in Macao and Marina Bay Sands in Singapore [3][7] - Marina Bay Sands is a highly profitable asset, contributing significantly to the company's earnings, with third-quarter adjusted EBITDA reported at $743 million, positioning it for an annual EBITDA of $2.7 billion [5][6] - Analysts believe that the value of Marina Bay Sands is not fully reflected in Sands' stock price, with estimates suggesting it could be worth $42 per share on a standalone basis [6][7] Company Performance - The company has seen a positive trajectory in Singapore, with management acknowledging that their previous EBITDA forecasts were conservative, now suggesting potential annual figures could reach $2.8 billion or $2.9 billion [6] - The stock price of Sands is primarily influenced by news from Macao, which may overlook the significant contributions from Marina Bay Sands [6] Market Perspective - Investors are encouraged to consider the long-term potential of Marina Bay Sands, as its profitability is expected to have lasting positive effects on the company's stock performance [4][5]

Core Insights - Las Vegas Sands stock experienced an 18.7% increase over the past week, outperforming the S&P 500 index which gained 1.9% [1] Financial Performance - The company reported non-GAAP earnings per share of $0.78 on revenue of $3.33 billion, exceeding Wall Street's expectations of $0.62 per share on sales of $3.05 billion [4] - Revenue increased by 24.3% year over year, driven by strong performance from Singapore operations [4] Dividend Announcement - Las Vegas Sands announced a significant increase in its quarterly dividend to $0.30 per share, up from $0.10 per share [5] Operational Highlights - The Marina Bay Sands property generated $743 million in adjusted EBITDA, surpassing the analyst estimate of $618 million [6] - The strong performance of Marina Bay Sands is expected to contribute to continued capital appreciation and potential future dividend increases [6]

Core Insights - Las Vegas Sands experienced a significant share price increase of over 12% following a strong third-quarter earnings report, outperforming the S&P 500 index which rose by only 0.6% [1] Financial Performance - The company reported net revenue of $3.3 billion, marking a 24% increase compared to the same period in 2024 [2] - Adjusted net income surged by 66% to $536 million, equating to $0.78 per share, exceeding analyst expectations of less than $3.1 billion in revenue and $0.61 per share for adjusted net income [3] Market Focus - Las Vegas Sands has shifted its operational focus from Las Vegas to Asian markets, specifically Macao and Singapore, where it operates six properties [4] - The Londoner Macao and Marina Bay Sands were the top performers, with revenue growth of 49% (to $686 million) and 56% (to over $1.4 billion) respectively [4] Future Outlook - The company anticipates continued growth in Asian travel, which is expected to positively impact its operations in Macao and Singapore [5]

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