Las Vegas Sands Corp. Stock Price: Quote, Forecast, Splits & News (LVS)

Perplexity Finance

LVS

Las Vegas Sands Corp.

LVS

NYSE

Market Open

Wednesday, May 21, 2025

$40.54

-$0.40

0.98%

May 21, 10:42:30 AM EDT

Change

-$0.40

0.98%

Financial Profile

Prev Close

$40.94

Market Cap

$28.65B

Day Range

$40.22 - $40.67

Open

$40.60

P/E Ratio

22.7

52W Range

$30.18 - $56.61

24H Volume

$37.65M

Dividend Yield

2.22%

EPS

1.79

Earnings

Report Date

Apr 23, 2025

Reported Revenue

2.9B

Miss -0.72%

Avg 1d Change

5.7%

Report Period

Q1 2025

Reported EPS

0.59

Beat +3.87%

Implied Move 1d

5.83%

Transcript

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10m 25s

Good day, ladies and gentlemen, and welcome to the Saum's First Quarter twenty twenty five Earnings Call. At this time, all participants have been placed on a listen only mode. We will open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. Sir, the floor is yours. Thank you, Paul. Joining the call today are Rob Goldstein, our Chairman and CEO Patrick Dumont. Our president and chief operating officer doctor Wilpin Huang, Executive Vice Chairman of Sans China and Grant Chung. CEO and president of Sans China and EVP of Asia operations. Today's conference call will contain forward looking statements. We will be making those statements under the safe harbor provision of federal securities laws. The language on forward looking statements included in our press release and eight ks filings also applies to our comments made on the call today. The company's actual results may differ materially from the results reflected in those forward looking In addition, we will discuss non GAAP measures, Reconciliations to the most comparable GAAP financial measure are included in our press release.

11m 30s

We have posted an earnings presentation on our website We will refer to that presentation during the call. Finally, for the Q and A session, ask those with interest to please post one question and one follow-up question, so we might pause pardon me. So we might allow everyone with interest the opportunity to participate. This presentation is being recorded. I'll now turn the call over to Rob.

11m 51s

Okay.

11m 51s

Thank you, Dan. Let's begin with Mikhail. This is a competitive market that has not grown as we anticipated. However, we have the strongest assets in the market. We can perform better just despite the challenging macro environment. The Londoner is now fully open this time. 2,405 study rooms and suites as we prepare for Gold Week in May, Now we've completed development projects, we expect this asset to elevate our performance. Our focus is on improving our revenue and cash flow across the portfolio. There is opportunity in every segment to show strong results. Our business strategy remains unchanged. We have designed our capital investment programs to ensure we will lead in both Macau and Singapore. We delivered $535,000,000 of EBITDA for the quarter in Macao, SEL still continues to lead the market in gaming and non gaming revenue and EBITDA. Have meaningful opportunities to grow in every segment. Our objective is to grow our share of EBITDA in our markets, We have a unique product advantage in terms of scale quality, and diversity of product offerings. Turning to Maria Bay Sands in Singapore. We delivered a record quarter with $05,000,000 of adjusted property EBITDA extraordinary achievement by any standard.

13m 2s

I assume this is record EBITDA for any gaming property in the world. Pretty extraordinary performance. Mass gaming was thought we had reached $778,000,000 reflecting 73% growth in the first quarter of twenty nineteen and thirteen percent growth from one quarter a year ago. The results in MBS reflect the positive impact of our gaming investment program in growth high value tourism. Growing appeal of Singapore as a destination is enhanced by robust entertainment and lifestyle calendar. We believe there is a considerable runway for growth there as well. Again, thanks for joining the call. Let me turn the call over to Patrick before we go to Q and A. Patrick?

13m 42s

Thanks, Rob.

13m 43s

Macau EBITDA was $535,000,000 We had held as expected in our rolling program.

13m 48s

Our EBITDA would have been higher by $10,000,000 When adjusted for lower than expected hold in the rolling segment, our EBITDA margin for the Macau portfolio properties would have been 31.6%. Down two eighty basis points compared to the first quarter of twenty twenty four. All 2,405 rooms and suites at the Lugner Grand are now available for the upcoming May Golden Week. Now that the refurbishment process is completed, we are focused on delivering revenue and cash flow growth at the lender. Margin at the Venetian was 35.3%. While margin at The Plaza and Four Seasons was 35.6%. We expect margin improvement as revenue grows, we use our scale and product advantages to better address every market segment. As the loan there ramps up and is integrated into our Cotai offerings, our competitive position will be stronger than ever. We look forward to utilizing our entire portfolio to grow revenue and EBITDA.

14m 45s

Now turning to Singapore. MBS' EBITDA was $6.00 $5,000,000 at a margin of 52%, Given the mix of games and demonstrated player preferences over the last two years, we have updated our expectation for hold on rolling play at Rainy Bay Sands to 3.7%. There will naturally be fluctuations in any specific quarter given by game mix and player preference. We will continue to provide the illustrative impact of hold on our rolling play in Singapore. The record financial results of Rainy Bay Sands reflect the impact of high quality investment in market leading product growth in high value tourism.

15m 22s

We believe we are still in the early stages of realizing the benefits of our investments in Rio Bay Turning to our program to return capital to shareholders, repurchased $450,000,000 of LVS stock during the quarter. We also paid our recurring quarterly dividend of $0.25 per share. Before going on to Q and A, I would like to provide an update on the New York development We strongly believe in the development opportunity for land based downstate casino in New York. We also continue to believe that the Nassau Coliseum site the best location for that development opportunity and should be highly competitive in the New York casino licensing process.

15m 59s

However, as we have previously stated the company remains concerned about the impact potential legalization of iGaming on the overall market opportunity and project returns. We are in the process of attempting to secure an agreement with a third party to whom we can transact the opportunity bid for a casino license on the Nassau Coliseum site. This would include those that may be able to address both land based and digital markets in New York. Las Vegas Sands, we believe the highest and best use of our capital in the near term is to purchase LVS and SCL shares. Accordingly, LVS has decided not to bid for casino license in New York. We believe repurchases of LVS equity through our share repurchase program will be meaningfully accretive to the company and its shareholders over the long term. Our Board has increased our share repurchase authorization to $2,000,000,000 We look forward to continuing to utilize the company's share repurchase program to increase returns to shareholders in the future. Thanks again for joining the call today. Now let's take questions.

17m 2s

Thank you. Ladies and gentlemen, the floor is now open for questions. Also, we ask each participant to limit yourself to one question and one follow-up. Please hold a moment while we poll for questions. And the first question today is coming from Carlo Santarelli from Deutsche Bank. Carlo, your line is live. Yes. Hey, thanks everybody. Rob, Patrick, thanks for your comments. As anyone could kind of see when you look at the valuation of the Hong Kong listing and what it implies basically for the corporate and Singapore. One understands kind of willingness and desire to kind of repurchase shares.

17m 54s

As you do think about the two entities though and the various repurchases across both and your stake in the Hong Kong listing specifically, how are you guys kind of balancing the way you more or less go about those allocations right now?

18m 11s

So I appreciate the question. You've heard us say it on prior calls, we see meaningful value in both LVS and SEL equity. And we're continuing to act with this belief. So we were active during the quarter at LVS. I think our goal was to really be active in both SEL and LBS equity. And continue to to march towards that seventy four point nine. You'll see us do that. I think on the LVS side, we think the valuation where our stock is currently very attractive for us. We're going to be aggressive in the way that we buy back shares. Than we have done previously. So we view it as an opportunity and we're going to continue to be active in the share repurchase market. Both SEL and OBS.

18m 49s

Great. Thanks. And then if I could, just a quick follow-up. Obviously, the the decision to raise the theoretical on the VIP side and Marina Bay Sands makes sense relative to the history here over the last two years. As you look at, however, on the mass side, hold was up nicely. And I know it's always tough to kind of guesstimate what handle would have been in their normal hold environment and and how to think about all of that. But when you look at kind of the impact the higher hold year over year on the mass side, mass table side specifically had on MBS. Is there any way you guys could could maybe outline how you think about the the potential EBITDA benefit that stemmed from that? I think all of the problem is you know, it doesn't matter high end or or mass. The problem is it depends on what the customer's bet. And that's always been the reason why the just starts talking about smart tables. It enables you to actually know and not guess whether it's three four, three six, four one. It tells you specifically. I think that's the advantage we're gonna have in both Macau and Singapore in the future.

19m 56s

And, again, it it depends on the composition of bets. It really doesn't matter if it's pretty a mass or base mass. If the the customer bets the I I I call them prop bets, but the lesser [indiscernible] gonna drive the whole percentage. It's it's a very for years, people discussed this, and guess what? Handle the whole percentage and false drop. Etcetera. This takes the guesswork out of the base. Actually not not be perfect. And that's our goal, to have that information across both both [indiscernible] In the future.

20m 26s

I I I think the most important thing here is that while MBS obviously is impacted by old, our our rolling program, Really, the outperformer at Marine Bay Sands has been the mass segment. And I think that really has been the story of Marine Bay Sands. Yeah, I think our rolling business has improved in a meaningful way. When you look at Murray Bay Sands and the investments that have been made there, it's really to attract high value tourists on the mass side. And our premium mass and massing there mass segment there had outperformed to an extraordinary level we think there's room to grow now that our renovation is completed. So I think it's an important story to talk about how we see the uptake of these side bets and how it has moved our hold over time. I think our team there has done great work developing game types and innovating. That we can benefit from player preferences. These more aggressive bets. At the same time, it's really a mass driven story based on the investment and the non gaming amenities that are driving visitation and high value tourism. Why you see the EBITDA that we have today.

21m 21s

So Rob, Patrick, then is it fair if you look at last year, kind of the math table hold was right around 2020.1%. It had been kind of 2018 and 2019 in the prior years. Based on the theoretical that that you guys are seeing with the information that you you have, to be able to do so. Is is 20 more like that normalized level on a go forward basis on the mass side?

21m 41s

I know.

21m 42s

You can, though. And, again, the the difference is it's like sportswear. If you read about the sports betting companies, when they have flat bets on if one team wins the other, their whole percentage is relatively weak. When they make side bets, it's short. And I think the same is happening here. The the math tends bet more on the prop bets and gives you more advantage. And that's my point is that for twenty, thirty years I've been doing this, people have been guessing what's the right hope rate of three point six two point four. The beauty of this whole thing is we'll know math and math be perfect based on the best they make, and we take the the table drop out of it and the and the false drop and the handle. It comes down to it. It basically becomes a slot machine. You'll know exactly what the number should be.

22m 23s

And I think we are seeing, though, across the industry, is the development of side bets have been very valuable And since we're the biggest spot provider in the world, For this company, it's very valuable and it will impact EBITDA in the future because the more best they can in these side guests, more you grow the whole percent. Bondra used to get a very dense house at two six, two seven. [indiscernible] were predominant. To date, the fact it's growing to three seven, could go to four. Is hugely valuable to put your EBITDA. And, again, it be very clear within the next year the exact mathematical number. You be guessing more and say, gonna be this, though. It's gonna range it, I guess, three to 4%. But, as these as these best proliferate, people choose to make these side bets, I think baccarat becomes more and more valuable to this company because it's our principal source of of revenue.

23m 10s

And we should just caution everyone that with player preference and game mix, these percentages will move around.

23m 17s

Yes.

23m 18s

And with that size. So we just have to be aware that is the best that we can do in terms of providing information. And we're going to continue to be optimistic about the of gains we put on the floor in terms of growth they can provide. We'll see what they do.

23m 30s

But one thing that do have is that differences are happening every day. The job of these games is very valuable for the industry. Very valuable for us, and it's happening and getting better by the day. The more these bets can do, become more important, the more EBITDA will grow. And I think it's going happen both in so you're seeing I think it will happen in Macau as well. Thank you both very much.

23m 52s

Thank you. The next question is coming from Stephen Grambling from Morgan Stanley. Stephen, your line is live.

24m

Hey. Thank you. I think you mentioned that that there's know, an effort to to activate the properties and see revenue and EBITDA ramp from here as the the Lindner project is has generally come to completion. It looks like there's some moving parts across the different properties. So I'm curious if there's any thought process on some of the ones that maybe have lagged in terms of how you will reinvigorate growth there? Whether it's Venetian, or or others? Or is it is it just really a question of as the Londoner is kind of fully up and running, you'll you'll see everything click?

24m 35s

Yeah. Thank you, Steven. I'll take that question. I think overall, yes, the focus will be ramping up the new product at London and France.

24m 42s

As Rob mentioned, we now have the 2,400 rooms and suites in full service.

24m 49s

And you'll see us leveraging the asset, the new product, to drive customer growth.

24m 56s

And obviously, eventually, revenues and EBITDA But the ramp up will will take its course over the next twelve months. We're still at the early stages of it. We just got the full complement of the rooms in mid April.

25m 10s

As for the other properties, our intention is is to maintain and grow each of the existing properties while Londoner is ramped up. So you'll see us focus across the nation, creation, Four Seasons, and Sands across all of the product segments and price points But yes, the driver of our customer growth will be will be the Londoner over over over the next six to twelve months.

25m 37s

And does the initial read in what you're seeing there you know, change the way you think about CapEx and and allocating capital across the different properties? Or is there any kind of renovation that you see in the future at some of the other properties?

25m 54s

I have to tell you. I think Macau is the greatest gaming market in the world. If you look at its size, and you look at the potential and where its source markets are, the long term potential there is absolutely incredible. And so we love our ability to invest there. We love the scale nature of our portfolio. The number of amenities that we have, and the quality of those amenities and now the high quality of our entire property portfolio. Think we're in a great position. We're going to continue to invest to maintain that position, but also for growth. Because we think the opportunity is there long term.

26m 27s

I think we will continue, Stephen, with regular upgrade and renovation of our existing assets.

26m 34s

That's a given given we have 33,000,000 square feet of asset portfolio across Macau. But the major redevelopment and upgrading at the Londoner is largely complete. We'll have a few more amenities to add and restaurants But from here on, you should expect, yes, we will continue to reinvest back into the asset base because we need to upgrade and keep up with the competition.

26m 59s

But it will be regular renovation where we'll be taking modest amount of keys out at any one time. And you'll see that, you know, over over every year, every quarter. Over the next several years. As as we as we upgrade the the existing portfolio.

27m 17s

Helpful. Thank you. I'll jump back in the queue.

27m 22s

Thank you. The next question is coming from Robin Farley from UBS. Robin, your line is live.

27m 28s

Thanks. I just wanted to circle back to the ramp up you for the Londoner. You did mention that it may take twelve months. So wonder if you could talk a little bit about you think that your market share results in Q1 did did the new Londoner rooms contribute to that? Or would you say not really like with that not really indicative of where you think your market share can go? And And I guess, I don't know if you can give a little more color around you know, you know, what would happen over the next twelve months or why it would take twelve months. I know you'll have, of course, very easy comparisons to the disruption in Q2 and Q3 last year. But that maybe is a little bit longer of a ramp up period than than maybe people would have expected?

28m 13s

Thanks.

28m 15s

You know, I have to tell you, this is what we spend a lot of time talking about. And we're very focused on growing our business in Macau. Unfortunately, we had 2,000 keys that we really two 405 that we really wanted to be available took a little while to get them. So during the quarter, we didn't have full access to all the inventory we normally would have to bring to bear. I think when you think about it, 1,700 keys we were out or 1,600 keys were out on average over the quarter, equivalent to not having a property available in your portfolio. And so I think now that it's back and we have the full strength of our portfolio, going to press very hard to continue to grow this business recapture share, recapture EBITDA share and grow revenue, which will expand our margin. But we have some work to do. I think that's very clear to us. We know it. We acknowledge it. Some things we want to focus on in Macau. To improve our outlook and grow our business.

29m 8s

Yes, Robin, I think that the reference to the twelve months is simply that in any new property of this scale, we are going to get better and better over time. That that's really the point of that comment. Terms of the market share, yes. I think our results were impacted by the fact that we lost market share both against the prior year and sequentially. And we are looking with the new assets coming online we are looking to be competing harder for the revenues in a flat market, and we fully intend to to compete with the Londoner, but also you can see some of our results the other properties we're looking to improve performance at Venetian as well as the other existing properties. So I think it's going to be a comprehensive effort.

29m 59s

To reactivate, engage new customer growth as well as to fully leverage the new property in London grant.

30m 9s

Thank you. And maybe just as a follow-up, Macau has talked about kind of wanting to review the non gaming investment and efforts of the concessionaires. Do you have a sense of what they would like to see more of or what may have?

30m 24s

Changed recently or they they would be looking for more of going forward Thanks.

30m 31s

I'll I'll give my view and maybe we'll can also chime in here. In terms of the policy direction. For us, we we are continuing to focus on what we've committed. To the government in terms of non gaming investments. And clearly, we are we've already made a significant investment in upgrading the Venetian Arena at a cost of around $200,000,000 That was completed last year. That's our single biggest project. That was completed for the concession commitment. Of course, in terms of programming, in terms of developing sports and mega events, with with strong international IP, we'll bring the NBA preseason game this October, which will be a multiyear partnership. Wilfred, do you wanna add to to how how things are evolving in terms of the direction on on non gaming investments? Sure. I think the new administration now has had time to look at the overall picture of the non gaming development. And they are as long as we maintain our total commitment, they are looking to us to specialize in areas where we each do best because this, they feel that maybe it's better that rather than six of us or working on similar areas, maybe there are emphasis that each of us can focus on.

32m 1s

So there will be opportunities for us to discuss with the government what how we do best in some of the areas. And the second area is that we because of the GTR reaching certain level, we are also committed to spending an additional 20% of our into the non gaming investment. And the government is really looking into how best to coordinate the use of these proceeds.

32m 39s

Great. Thank you.

32m 42s

Thank you. The next question will be from Shaun Kelley from Bank of America. Shaun, your line is live.

32m 48s

Hi, good afternoon, everyone. Thank you for taking my question. One big picture one and then sort of one micro one if I could. On the big picture side, just Rob or Grant, high level view here on just has the market dynamic in Macau changed at all as it relates to the balance between premium mass and the competition there versus versus base mass? I mean, as I think about it, LVS has always succeeded, I think, really well when the market's been extremely full. But we've seen the visitation recover now.

33m 19s

And sort of both segments are struggling a little bit. And so I'm just kind of curious on the balance and sort of are you pivoting at all to kind of lean into particularly the premium segment if that's the healthier one right now?

33m 32s

So I think your office leases are correct. It's Houston, our scale and and size played to our advantage for years, and it was a huge advantage for us. And that's more difficult to make the right. And it's more competitive in each segment. There's no more longer a free segment or easy business, but the other thing is very competitive But in the end, I think our assets give us think that we built in handicap this this monitor thing is taking so long and so difficult. Now we have all these rooms back open again. We can service the base mask, the premium mask. We've done well with the premium mask. Haven't done as well with the base mask. Nor has the market provided opportunity to base mask. But your observations are spot on. We were the leaders and the margin leaders as well in that basemask segment, which is much more difficult today. And that's been the conundrum of Macau for us. I think now, though, it's a new day. Londoners open. It's extraordinary, both in terms of scale and quality. Think it introduces all kinds of new opportunities for us to maximize that asset and grow again and get back in the game.

34m 31s

We're disappointed by our results. In every segment. We do better. We plan to do better. But I think your observations, unfortunately, make that market as highly competitive with base mass, premium mass, There's no easy segment anymore in Macao. Brent?

34m 46s

Sean, I think to add to the visitation question, although you do see this strong visitation growth and recovery you can see also from slide 20 of Dan's deck, the visitation, especially this quarter, has been driven by the day trippers from Guadalupe province. Because they've introduced a couple of new multiple entry visas to Zhuhai and Hengshin. And the Guangdong non Guangdong visitation is still only a recovery rate of about seventy five percent. So clearly, the overnight visitation, the customers are gonna spend more coming from further away. That's still lagging. But to Rob's point, the the base mass is is the opportunity there has been more challenging for us, and therefore, we are also competing for the revenues in in premium mass given a very competitive context in that segment. But that is the strongest segment. You're absolutely right in that observation. But we will continue to drive both premium mass and base mass, especially with the full inventory online now.

35m 54s

Great. Thanks. And just as my follow-up, this sort of alludes to, I think, comment that Patrick made in the prepared remarks about sort of expecting margin improvement as revenue grows. Just I think as we did our math and this is high level, so could be off a little bit, but Macau OpEx we had up roughly 7% across the properties this quarter. And kind of curious, is that like the right run rate? Or are there things you can do to match cost to revenue against maybe this was somewhat inflated by of Londoner, maybe the reopening of the Arena in the the Venetian, I'm not sure exactly, but felt like it was a little that being up relative to kind of where revenues came in was a bit of a kind of a double issue for you?

36m 42s

Again, observation is right. The main contributor is just the additional payroll costs that we incurred. Both because of salary increases, but also additional headcount as we opened up these new assets. But at the same time, obviously, we had a revenue decline in a non rolling segment. We we we actually did did well in the slot and also rolling. But the most important segment of revenue is the non rolling tables and we came down in that segment. So that's that's where you get that negative operating leverage. So hopefully, we should be seeing the reverse of that over time as we compete with the new assets and the existing properties for the customers and the revenues. And as revenues improve, we should see the positive operating leverage even with the payroll cost increase.

37m 34s

Thank you so much.

37m 37s

Thank you. The next question will be from Brandt Montour from Barclays.

37m 41s

Brandt?

37m 42s

Line is live.

37m 43s

Great. Thanks, everybody. Thanks for taking my question. So curious and I know you guys don't give guidance or a comprehensive forward look at the business. But there has been some commentary from the government, from other sources that there that there's a pretty decent momentum into Golden Week in May. I'm just curious if April and or the Golden Week bookings that you see feel better than normal normal or worse than normal? Or how would you kind of characterize what you're seeing out there?

38m 17s

Yeah. I appreciate the question, but we don't talk about current quarter. So we're gonna move on to your next question.

38m 23s

Okay. Fair enough. Sure. So next question would be next question would be on the Venetian I'm curious I understand we kind of talked about the Elendor a lot here. We kind of can see what's going on a little bit with with the sequential share losses there because you didn't have the rooms and so it's a tough environment for base mass. What about the Venetian? Is there something can you kind of walk us us through maybe the monthly results in that property or how things evolved throughout the quarter? And if that was sort of affected at all by other things in the portfolio and optimization changes that you've made? I think it's straightforward, Brad. I mean, Venetian, we just had too sharp a decline in the non rolling revenues especially in the premium mass segment, and we're we're addressing that. Obviously, the whole percentage against both prior year quarter on quarter was was actually much lower as well. But nonetheless, we're focused on on driving the customer and revenues across all segments of Venetian, premium mass and base mass. It's fair to say it's as well patronized as well populated in terms of headcount as ever.

39m 42s

In fact, we had significant growth in non rolling table headcount during the quarter. Both over the prior year and sequentially. But clearly this spent per head count was lower. And and so we do need to drive to secure high value customers in the premium mass segment to grow the revenues back at the nation.

40m 11s

Great. Thanks, everyone.

40m 14s

Thank you. The next question is coming from Joseph Foe from Susquehanna. Joe, your line is live.

40m 20s

Thank you. Patrick, Rob, Grant? Two questions on NBFs. Please. I guess the first one is there any way to assess I guess, the level of consumer adoption especially for the mass customer for Prop Bets? Naturally, kind of given the higher guidance that you have on on VIP that the adoption rate is is higher, but I was just wondering how you guys think about it.

40m 55s

I think it's very difficult Are you saying how can you handicap people's willingness to bet a certain way? Is it I'm not sure I understand what you're asking.

41m 2s

No. More like the frequency of a mass customer [indiscernible] to bet on props versus that of VIP? Obviously, bet sizes, but just frequency between the two groups.

41m 20s

I don't think you can actually ever say % how people are about a certain way, but I do think the lower end customer tends to be it's like lottery tickets. It tends to have more a lesser customer, I think, on the prop beds. And you're large betters, your more you're rolling in super high end, tend to be more flat betters, but that's not always true. That can reverse as well. And I think the truth is no one can predict this, but what you are seeing in the market is they are adopting or moving towards these prop bets in a way which I never thought we'd see these. Think about a whole percentage moving an entire point. It wasn't that long ago, February was the standard. But now Patrick mentioned three seven. It could be four one. The truth is they are adopting these best every day both in the base mass premium mass, and rolling segments. How much we keep moving at after, I don't know. I can't predict that. I can tell you we've got the ability now We're confident with the new machinery and our smart tables to tell you what it should be exactly, and you'll be able to tell for yourself.

42m 19s

But I think people a propensity of bet is very hard to figure out. Some people are doubting the whole bank bettors or, you know, player bettors, and some love prop bets. I don't I don't think you can can pigeonhole any one segment how they're gonna bet. We have people at the super high who bet props like crazy. It's hard to imagine they make that kind of money and others who are dyed in the wool flat betters. That's always been the case in gambling. You can't reassess someone's gonna bet till they step off the table Although people sometimes do see these best, how we merchandise them will be very important in the future of our business to merchandise these bets in a way we'd get people to bet more in different directions. Flat betting doesn't really help our company's whole percentage with the industry. But I think we're in a new world here in Baccarat, and it's astounding new world. We're lucky to have it because imagine a point point and a half more of EBITDA of hold. What that does to this company's revenues and EBITDA, it's astounding. And we're seeing in Singapore, I think you'll see in Macau as well over time.

43m 14s

But you can't really handicap or assess. You can merchandise it better so people see it and have the ability to at least gravitate towards it.

43m 23s

Understood.

43m 24s

Maybe And you also have more games and you also I should also say, we also have people who spend their time thinking about developing these new games and how you do that, how you find new prop bets to make and make the games more interesting and then merchandise it to the customer. So we're actively trying to do that. It's a very big part of our push towards better hold percentage.

43m 43s

Understood. And maybe a follow-up on just the the renovations in Tower 3. [indiscernible] I guess very briefly, are you still on on time to finish roughly in June? And what just take an inventory of what the big items still that need to be completed.

44m 6s

So Tower 3 is done. But the the key thing is there's some things we're gonna be doing in the lobby and the Skypark. Over the next six to nine months. But as a as a lodging capacity, we're there.

44m 18s

The room is just not public space. Yeah.

44m 20s

The room the rooms are good. It's the space that we're gonna continue to some work on throughout the year. But the rooms are there. And you're gonna start seeing the benefit of those rooms in the upcoming quarters.

44m 29s

Okay. Thanks, guys.

44m 32s

Thank you.

44m 34s

Thank you. The next question will be from George Choi Citigroup. George, your line is live.

44m 41s

Thank you very much for taking my question.

44m 44s

Now, obviously, the introduction of the new CyPass was done in Macau only. In the middle of last year. I just wonder how popular are these new side that's in Macau thus far and how does it compare to Singapore? Is there any chance that you could also raise the fear as cold whole way in account in less than two years time?

45m 6s

Hey, George.

45m 7s

Actually, in terms of introducing new side wages, we had one set of introduction in q two of of last year. And the the the other latest one in October. So progressively, you're seeing strong take up of all of these new ages. Obviously Macau is somewhat behind Singapore as a market. Some of these wages were introduced a lot a lot earlier before Macau. So we're only beginning to see the adoption, but the adoption, I would say, is strong. But at this stage, yes. Since Singapore, we do see a higher propensity to wager these side wages But Macau is growing, over time, who knows? As Rob says, you can't predict the the precise distribution All we know is that the propensity is increasing.

46m 6s

I think we have time, George, and two more become very similar. I believe that long term, be very similar. There's a whole percentage.

46m 15s

Thanks for the color.

46m 20s

You're ahead of us, George. You know this already. Right?

46m 26s

Thanks for that, Kyle.

46m 27s

Those kind words. Another question for me is on dividends. So you all appreciate the recent dividend resumption at China Should we expect the payout ratio to be maintained at around 50% level And I guess more importantly, should we expect an increase in the dividend of of LPS as a result from Sense China dividend resumption.

46m 54s

So first off, in the honor of Sheldon Gialis, I'd like to say yay dividends. Think that's very important here and very applicable. I think the the key thing here is we're very happy that the SCO board determined to be able to start paying a dividend again. Advanced China level. And we hope to be able to grow that dividend over time as our CapEx rolls off there. And as we generate more cash flow through revenue and EBITDA growth. We're very excited about the opportunity to continue return of capital at the SCL level to grow that dividend to the future. I think at the LBS level, what you've seen us do in years past is really be very dividend heavy. And I think what you're seeing now is if you sort of look at our return of capital, is actually laid out on page 33 of our book. You can kind of see that our ratio from share repurchase to dividends has been very weighted towards share repurchases. And if you sort of review our prior commentary in this call, see that we're very focused on returning capital through share repurchases.

47m 47s

Both at the LBS level and through the acquisition of further SEL shares. So while we don't necessarily target a specific dividend payout ratio, we do think where we are is healthy. Sustainable for the long term for long term dividend growth. And as SCL continues to grow its dividend over time as we hope, have the ability to return more capital at the LBS level.

48m 11s

Thank you very much. I'll jump back to the queue.

48m 16s

Thank you. The next question will be from Colin Mansfield from CBRE.

48m 20s

Colin, your line is live.

48m 23s

Hey, everybody. Thanks for taking my question. Maybe the first one can you give a little bit of color around what drove the decision to repay the parent loan from Sands China back to the parent?

48m 36s

Just given, you know, we talked about that in the past, it was a pretty attractive cost of capital relative to where your current spreads are. So just kind of curious what influenced that decision and how should we think about you know, is your ability to dividend cash out of Macau? Is that part of the decision too?

48m 55s

I I think the idea was that decision was made at the SEL board level. But the the general concept was SCL is performing in a strong way and has growth opportunities, leverage level is quite low. And I think for SEL, just negative carry. Was accumulating cash and why not pay down some pre payable debt since they didn't they no longer needed it. As SEL has access to the investment grade credit market there's any reason to create an opportunity for further borrowings. So I think with access to revolving credit facility that it had its current capital structure, its leverage levels and the amount of cash that it was generating, It just made sense for SCL to pay back and get rid of some negative carrot. [indiscernible] Patrick.

49m 43s

Maybe second one for you, maybe. Thinking about capital markets activity coming up with your upcoming refinancings, both at the holdco level and also Sans China. You guys are a seasoned investment grade issuer. You know, how are you guys thinking about the timing, potentially tapping the capital Would you potentially lean on the revolver, since you have capacity and liquidity there too? Just how are you thinking about that?

50m 9s

So I think you'll see us address the $500,000,000 of LVS bonds in 'twenty five. In the near term. I think we have an approach for that that we're very comfortable with. In regards to the SCL bonds, the $1,620,000,000 that comes due, we did actually through the revolver refinancing there, also initiated a term loan that we had the ability to broaden that amount. So if we choose to access the high grade credit markets, have that opportunity. Or we may put it into the term loan, which is also very favorable and offers a lot of flexibility. So we have an approach to both of those maturities in 2025.

50m 48s

Appreciate it.

50m 51s

Thank you. The next question is coming from Steve Wojciechinski from Stifel. Steve, your line is live.

50m 58s

Yeah. Hey, guys. Good afternoon. So bigger picture question that I'm not even sure you're going have an answer or not, but I'm going to ask it anyway. Know, Rob, clearly, there's a a lot of uncertainty around the political environments in both you know, The US and China. And I think, you know, the fear that's out there is, China might, at some point, retaliate against U. S. Companies or something along the line. And that's that's where a lot of investors heads are these days. So I guess the question is, is that something Rob that kind of keeps you awake at night or do you view your relationship with China in in very, very good standing at this point and that risk seems more you know, low. That makes sense.

51m 42s

First, I think we are not in Mainland China. We're in the SAR. I think there is a difference. Number one. I do think Macau is a different orientation vis a vis Beijing. Secondly, to your point, I think we have an incredible relationship with Beijing. And we've worked on it for many, many years. And it it's very important to us. We're a big believer in the relationship between China and The US. We're very disheartened about what's happening right now. Hopefully, we can get back on track. But it doesn't keep me up at night at all. In fact, I think we're in a very good position at Cal. We've been the leader in CapEx. We've been the leader in developing nongating assets. Sheldon has a legacy which stands well. I don't believe this right now, this dislocation in countries is sustainable. There has to be a a deal between the two most powerful countries in the world. I remain steadfast. My belief is come back to a much more normal, rational place. Quickly. They have to. And I'm hoping that happens, you know, sooner than you might anticipate. But, no, it doesn't keep any of us up at night.

52m 38s

We feel very committed to Macao and vice versa. It's been a very special relationship with this company. And it it began twenty plus years ago when Sheldon first went there. And made that pitch for Cotai. And I think the Chinese are the incredible partners. The Governor Macau people in Beijing, we're grateful for their support over the years. We continue to believe we'll be there for many years to come beyond the concession. And no, it doesn't keep me up at all. I would like to see a stronger relationship in The US and China tonight because we all need it. Consumers need it. They need it. We need it. It's good for the world.

53m 11s

And I am very disheartened what I'm seeing, but hopefully, that gets resolved quickly. But, no, we're not concerned at all about our position in Macao nor should we be.

53m 21s

Okay. That's that's great color.

53m 23s

Appreciate that, Rob. And then second question, real quickly. There have been some reports out there that the Singapore government wants to get probably a little bit more aggressive with driving visitation into their country moving forward. And obviously, that should benefit MBS over time. So I guess the question is, have you guys thought about that more in terms of what, obviously, increased visitation could do to you've always kind of given some longer term projections of what MBS could look like from an EBITDA perspective over time. And is this kind of changed your view around that all?

53m 57s

So first off, I think Singapore is an unbelievable market for high value tourists. And Singapore has been very focused on creating opportunities for high value tourism for many years. And investing behind that thesis. In the air force, infrastructure, and other things, that create attractions to help create prominence and desirability to visit visit. Singapore.

54m 17s

So I think for us, it benefits us. But we're also investing with this thesis. So if you look at how we invest, the amenities that we're creating, the way we're positioning ourselves, the way other non gaming operators are positioning their tourism offerings. It's really a special place. I think for us, it's very motivating, and we're very excited to continue to invest there and expand. Our our offerings there. It's a very it's it's a very rare place. Singapore is rarified there. And it's very special who goes to Singapore the consumption habits, If you look at the retail consumption, food and beverage consumption, the gaming play, the lodging consumption, it's it's really unique. And I think it's driven because of the the overall goal of the government of Singapore which is to create the opportunity for high value tourism. And so we're we've been benefiting it from it for the last fifteen years. And the Singapore government has been great in terms of investing. In the assets to drive tourism, and we've been investing behind that.

55m 14s

I have to say, though, as much as saying, but the wonderful place our asset a wonderful asset within that place. And we created our own very special place within the great state of Singapore. I think what we've done there is extraordinary. It attracts those people because there's nothing like it in the region. There's nothing that special.

55m 34s

It's very seductive. The rooms, the product, the is amazing. It's enhanced Singapore and vice versa. So going back to vision of Singapore government is amazing. Our vision is pretty good too to go and build up there.

55m 49s

Okay. Thanks, guys. Really appreciate it. That's great color.

55m 53s

Thank you.

55m 54s

Thank you. The next question will be from Ben Chaikin from Mizuho. Ben, your line is live.

56m 3s

Hey. Good afternoon. Thanks for taking my questions. First, in, NBS, great margin results and strong mass performance.

56m 11s

Would you just remind us, would you say that 1Q twenty twenty five had a difficult comparison year over year from the Blood Bowls a large concert in the prior year as well as the easing of the China visitation policy, which I believe was also in the prior year? Or was this a pretty clean comparison year over year?

56m 26s

Then one follow-up. Thanks.

56m 28s

Well, first off, I think both quarters were awesome. That makes So it's a tough comp. But as as a practical matter, this was a totally normal quarter. So I I I would say that there wasn't anything extraordinary that happened in the quarter. This is this is pretty indicative of the performance of the business without any of anything that's out of the ordinary. Wasn't Telus there? And I I think the key thing here is we really have been able to put the entire asset to work. Is something we haven't been able to do for a while because of all the construction activities. So we're really getting close to being able to see this thing really get to the point where it's it's not experiencing any interruption due to development work. And I think the key thing is this quarter was was was very normal. To your point, last year's quarter did have the Taylor Swift concert, did have a lot of other things going on. That created very strong demand and very strong visitation. This quarter did And so we're very fortunate that we had the results that we did. Credit to the team, they did phenomenal work.

57m 28s

As Rob just referenced, the buildings phenomenal shape. We think it's the best building in the world. And we're very proud of what we've But you can see the results the activities there.

57m 38s

That's very helpful. And, yeah, great great results there. And then switching to Macau, maybe just touching on the sequential market share in Macau again, fully recognizing that you had rooms out of service in 1Q, but also acknowledging that rooms out of service in 4Q as well. I guess, is the interpretation just from some of the previous commentary that it's harder for you to leverage the current type of gameplay or or player in Macau as it stands?

58m 5s

I think, sequentially, our room counts moved up marginally. So we're about eight, 8,900 for for q four. And 91 or 9,200 in q one. I think in terms of the London, the grand ramp up, that was really a very soft ramp for for q one because we didn't have all of the rooms And therefore, it didn't make sense for us to operate as many gaming units in the London, the Grand Casino for the first quarter. But from now on, from April, you'll see obviously us in in full ramp up mode. So I'm not sure if that answers your question, but is there is there something else that you're asking that we we haven't addressed No. That's that's fine. I appreciate it.

58m 50s

Thanks. [indiscernible] Thank you. And the final question today will be coming from David Katz from Jefferies.

59m 2s

Thank you very much.

59m 4s

Appreciate you working, man. I just wanna go back to to some of the earlier commentary and questions because I I heard the word competition and competitive market in Macau quite a bit. Know, having been there not all that long ago and and heard a lot of the on the ground commentary about more of a benign promotional environment. Are you suggesting that we might start to see that change as part of the Londoner ramp up, When you use the word competition, what what do you mean by that?

59m 41s

You mean competition? People are fighting for the various excitement since across board. I'm not sure what you mean benign with me like that, David, because I don't see it as benign. There was a time when face mask was benign, and they fell in the door, and no one gave me anything. That those days are gone. So I think it is highly competitive. Again, our our asset base is the best in in class and scale and size. So I think we will do better but I think it'd be foolish to think that in a non growing market with the top line friends is stymie that not expected would be competitive, and that reflects everyone's business, not just ours. So not saying it's out outsized with the facility. Competition, but it's competition, Grant.

1h 21s

Yeah. I I I have to add to that Rob's comment. I think it's always been very, very competitive. I think we've just got to look at the competitive context use the new assets that we have and the advantages of scale and the product that we have, to really compete harder. To to get more revenue and customer growth. That's all we're saying. I think the market has been very competitive. It hasn't I don't think there's been any significant deterioration in that. But we've also got to reflect and see where our position is within that context. And with all of the new rooms online, we fully intend to compete hard to get more revenue.

1h 1m 2s

Reduced liquidity, obviously, 2019, reduced top line results. So any market where you shrink by 6,000,000,000 to $810,000,000,000 you're gonna see more competition. The existing dollars are there, and you're seeing that in the account. I'm not saying we can compete. I think we will compete compete well. But I think it'd be foolish not to recognize that base mass, premium mass, low in every segment in the cows under pressure in terms of getting your fair share.

1h 1m 29s

Right. And if if I can just follow that up. You know, one of the observations is and and I think some of the early questions were to this end, is that the premium mass arena seems to be, you know, getting quite a bit more crowded. Part of my question was, are you planning to get more promotional And I think that's what the, you know, the word benign is really attached to. You know, whether operators start know, becoming more promotional in how they compete. I'm not sure. I I think in terms of promotional, have to look at it in in different different ways. I mean, firstly, we're gonna aggressively deploy our new assets. Right. I think that's first and foremost. We have the largest scale in terms of the [indiscernible] And we need to drive that as hard as we can to maximize that scale advantage.

1h 2m 29s

Across all product types and across all price points. That that's that's the second piece. In terms of marketing activities, there's always gonna be tax tactical promotions. That that you implement Every operator does I I think we're just gonna be very active in engaging existing and new customers and reactivate old customers with the full inventory that we're going to be have at our disposal. And we're going to drive that very hard. Because we intend to gain customers and gain revenues.

1h 3m 5s

Thanks very much.

1h 3m 10s

This does conclude today's Q and A session, and it does conclude today's conference call. You may disconnect your phone lines at this time. And have a wonderful day. We thank you for your participation.

Key Insights

Macau EBITDA for the quarter was $535 million, with all 2,405 rooms and suites at the Londoner Grand now available; management expects a 12-month ramp-up period for the Londoner to drive revenue and EBITDA growth, aiming to recapture market share and improve margins as the property is fully integrated.
Marina Bay Sands (MBS) in Singapore delivered a record quarter with $605 million of adjusted property EBITDA at a 52% margin, driven by strong mass gaming performance and continued investment in high-value tourism; management updated its expected hold on rolling play at MBS to 3.7%.
The company repurchased $450 million of LVS stock during the quarter and paid a recurring quarterly dividend of $0.25 per share; the Board increased share repurchase authorization to $2 billion, emphasizing share buybacks as the preferred method of returning capital to shareholders.
LVS has decided not to bid for a New York casino license, citing concerns about the impact of potential iGaming legalization on project returns; instead, the company will focus capital allocation on share repurchases and existing portfolio investments.
Management highlighted a highly competitive Macau market, particularly in the base and premium mass segments, and noted that increased adoption of side bets is driving higher hold percentages, which is expected to benefit future EBITDA in both Macau and Singapore; ongoing regular renovations and targeted marketing efforts are planned to maintain and grow market share.

Recent Transcripts

Record Singapore EBITDA, Macau ramping up post-renovation amid competitive pressures.

$535M, Below Potential

Macau and Singapore drive strong EBITDA; Londoner ramp-up and capital returns boost outlook.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$2.9B	$4.2B	$4.1B	$10B	$11B
Cost of Revenue	$1.3B	$1.4B	$1.5B	$5.2B	$5.8B
Gross Profit	$1.6B	$2.8B	$2.6B	$5.2B	$5.5B
Gross Profit %	56%	67%	63%	50%	49%
R&D Expenses	$18M	$109M	$143M	$205M	$228M

2020

2021

2022

2023

2024

Revenue

$2.9B

$4.2B

$4.1B

$10B

$11B

Cost of Revenue

$1.3B

$1.4B

$1.5B

$5.2B

$5.8B

Gross Profit

$1.6B

$2.8B

$2.6B

$5.2B

$5.5B

Gross Profit %

56%

67%

63%

50%

49%

R&D Expenses

$18M

$109M

$143M

$205M

$228M

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	-$1.7B	-$961M	$1.8B	$1.4B	$1.8B
Dep. & Amort.	$1.1B	$1.1B	$1.1B	$1.3B	$1.4B
Def. Tax	$24M	-$45M	-$752M	$44M	$4M
Stock Comp.	$22M	$22M	$39M	$44M	$55M
Chg. in WC	$339M	$43M	-$78M	$390M	$19M

2020

2021

2022

2023

2024

Net Income

-$1.7B

-$961M

$1.8B

$1.4B

$1.8B

Dep. & Amort.

$1.1B

$1.3B

$1.4B

Def. Tax

$24M

-$45M

-$752M

$44M

$4M

Stock Comp.

$22M

$39M

$44M

$55M

Chg. in WC

$339M

$43M

-$78M

$390M

$19M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$2.1B	$1.9B	$6.3B	$5.1B	$3.7B
ST Investments	$0	$0	$2.9B	$0	$0
Cash & ST Inv.	$2.1B	$1.9B	$6.3B	$5.1B	$3.7B
Receivables	$218M	$202M	$267M	$484M	$417M
Inventory	$22M	$22M	$28M	$38M	$41M

2020

2021

2022

2023

2024

Cash

$2.1B

$1.9B

$6.3B

$5.1B

$3.7B

ST Investments

$2.9B

Cash & ST Inv.

$2.1B

$1.9B

$6.3B

$5.1B

$3.7B

Receivables

$218M

$202M

$267M

$484M

$417M

Inventory

$22M

$28M

$38M

$41M

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice.

Market Cap: $29B
IPO Date: 12/15/04
CEO: Mr. Robert Glen Goldstein
Fulltime Employees: 40K
Sector: Consumer Cyclical
Industry: Gambling, Resorts & Casinos
Country: US
Exchange: New York Stock Exchange

Peers

$0.00

Watchlist

$0.00

Earnings

Report Date

Apr 23, 2025

Reported Revenue

2.9B

Miss -0.72%

Avg 1d Change

5.7%

Report Period

Q1 2025

Reported EPS

0.59

Beat +3.87%

Implied Move 1d

5.83%

Transcript

21s

We look forward to talking with you soon. Hold the line and we'll be right back with you.

57s

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1m 19s

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1m 56s

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2m 35s

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3m 14s

We appreciate your time and patience. Please stay on the line. And we'll be back in just a moment.

3m 54s

Thank you.

3m 54s

For holding. We since sincerely appreciate your patience. Please stay on the line and we'll be back in a moment.

4m 31s

Thank you for holding. We look forward to talking with you soon. Please hold the line. And we'll be right back with you.

5m 20s

6m 19s

Thanks for holding. We appreciate your time and patience. Please stay on the line and we'll be back in just a moment.

6m 56s

Thank you for waiting. Your patience is appreciated. Please hold the line and we'll be right back with you.

7m 34s

Thank you for holding. We look forward to talking with you soon. Please hold the line and we'll be right back with you.

8m 14s

We appreciate your time and patience. Please stay on the line. And we'll be back in just a moment.

8m 53s

Thank you for holding.

8m 55s

We send sincerely appreciate your patience. Please stay on the line and we'll be back in a moment.

9m 31s

Thank you for holding. We look forward to talking with you soon. Please hold the line. And we'll be right back with you.

10m 18s

Thank you for holding. We look forward to talking with you soon.

10m 25s

11m 30s

11m 51s

Okay.

11m 51s

13m 2s

13m 42s

Thanks, Rob.

13m 43s

Macau EBITDA was $535,000,000 We had held as expected in our rolling program.

13m 48s

14m 45s

15m 22s

15m 59s

17m 2s

17m 54s

18m 11s

18m 49s

19m 56s

20m 26s

21m 21s

21m 41s

I know.

21m 42s

22m 23s

23m 10s

And we should just caution everyone that with player preference and game mix, these percentages will move around.

23m 17s

Yes.

23m 18s

23m 30s

23m 52s

Thank you. The next question is coming from Stephen Grambling from Morgan Stanley. Stephen, your line is live.

24m

24m 35s

Yeah. Thank you, Steven. I'll take that question. I think overall, yes, the focus will be ramping up the new product at London and France.

24m 42s

As Rob mentioned, we now have the 2,400 rooms and suites in full service.

24m 49s

And you'll see us leveraging the asset, the new product, to drive customer growth.

24m 56s

25m 10s

25m 37s

25m 54s

26m 27s

I think we will continue, Stephen, with regular upgrade and renovation of our existing assets.

26m 34s

26m 59s

27m 17s

Helpful. Thank you. I'll jump back in the queue.

27m 22s

Thank you. The next question is coming from Robin Farley from UBS. Robin, your line is live.

27m 28s

28m 13s

Thanks.

28m 15s

29m 8s

29m 59s

To reactivate, engage new customer growth as well as to fully leverage the new property in London grant.

30m 9s

30m 24s

Changed recently or they they would be looking for more of going forward Thanks.

30m 31s

32m 1s

32m 39s

Great. Thank you.

32m 42s

Thank you. The next question will be from Shaun Kelley from Bank of America. Shaun, your line is live.

32m 48s

33m 19s

33m 32s

34m 31s

34m 46s

35m 54s

36m 42s

37m 34s

Thank you so much.

37m 37s

Thank you. The next question will be from Brandt Montour from Barclays.

37m 41s

Brandt?

37m 42s

Line is live.

37m 43s

38m 17s

Yeah. I appreciate the question, but we don't talk about current quarter. So we're gonna move on to your next question.

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Great. Thanks, everyone.

40m 14s

Thank you. The next question is coming from Joseph Foe from Susquehanna. Joe, your line is live.

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40m 55s

I think it's very difficult Are you saying how can you handicap people's willingness to bet a certain way? Is it I'm not sure I understand what you're asking.

41m 2s

No. More like the frequency of a mass customer [indiscernible] to bet on props versus that of VIP? Obviously, bet sizes, but just frequency between the two groups.

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But you can't really handicap or assess. You can merchandise it better so people see it and have the ability to at least gravitate towards it.

43m 23s

Understood.

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44m 6s

So Tower 3 is done. But the the key thing is there's some things we're gonna be doing in the lobby and the Skypark. Over the next six to nine months. But as a as a lodging capacity, we're there.

44m 18s

The room is just not public space. Yeah.

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44m 29s

Okay. Thanks, guys.

44m 32s

Thank you.

44m 34s

Thank you. The next question will be from George Choi Citigroup. George, your line is live.

44m 41s

Thank you very much for taking my question.

44m 44s

45m 6s

Hey, George.

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46m 6s

I think we have time, George, and two more become very similar. I believe that long term, be very similar. There's a whole percentage.

46m 15s

Thanks for the color.

46m 20s

You're ahead of us, George. You know this already. Right?

46m 26s

Thanks for that, Kyle.

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48m 11s

Thank you very much. I'll jump back to the queue.

48m 16s

Thank you. The next question will be from Colin Mansfield from CBRE.

48m 20s

Colin, your line is live.

48m 23s

Hey, everybody. Thanks for taking my question. Maybe the first one can you give a little bit of color around what drove the decision to repay the parent loan from Sands China back to the parent?

48m 36s

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Appreciate it.

50m 51s

Thank you. The next question is coming from Steve Wojciechinski from Stifel. Steve, your line is live.

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53m 11s

And I am very disheartened what I'm seeing, but hopefully, that gets resolved quickly. But, no, we're not concerned at all about our position in Macao nor should we be.

53m 21s

Okay. That's that's great color.

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55m 49s

Okay. Thanks, guys. Really appreciate it. That's great color.

55m 53s

Thank you.

55m 54s

Thank you. The next question will be from Ben Chaikin from Mizuho. Ben, your line is live.

56m 3s

Hey. Good afternoon. Thanks for taking my questions. First, in, NBS, great margin results and strong mass performance.

56m 11s

56m 26s

Then one follow-up. Thanks.

56m 28s

57m 28s

As Rob just referenced, the buildings phenomenal shape. We think it's the best building in the world. And we're very proud of what we've But you can see the results the activities there.

57m 38s

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58m 50s

Thanks. [indiscernible] Thank you. And the final question today will be coming from David Katz from Jefferies.

59m 2s

Thank you very much.

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Thanks very much.

1h 3m 10s

Key Insights

Macau EBITDA for the quarter was $535 million, with all 2,405 rooms and suites at the Londoner Grand now available; management expects a 12-month ramp-up period for the Londoner to drive revenue and EBITDA growth, aiming to recapture market share and improve margins as the property is fully integrated.
Marina Bay Sands (MBS) in Singapore delivered a record quarter with $605 million of adjusted property EBITDA at a 52% margin, driven by strong mass gaming performance and continued investment in high-value tourism; management updated its expected hold on rolling play at MBS to 3.7%.
The company repurchased $450 million of LVS stock during the quarter and paid a recurring quarterly dividend of $0.25 per share; the Board increased share repurchase authorization to $2 billion, emphasizing share buybacks as the preferred method of returning capital to shareholders.
LVS has decided not to bid for a New York casino license, citing concerns about the impact of potential iGaming legalization on project returns; instead, the company will focus capital allocation on share repurchases and existing portfolio investments.
Management highlighted a highly competitive Macau market, particularly in the base and premium mass segments, and noted that increased adoption of side bets is driving higher hold percentages, which is expected to benefit future EBITDA in both Macau and Singapore; ongoing regular renovations and targeted marketing efforts are planned to maintain and grow market share.

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