Las Vegas Sands Corp. Q4 FY2025 earnings call

Marina Bay Sands Success

• Delivered EBITDA of $806 million, the greatest quarter in casino hotel history, with $2.9 billion EBITDA expected for the year.
• Mass gaming and spot win exceeded $951 million this quarter, showing strong growth.

Macao Performance

• Disappointed with Macao EBITDA of $608 million, but mass market revenue share exceeded 25% in the quarter.
• Focus on premium segments, aiming to make assets work harder to achieve $700 million per quarter EBITDA.

Capital Return

• Repurchased $500 million of LVS stock and paid a $0.25 per share dividend.
• Purchased $66 million of SCL stock, increasing ownership to 74.8% as of Dec 31, 2025.

Investments

• Continuing to invest in Singapore, including renovations and adjusting amenity sets.
• In Macao, leveraging the Londoner Grand ramp-up and rolling out additional wager options in baccarat.

Marina Bay Sands delivered EBITDA of $806 million for the quarter with a margin of 50.3%. Macao had EBITDA of $608 million; Venetian margin was 32.3% and Londoner was 28.8%. Mass gaming and spot win in Marina Bay Sands exceeded $951 million this quarter, up 118% from Q4 2019 and 27% from Q4 last year. Macao's mass market revenue exceeded 25% of share in the quarter, up 23.6% in Q1 2025.

Marina Bay Sands

• Expecting strong performance with EBITDA of $2.9 billion for the year.

Macao

• Aim to achieve $700 million per quarter EBITDA, with expectations of growth in EBITDA as revenue grows.

Capital Allocation

• Continued share repurchases and dividend payments, with focus on existing properties and potential new opportunities.

• Macao Competitive Landscape: Intense promotional environment, particularly in the premium segments, impacting margins. Shift in segment mix towards rolling business and super high-end premium mass affecting margins.
• Economic and Market Uncertainties: Impact of market dynamics and competitive changes on performance, especially in the base mass segment which has not recovered as expected.

Q: What's driving the strong performance in Singapore?

A: Extraordinary property, great offerings, and a strong customer base with lots of money to gamble.

Q: Why did Macao EBITDA margin drop?

A: Sequential decline due to segment mix change (more rolling business), higher OpEx (event costs, payroll), and lower non-rolling hold percentage.

Q: Any early signs of Chinese New Year demand in Macao?

A: Macao market growth is encouraging, with premium-focused patrons, but not specific current quarter details provided.

Q: Impact of World Cup on traffic?

A: No significant impact expected, as business scale is large and not critical.

Q: CapEx in Singapore?

A: Not all CapEx completed, with ongoing work in rooms, gaming floor, restaurants, amenities, etc.

Q: Base mass spend per head in Macao?

A: Spend per head in base mass segments has been stagnant post-COVID, despite strong property visitation.