For the quarter ended September 30, 2025
— Net Revenue of $3.33 billion and Net Income of $491 million
— Consolidated Adjusted Property EBITDA of $1.34 billion
— Macao Adjusted Property EBITDA of $601 million
— High Hold on Rolling Play in Macao Positively Impacted Adjusted Property EBITDA by $2 million
— Marina Bay Sands Adjusted Property EBITDA of $743 million
— High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $43 million
— LVS Repurchased $500million of Common Stock
— LVS Board of Directors Increased Stock Repurchase Authorization to $2.0billion
— LVS Board of Directors Announced a $0.20 Increase in LVS's Recurring Common Stock Dividend for the 2026 Calendar Year, Raising the Annual Dividend to $1.20 per Share ($0.30 per Share per Quarter)
Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended September 30, 2025.
“We remain enthusiastic about our growth opportunities in both Macao and Singapore as we realize the benefits of our recently completed capital investment programs,” said Robert G. Goldstein, chairman and chief executive officer.
“In Macao, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth.
“In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.
“Our financial strength and industry-leading cash flow continue to support our investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.
“We repurchased $500million of LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders.”
Net revenue was $3.33 billion, compared to $2.68 billion in the prior year quarter. Operating income was $719 million, compared to $504 million in the prior year quarter. Net income in the third quarter of 2025 was $491 million, compared to $353 million in the third quarter of 2024.
Consolidated adjusted property EBITDA was $1.34 billion, compared to $991 million in the prior year quarter.
Sands China Ltd. Consolidated Financial Results On a GAAP basis, total net revenues for SCL increased 7.5% to $1.90 billion, compared to the third quarter of 2024. Net income for SCL was $272 million, compared to $268 million in the third quarter of 2024.
Other Factors Affecting Earnings Interest expense, net of amounts capitalized, was $187 million for the third quarter of 2025, compared to $179 million in the prior year quarter. Our weighted average debt balance was $15.94 billion during the third quarter of 2025, compared to $13.87 billion during the third quarter of 2024. Our weighted average borrowing cost was 4.5% during the third quarter of 2025, compared to 5.1% during the third quarter of 2024.
Our effective income tax rate for the third quarter of 2025 was 15.6%, compared to 12.4% in the prior year quarter. The income tax rate for the third quarter of 2025 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns During the third quarter of 2025, we repurchased $500 million of our common stock (approximately 9 million shares at a weighted average price of $54.39). The remaining amount authorized under our share repurchase program was $700 million as of September 30, 2025. Subsequently, on October 21, 2025, the company's Board of Directors authorized increasing the remaining share repurchase amount to $2.0 billion and extending the expiration date of this authorization to November 3, 2027. Since the resumption of our share repurchase program in the fourth quarter of 2023 through September 30, 2025, we have repurchased approximately 88 million shares of our common stock at an average price of $45.42, for a total investment of $4.0 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
During the third quarter of 2025 and through October 10, 2025, we purchased $337 million of SCL common stock (approximately 131 million shares at an average price of HKD 20.18), increasing the company's ownership percentage of SCL to 74.76% as of October 10, 2025.
We paid a quarterly dividend of $0.25 per common share during the quarter. Our next quarterly dividend of $0.25 per common share will be paid on November12, 2025, to Las Vegas Sands stockholders of record on November4, 2025.
Balance Sheet Items Unrestricted cash balances as of September 30, 2025 were $3.35 billion.
The company has access to $4.46 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. In addition, we have $4.89 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project. As of September 30, 2025, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.63 billion.
Capital Expenditures Capital expenditures during the third quarter totaled $229 million, including construction, development and maintenance activities of $121 million at Marina Bay Sands and $99 million in Macao.
Conference Call Information The company will host a conference call to discuss the company's results on Wednesday, October22, 2025, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS) Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Forward-Looking Statements This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “look forward to,” “plans,” “positions,” “remains,” “seeks,” “will” and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.
Las Vegas Sands Corp. Third Quarter 2025 Results Non-GAAP Financial Measures
Within the company's third quarter 2025 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including “adjusted net income (loss),” “adjusted earnings (loss) per diluted share” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Exhibit 1Las Vegas Sands Corp. and SubsidiariesCondensed Consolidated Statements of Operations(In millions, except per share data)(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Revenues:Casino $ 2,506 $ 1,936 $ 7,048 $ 6,199Rooms 374 314 1,043 957Food and beverage 165 152 453 450Mall 199 189 572 537Convention, retail and other 87 91 252 259Net revenues 3,331 2,682 9,368 8,402Operating expenses:Resort operations 1,998 1,701 5,567 5,150Corporate 78 68 220 215Pre-opening 7 4 20 10Development 72 55 210 169Depreciation and amortization 368 324 1,101 960Amortization of leasehold interests in land 21 15 56 45Loss on disposal or impairment of assets 68 11 83 41 2,612 2,178 7,257 6,590Operating income 719 504 2,111 1,812Other income (expense):Interest income 39 67 123 218Interest expense, net of amounts capitalized (187) (179) (555) (547)Other income (expense) 11 11 (12) 16Loss on modification or early retirement of debt – – (5) -Income before income taxes 582 403 1,662 1,499Income tax expense (91) (50) (244) (139)Net income 491 353 1,418 1,360Net income attributable to noncontrolling interests (72) (78) (186) (238)Net income attributable to Las Vegas Sands Corp. $ 419 $ 275 $ 1,232 $ 1,122Earnings per share:Basic $ 0.61 $ 0.38 $ 1.77 $ 1.52Diluted $ 0.61 $ 0.38 $ 1.77 $ 1.51Weighted average shares outstanding:Basic 682 730 696 740Diluted 685 731 698 742
Exhibit 2Las Vegas Sands Corp. and SubsidiariesNet Revenues and Adjusted Property EBITDA(In millions)(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Net RevenuesThe Venetian Macao $ 692 $ 692 $ 1,993 $ 2,149The Londoner Macao 686 460 1,857 1,466The Parisian Macao 218 250 639 745The Plaza Macao and Four Seasons Macao 206 257 608 649Sands Macao 72 81 218 236Ferry Operations and Other 32 31 97 91Macao Operations 1,906 1,771 5,412 5,336Marina Bay Sands 1,436 919 3,987 3,093Intercompany Royalties 80 60 208 186Intersegment Eliminations(1) (91) (68) (239) (213) $ 3,331 $ 2,682 $ 9,368 $ 8,402Adjusted Property EBITDAThe Venetian Macao $ 242 $ 267 $ 703 $ 843The Londoner Macao 219 124 577 399The Parisian Macao 53 74 163 228The Plaza Macao and Four Seasons Macao 74 102 214 238Sands Macao 8 14 27 36Ferry Operations and Other 5 4 18 12Macao Operations 601 585 1,702 1,756Marina Bay Sands 743 406 2,116 1,515 $ 1,344 $ 991 $ 3,818 $ 3,271Adjusted Property EBITDA as a Percentage of Net RevenuesThe Venetian Macao 35.0% 38.6% 35.3% 39.2%The Londoner Macao 31.9% 27.0% 31.1% 27.2%The Parisian Macao 24.3% 29.6% 25.5% 30.6%The Plaza Macao and Four Seasons Macao 35.9% 39.7% 35.2% 36.7%Sands Macao 11.1% 17.3% 12.4% 15.3%Ferry Operations and Other 15.6% 12.9% 18.6% 13.2%Macao Operations 31.5% 33.0% 31.4% 32.9%Marina Bay Sands 51.7% 44.2% 53.1% 49.0%Total 40.3% 37.0% 40.8% 38.9%
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(1) Intersegment eliminations include royalties and other intercompany services.
Exhibit 3Las Vegas Sands Corp. and SubsidiariesNon-GAAP Financial Measure Reconciliation(In millions)(Unaudited)The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA: Three Months Ended Nine Months Ended September 30 September 30 2025 2024 2025 2024Net income $ 491 $ 353 $ 1,418 $ 1,360Add (deduct):Income tax expense 91 50 244 139Loss on modification or early retirement of debt – – 5 -Other (income) expense (11) (11) 12 (16)Interest expense, net of amounts capitalized 187 179 555 547Interest income (39) (67) (123) (218)Loss on disposal or impairment of assets 68 11 83 41Amortization of leasehold interests in land 21 15 56 45Depreciation and amortization 368 324 1,101 960Development expense 72 55 210 169Pre-opening expense 7 4 20 10Stock-based compensation(1) 11 10 17 19Corporate expense 78 68 220 215Consolidated Adjusted Property EBITDA $ 1,344 $ 991 $ 3,818 $ 3,271
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(1) During the three months ended September 30, 2025 and 2024, the company recorded stock-based compensation expense of $26million and $24million, respectively, of which $15million and $14million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2025 and 2024, the company recorded stock-based compensation expense of $52 million and $58 million, respectively, of which $35 million and $39 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Exhibit 4Las Vegas Sands Corp. and SubsidiariesNon-GAAP Financial Measure Reconciliation(In millions, except per share data)(Unaudited)The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Net income attributable to LVS $ 419 $ 275 $ 1,232 $ 1,122Pre-opening expense 7 4 20 10Development expense 72 55 210 169Loss on disposal or impairment of assets 68 11 83 41Other (income) expense (11) (11) 12 (16)Loss on modification or early retirement of debt – – 5 -Income tax impact on net income adjustments(1) (21) (11) (49) (35)Noncontrolling interest impact on net income adjustments 2 – (9) (5)Adjusted net income attributable to LVS $ 536 $ 323 $ 1,504 $ 1,286The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Per diluted share of common stock:Net income attributable to LVS $ 0.61 $ 0.38 $ 1.77 $ 1.51Pre-opening expense 0.01 0.01 0.03 0.01Development expense 0.11 0.08 0.30 0.23Loss on disposal or impairment of assets 0.10 0.02 0.12 0.06Other (income) expense (0.02) (0.02) 0.02 (0.02)Loss on modification or early retirement of debt – – 0.01 -Income tax impact on net income adjustments (0.03) (0.03) (0.08) (0.05)Noncontrolling interest impact on net income adjustments – – (0.02) (0.01)Adjusted earnings per diluted share $ 0.78 $ 0.44 $ 2.15 $ 1.73Weighted average diluted shares outstanding 685 731 698 742
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(1) The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.
Exhibit 5Las Vegas Sands Corp. and SubsidiariesSupplemental Data(In millions)(Unaudited)The following reflects the impact on Net Revenues for hold-adjusted win percentage: Three Months Ended September 30, 2025 2024Macao Operations $ (4) $ 4Marina Bay Sands(1) (57) 114 $ (61) $ 118The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage: Three Months Ended September 30, 2025 2024Macao Operations $ (2) $ 2Marina Bay Sands(1) (43) 88 $ (45) $ 90
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Note: These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's current period Rolling Chip win percentage equaled 3.3% for the Macao operations and 4.2% and 3.5% for the three months ended September 30, 2025 and 2024, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.(1) During the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables. Presentation of the prior year period has been revised to be consistent with that methodology.
Exhibit 6Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Casino Statistics:The Venetian Macao:Table games win per unit per day(1) $ 9,931 $ 8,863 $ 9,492 $ 9,638Slot machine win per unit per day(2) $ 336 $ 370 $ 336 $ 387Average number of table games 657 733 661 715Average number of slot machines 1,660 1,661 1,664 1,589The Londoner Macao:Table games win per unit per day(1) $ 13,115 $ 12,550 $ 11,843 $ 11,364Slot machine win per unit per day(2) $ 579 $ 523 $ 531 $ 500Average number of table games 511 342 510 405Average number of slot machines 1,563 1,074 1,562 1,256The Parisian Macao:Table games win per unit per day(1) $ 7,553 $ 5,738 $ 7,552 $ 6,556Slot machine win per unit per day(2) $ 285 $ 370 $ 281 $ 397Average number of table games 243 369 239 330Average number of slot machines 1,403 1,216 1,369 1,010The Plaza Macao and Four Seasons Macao:Table games win per unit per day(1) $ 20,891 $ 27,424 $ 20,605 $ 23,616Slot machine win per unit per day(2) $ 76 $ 173 $ 91 $ 160Average number of table games 105 103 105 101Average number of slot machines 53 49 52 28Sands Macao:Table games win per unit per day(1) $ 5,516 $ 7,413 $ 5,684 $ 7,412Slot machine win per unit per day(2) $ 234 $ 239 $ 242 $ 275Average number of table games 121 102 116 100Average number of slot machines 810 741 790 650Marina Bay Sands:Table games win per unit per day(1) $ 21,380 $ 12,090 $ 19,754 $ 14,725Slot machine win per unit per day(2) $ 1,027 $ 866 $ 1,003 $ 889Average number of table games 541 493 541 499Average number of slot machines 2,961 2,955 2,973 2,942
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(1) Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.(2) Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
Exhibit 7Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited) Three Months EndedThe Venetian Macao September 30,(Dollars in millions) 2025 2024 ChangeRevenues:Casino $ 543 $ 554 $ (11)Rooms 52 54 (2)Food and beverage 16 15 1Mall 64 59 5Convention, retail and other 17 10 7Net revenues $ 692 $ 692 $ -Adjusted Property EBITDA $ 242 $ 267 $ (25)EBITDA Margin % 35.0% 38.6% (3.6) ptsGaming Statistics(Dollars in millions)Rolling Chip volume $ 635 $ 1,126 $ (491)Rolling Chip win %(1) 5.87% 3.64% 2.23 ptsNon-Rolling Chip drop $ 2,390 $ 2,252 $ 138Non-Rolling Chip win % 23.6% 24.7% (1.1) ptsSlot handle $ 1,430 $ 1,441 $ (11)Slot hold % 3.6% 3.9% (0.3) ptsHotel StatisticsOccupancy % 98.0% 98.8% (0.8) ptsAverage daily room rate (ADR) $ 200 $ 204 $ (4)Revenue per available room (RevPAR) $ 196 $ 202 $ (6)
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(1) This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocatingcasino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited) Three Months EndedThe Londoner Macao September 30,(Dollars in millions) 2025 2024 ChangeRevenues:Casino $ 525 $ 338 $ 187Rooms 102 68 34Food and beverage 31 21 10Mall 23 20 3Convention, retail and other 5 13 (8)Net revenues $ 686 $ 460 $ 226Adjusted Property EBITDA $ 219 $ 124 $ 95EBITDA Margin % 31.9% 27.0% 4.9 ptsGaming Statistics(Dollars in millions)Rolling Chip volume $ 2,312 $ 1,548 $ 764Rolling Chip win %(1) 3.65% 2.89% 0.76 ptsNon-Rolling Chip drop $ 2,268 $ 1,598 $ 670Non-Rolling Chip win % 23.4% 21.9% 1.5 ptsSlot handle $ 2,141 $ 1,290 $ 851Slot hold % 3.9% 4.0% (0.1) ptsHotel StatisticsOccupancy % 96.4% 97.7% (1.3) ptsAverage daily room rate (ADR) $ 262 $ 230 $ 32Revenue per available room (RevPAR) $ 253 $ 225 $ 28
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(1) This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocatingcasino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited) Three Months EndedThe Parisian Macao September 30,(Dollars in millions) 2025 2024 ChangeRevenues:Casino $ 163 $ 189 $ (26)Rooms 34 36 (2)Food and beverage 14 17 (3)Mall 5 6 (1)Convention, retail and other 2 2 -Net revenues $ 218 $ 250 $ (32)Adjusted Property EBITDA $ 53 $ 74 $ (21)EBITDA Margin % 24.3% 29.6% (5.3) ptsGaming Statistics(Dollars in millions)Rolling Chip volume(1) $ – $ 169 $ (169)Rolling Chip win %(2) -% (7.14)% 7.14 ptsNon-Rolling Chip drop $ 785 $ 1,054 $ (269)Non-Rolling Chip win % 21.5% 19.6% 1.9 ptsSlot handle $ 1,007 $ 997 $ 10Slot hold % 3.6% 4.2% (0.6) ptsHotel StatisticsOccupancy % 97.0% 98.5% (1.5) ptsAverage daily room rate (ADR) $ 151 $ 153 $ (2)Revenue per available room (RevPAR) $ 147 $ 151 $ (4)
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(1) Rolling Chip tables were made available based on demand beginning in March 2024.(2) This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocatingcasino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited) Three Months EndedThe Plaza Macao and Four Seasons Macao September 30,(Dollars in millions) 2025 2024 ChangeRevenues:Casino $ 132 $ 182 $ (50)Rooms 28 27 1Food and beverage 7 7 -Mall 38 40 (2)Convention, retail and other 1 1 -Net revenues $ 206 $ 257 $ (51)Adjusted Property EBITDA $ 74 $ 102 $ (28)EBITDA Margin % 35.9% 39.7% (3.8) ptsGaming Statistics(Dollars in millions)Rolling Chip volume $ 1,402 $ 2,616 $ (1,214)Rolling Chip win %(1) 1.84% 3.92% (2.08) ptsNon-Rolling Chip drop $ 683 $ 684 $ (1)Non-Rolling Chip win % 25.7% 22.9% 2.8 ptsSlot handle $ 15 $ 26 $ (11)Slot hold % 2.5% 3.0% (0.5) ptsHotel StatisticsOccupancy % 92.6% 93.2% (0.6) ptsAverage daily room rate (ADR) $ 493 $ 474 $ 19Revenue per available room (RevPAR) $ 456 $ 442 $ 14
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(1) This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocatingcasino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited) Three Months EndedSands Macao September 30,(Dollars in millions) 2025 2024 ChangeRevenues:Casino $ 66 $ 73 $ (7)Rooms 4 4 -Food and beverage 2 3 (1)Mall – 1 (1)Net revenues $ 72 $ 81 $ (9)Adjusted Property EBITDA $ 8 $ 14 $ (6)EBITDA Margin % 11.1% 17.3% (6.2) ptsGaming Statistics(Dollars in millions)Rolling Chip volume $ 18 $ 26 $ (8)Rolling Chip win %(1) 3.08% 4.39% (1.31) ptsNon-Rolling Chip drop $ 371 $ 407 $ (36)Non-Rolling Chip win % 16.4% 16.8% (0.4) ptsSlot handle $ 626 $ 560 $ 66Slot hold % 2.8% 2.9% (0.1) ptsHotel StatisticsOccupancy % 98.4% 99.4% (1.0) ptsAverage daily room rate (ADR) $ 166 $ 172 $ (6)Revenue per available room (RevPAR) $ 164 $ 171 $ (7)
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(1) This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocatingcasino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited) Three Months EndedMarina Bay Sands September 30,(Dollars in millions) 2025 2024 ChangeRevenues:Casino $ 1,077 $ 600 $ 477Rooms 154 125 29Food and beverage 95 89 6Mall 69 63 6Convention, retail and other 41 42 (1)Net revenues $ 1,436 $ 919 $ 517Adjusted Property EBITDA $ 743 $ 406 $ 337EBITDA Margin % 51.7% 44.2% 7.5 ptsGaming Statistics(Dollars in millions)Rolling Chip volume $ 9,069 $ 6,558 $ 2,511Rolling Chip win %(1) 4.84% 1.75% 3.09 ptsNon-Rolling Chip drop $ 2,552 $ 2,126 $ 426Non-Rolling Chip win % 24.5% 20.4% 4.1 ptsSlot handle $ 6,406 $ 5,855 $ 551Slot hold % 4.4% 4.0% 0.4 ptsHotel StatisticsOccupancy % 95.5% 94.7% 0.8 ptsAverage daily room rate (ADR) $ 982 $ 903 $ 79Revenue per available room (RevPAR) $ 937 $ 855 $ 82
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(1) This compares to our theoretical Rolling Chip win percentage of 4.2% and 3.5% for the three months ended September 30, 2025 and 2024, respectively (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). During the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.
Las Vegas Sands Corp. and SubsidiariesSupplemental Data – Asian Retail Mall Operations(Unaudited) For the Three Months Ended September 30, 2025 TTM September 30, 2025(Dollars in millions except per square foot data) Gross Operating Operating Gross Occupancy % Tenant Sales Revenue(1) Profit Profit Leasable at End Per Sq. Ft.(2) Margin Area (sq. ft.) of PeriodShoppes at Venetian $ 64 $ 56 87.5% 829,395 87.8% $ 1,798Shoppes at Four SeasonsLuxury Retail 29 26 89.7% 163,929 100.0% 5,372Other Stores 9 9 100.0% 84,375 83.0% 1,996 38 35 92.1% 248,304 94.2% 4,366Shoppes at Londoner 23 19 82.6% 518,267 78.1% 1,454Shoppes at Parisian 5 3 60.0% 257,918 70.4% 455Total Cotai Strip in Macao 130 113 86.9% 1,853,884 83.5% 1,988The Shoppes at Marina Bay Sands 69 61 88.4% 620,530 95.9% 2,893Total $ 199 $ 174 87.4% 2,474,414 86.6% $ 2,255
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Note: This table excludes the results of our retail outlets at Sands Macao.(1) Gross revenue figures are net of intersegment revenue eliminations.(2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
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SOURCE Las Vegas Sands Corp.
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