Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q2 2025 Earnings Presentation
70 slides from Las Vegas Sands's earnings presentation, Jul 23, 2025
Slide 1: 2Q25 Earnings Presentation
2Q25 Earnings Presentation July 23, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation 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
Slide 3: The Investment Case for Las Vegas Sands
The Investment Case for Las Vegas Sands Global leader in Integrated Resort development and operation delivering industry-leading returns Largest scale operator in the most important markets with industry-leading revenues and margins Investing in promising growth opportunities Experienced lea
Slide 4: Strategic Priorities and Market Updates
Strategic Priorities and Market Updates Strategic Priorities: Capital investment programs to increase suite capacity in both Macao and Singapore now completed − Increased suite capacity in both markets to attract more high-value business Returning excess capital to shareholders through share rep
Slide 5: Second Quarter 2025 Financial Highlights
Second Quarter 2025 Financial Highlights Quarter Ended June 30, 2025 vs June 30, 2024 ($ in US millions, except per share information) LVS Consolidated Second Quarter Financial Results 2Q24 2Q25 Change Net Revenue $2,761 $3,175 $414 Net Income 424 519 95 Net Income Attributable to LVS 353 461 108 Di
Slide 6: Second Quarter 2025 Adjusted Property EBITDA
Second Quarter 2025 Adjusted Property EBITDA ($ in US millions) Adjusted Property EBITDA 2Q24 2Q25 Change % Change Macao Operations $561 $566 $5 0.9% Adjusted Property EBITDA Margin 32.0% 31.5% -50 bps Marina Bay Sands $512 $768 $256 50.0% Adjusted Property EBITDA Margin 50.4% 55.3% 490 bps LVS Tota
Slide 7: Illustrative Impact of Hold in Our Rolling Play
Illustrative Impact of Hold in Our Rolling Play1 Macao – Select Quarterly Results ($ in US millions) Macao Operations 2Q24 3Q24 4Q24 1Q25 2Q25 Net Revenue $1,754 $1,771 $1,771 $1,709 $1,797 Expected hold impact1 6 4 38 17 (11) Had we held as expected in our rolling play, Net Revenue would have been
Slide 8: Illustrative Impact of Hold in Our Rolling Play
Illustrative Impact of Hold in Our Rolling Play1,2 Marina Bay Sands – Select Quarterly Results ($ in US millions) Marina Bay Sands 2Q24 3Q24 4Q24 1Q25 2Q25 Net Revenue $1,016 $919 $1,137 $1,163 $1,388 Expected hold impact1,2 (59) 126 29 - (137) Had we held as expected in our rolling play, Net Revenu
Slide 9: Operating Update: Macao Property Portfolio
Operating Update: Macao Property Portfolio Quarter Ended June 30, 2025 Macao market overview: Macao portfolio quarterly financial results: The Macao market generated gaming revenue of ~$7.6 billion for Adjusted Property EBITDA was $566 million 2Q25, up 8% from 2Q24 − Assuming expected hold in ou
Slide 10: Operating Update: Marina Bay Sands in Singapore
Operating Update: Marina Bay Sands in Singapore Quarter Ended June 30, 2025 Marina Bay Sands property update: Marina Bay Sands quarterly financial results: Suite renovation and refurbishment program is now completed Adjusted Property EBITDA of $768 million The resort now features 1,844 keys, i
Slide 11: LVS Adjusted Property EBITDA
LVS Adjusted Property EBITDA Select Quarterly Results LVS Adjusted Property EBITDA ($ in US millions) Assuming Expected Hold in our Rolling Play1,2 $1,500 -$114 $1,334 +$44 +$10 +$100 $1,200 -$42 $1,140 $1,108 $1,073 $991 $900 $600 $300 $0 2Q24 3Q24 4Q24 1Q25 2Q25 1. These amounts present the illust
Slide 12: Sands China
Sands China HESares
Slide 13: Sands China Ltd.
Sands China Ltd. Positioned for Future Growth Capital investment programs to increase suite capacity at the Londoner Adjusted Property EBITDA Macao are now completed ($ in US millions) Assuming Expected Hold All 2,405 Londoner Grand rooms and suites are now open $1,200 in Our Rolling Play1 Financi
Slide 14: Macao Financial Performance
Macao Financial Performance Quarter Ended June 30, 2025 vs June 30, 2024 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 2Q24 2Q25 $ % 2Q24 2Q25 $ % 2Q24 2Q25 bps The Venetian Macao $686 $663 ($23) -3.4% $262 $236 ($26) -9.9% 38.2% 35.6% (260) The
Slide 15: Sands China Mass Market Table Update
Sands China Mass Market Table Update Base Mass and Premium Mass Table Win SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter ($ in US millions) ($ in US millions) $800 Avg. Win per Table per Day: $7,626 $800 Avg. Win per Table per Day: $14,558 $703 $702 $690 $695 $671 $675 $673
Slide 16: Sands China Mass Market Table and Slots Update
Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win SCL Mass Table1 Win by Quarter SCL Slots2 Win by Quarter ($ in US millions) ($ in US millions) Avg. Win per Table per Day: $9,941 Avg. Win per Unit per Day: $370 $1,600 $200 $1,400 $183 $1,365 $1,366 $1,376 $1,338 $166
Slide 17: Macao Concessionaire Adjusted Property EBITDA Share
Macao Concessionaire Adjusted Property EBITDA Share SCL Has Consistently Generated the Leading Share of Macao Market EBITDA 100% 30.1% 29.1% 31.1% 29.9% 27.4% 35.0% 32.9% 33.5% 34.1% 35.3% 33.7% 35.0% 33.5% 80% 5.5% 5.8% 6.3% 3.5% 7.1% 6.7% 5.7% 5.6% 5.4% 6.4% 0.4% 4.1% 4.6% 60% 15.7% 8.1% 8.9% 8.5%
Slide 18: Macao Market: Mass Gaming
Macao Market: Mass Gaming Mass GGR Tables & Slots Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1,2 ($ US in millions) $7,000 $1,400 $6,510 $6,500 $6,292 $6,171 $6,139 $6,141 $6,051 $1,200 $5,936 $6,000 $5,523 $5,608 $5,440 $5,500 $5,356 $5,350 $1,000 $5,000 $4,730 $4,500 $78
Slide 19: Macao Visitation Overview
Macao Visitation Overview April and May 2025 vs April and May 20191 (millions) 1 April and May Macao Visitation 2019 2025 Variance % of 2019 China, excluding Guangdong Province 2.84 1.84 (1.00) 65% Guangdong Province 1.93 2.73 0.80 141% Hong Kong 1.28 1.28 0.00 100% All Other Visitation 0.78 0.62 (0
Slide 20: Visitation from China to Macao
Visitation from China to Macao1 Exclusive of Guangdong Province, Visitation2 Was 65% of 2019 Level April and May 2025 Visitation - % April and May 2019 Visitation from China to Macao1 April and May Visitation Population GDP Per Penetration Province 2019 2025 % of 2019 (MM) Capita (US$) Rate Zhejiang
Slide 21: Marina Bay Sands
Marina Bay Sands HESares
Slide 22: Marina Bay Sands
Marina Bay Sands Suite Renovation Program Now Completed – Record Financial Performance MBS Phase II suite renovation and refurbishment program is now Adjusted Property EBITDA completed: ($ in US millions) Assuming Expected Hold $1,000 in Our Rolling Play1,2 MBS now features 775 suites and 1,069 ro
Slide 23: Marina Bay Sands: Mass Gaming Revenue
Marina Bay Sands Mass Gaming Revenue (Tables & Slots) MBS Mass Gaming Revenue (Tables & Slots) ($ US in millions) ~97% growth vs 2Q19, ~40% growth vs 2Q24 $900 $843 $850 $800 $778 $746 $750 $700 $687 $668 $650 $604 $600 $580 $569 $584 $549 $550 $500 $477 $449 $450 $428 $441 $428 $430 $427 $437 $424
Slide 24: Retail Mall Operations
Retail Mall Operations HESares
Slide 25: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $780 $768 $766 $779 TTM 2Q25 $800 $754 Sales per Sq. Foot1 $700 $261 $256 $265 $269 MBS $262 $2,837 $600 $500 $30 $23 Parisian Macao $29 $27 $25 $471 $69 $72 $86 $77 $82 Londoner Macao $400 $1,510 $188 $178 $
Slide 26: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 2Q25 Sales per Sq. Ft. 1 GLA Occupancy % at (Sq. Ft.) Period End TTM 2Q25 TTM 1Q25 TTM 4Q24 TTM 3Q24 TTM 2Q24 The Shoppes at Marina Bay Sands 620,513 98.8% $2,837 $2,845 $2,878 $2,919 $2,945 Shoppes at Venetian
Slide 27: Retail Mall Revenue
Retail Mall Revenue Quarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 2Q25 ($ in US millions) Base Rent, CAM, Other1 Turnover Rent2 SCL Mall Revenue $180 $160 $156 $148 $150 $132 $136 $129 47 $125 $125 $124 38 $123 49 $124 $119 $115 $115 $115 $116 22 $120 $113 7 15 29 15 12 14 8 14 $10
Slide 28: Balance Sheet, Liquidity and Return of Capital to Shareholders
B a l a n c e S h e e t , L i q u i d i t y a n d Re t u r n o f C a p i ta l to S h a re h o l d e rs
Slide 29: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity As of June 30, 2025: Trailing Twelve Months Ended June 30, 2025: Cash Balance1 – $3.45 billion Adjusted Property EBITDA – $4.57 billion Liquidity2 – $7.90 billion Cash Flow from Operations4 – $2.38 billion Debt – $15.68 billion Net Debt – $12.23 billion
Slide 30: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year ($ in US millions) $3,500 $3,008 $3,000 49 59 $2,678 $2,574 $2,500 1,000 $2,008 $2,000 $1,908 49 49 59 1,405 59 $1,558 $1,550 49 1,974 $1,500 59 1,000 1,250 73 750 $1,000 1,900 500 1,550 $500 $500 2 800 700 700 650 600 $53 24 500 29 $0 1 2025 2026 2027 202
Slide 31: LVS Return of Capital
LVS Return of Capital 2012 - 2020 Total Capital Returned to LVS Shareholders 2012 - 2020 ($ in US millions) Total 2012 - 2020 3 2012 2013 2014 2015 2016 2017 2018 2019 2020 $ % LVS Share Repurcha s es - $570 $1,665 $205 - $375 $905 $754 - $4,474 20.0% 1,2 LVS Di vi dends Pai d 824 1,153 1,610 2,074
Slide 32: LVS Return of Capital (cont’d)
LVS Return of Capital (cont’d) Return of Capital 2023 – 2025 Predominantly Share Repurchases Total Capital Returned to LVS Shareholders 3Q23 – 2Q25 (Share amounts and $US in millions) Total 3Q24 - 2Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $ % 1 LVS Share Repurchases - $505 $450 $400 $450 $450 $45
Slide 33: Investment and Capital Expenditures
I nve st m e nt a n d C a p i ta l E x p e n d i t u re s
Slide 34: Capital Expenditures Expectations
Capital Expenditures Expectations Investments to enhance our industry-leading portfolio of Integrated Resorts in Macao and Singapore Investment in high quality assets drives revenue growth Scale and quality of assets create competitive advantage ($ US in millions) LVS Capex Expectations $2,500 $
Slide 35: Sands China: Recent Capital Investment
Sands China: Recent Capital Investment Investments in Increased Capacity and Elevated Customer Experience Grand Suites at Four Seasons Macao The Londoner Grand 35
Slide 36: The Londoner Macao is Now Completed
The Londoner Macao is Now Completed Phase II ─ Creation of the Londoner Grand featuring 1,500 suites and 905 rooms ─ Renovation of the Pacifica casino ─ Creation of new dining, retail and entertainment offerings ─ Introduction of new health and wellness experiences Phase I ─ Londoner Court (luxu
Slide 37: Long-Term Commitment to Macao
Long-Term Commitment to Macao Capital Investment Commitment in Macao Through 2032 In conjunction with the award of our concession to operate in Macao through 2032, Sands committed to spend at least $4.5 billion of investment in Macao through 2032, 93% of which will be for non-gaming projects Investm
Slide 38: Marina Bay Sands: Suite Renovation and Refurbishment Program Now Completed
Marina Bay Sands: Suite Renovation and Refurbishment Program Now Completed Elevation of hotel towers, premium gaming areas, public spaces, lifestyle experiences Renovation and Refurbishment Program to elevate and enhance room and suite product and conduct refurbishments to increase Singapore’s bus
Slide 39: Marina Bay Sands Recent Capital Investment
Marina Bay Sands Recent Capital Investment Suite Renovation and Refurbishment Program Now Completed 39
Slide 40: Marina Bay Sands Recent Capital Investment (cont’d)
Marina Bay Sands Recent Capital Investment (cont’d) Introduction of New Suites and Amenities 40
Slide 41: Marina Bay Sands Expansion Project Development Update
M a r i n a B ay S a n d s E x p a n s i o n P ro j e c t D e ve l o p m e nt U p d ate
Slide 42: Marina Bay Sands Expansion Project
Marina Bay Sands Expansion Project New Offerings and Amenities to Enhance Tourism Appeal of Singapore Iconic Design: A new property designed by Moshe Safdie, the architect of the original Marina Bay Sands, that will redefine the Singapore skyline The Skyloop: Multi-story signature rooftop experi
Slide 43: MBS Expansion Project Development Cost Estimate Summary
MBS Expansion Project Development Cost Estimate Summary ($ in US billions) Original Land Premium (paid 2019) $1.0 Note: Land Premium Additional Land Premium1 1.0 for 47-Year Leasehold Total Land Premiums $2.0 25% Design and Development paid through 2Q25 0.3 Additional Development Costs: Hard Constru
Slide 44: Estimated Development Timeline
Estimated Development Timeline Marina Bay Sands Expansion Project Estimated Date Key Milestone October 2024 Submission of development application to the Urban Redevelopment Authority - completed May 2025 Piling and foundation work commencement May 2025 - 20301 Estimated 55 to 60 month construc
Slide 45: Development Capital Expenditure Expectations
Marina Bay Sands Expansion Project Development Capital Expenditure Expectations1,2,3 ($ US in millions) MBS Expansion Project Capital Expenditure Expectations $2,000 $1,850 $1,500 $1,200 $1,150 $1,050 $1,000 $1,000 $850 $500 $500 $450 $400 $150 $350 $100 $200 $200 $0 2024 and Prior 4 2025E 5 2026E 5
Slide 46: Marina Bay Sands
Marina Bay Sands Contributing to Singapore’s Economic Growth and Enhancing Singapore’s Tourism Appeal Marina Bay Sands Original Integrated Resort Contributed meaningfully to economic growth and to Singapore’s appeal as an exciting global city Delivered iconic architecture to Singapore’s CBD area
Slide 47: Disciplined Execution of Our Global Growth Strategy
Disciplined Execution of Our Global Growth Strategy Focused on the Most Promising Global Development Opportunities Uniquely positioned to bring our unmatched track record and powerful convention-based business model to the world’s most promising Integrated Resort development opportunities Balanc
Slide 48: Environmental, Social and Governance (ESG)
E nv i ro n m e nta l , S o c i a l a n d G o ve r n a n c e ( ES G )
Slide 49: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Industry Leading ESG Platform LVS is committed to providing leadership in ESG through collaboration with Team Members, guests, SMEs and community organizations where we operate Minimizing our environmental impact, practicing good governance, operating w
Slide 50: Sustainability Awards and Certifications
Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability Highlights: In 2024, Sands was named to the Dow Jones Sustainability Indices (DJSI) on DJSI World for the fifth consecutive year and DJSI North America for the seventh consecutive
Slide 51: Sustainability Awards and Certifications (cont’d)
Sustainability Awards and Certifications (cont’d) Recognized by Independent Third Parties as a Global Leader in Sustainability Las Vegas Sands Singapore Macao Dow Jones Sustainability Index, North LEED Platinum for Building Operations and Dow Jones Sustainability Index, Asia Pacific America Maintena
Slide 52: Appendices
Appendices HESares
Slide 53: Market Leading Hotel Capacity
Market Leading Hotel Capacity SCL is the Leader in Macao Hotel Room and Suite Inventory Macao Market 4/5 Star Hotel Rooms at June 30, 20251,2 – Gaming Operators Cotai ~ 25,000 Rooms by Gaming Operators Total Macao ~ 29,000 Rooms by Gaming Operators MGM 10,540 Rooms and MGM 10,829 Rooms and China Sui
Slide 54: Sands China
Sands China Market Leading Investment in Macao Investment Expansion and Reinvestment ~$17 billion 289 suites in the Grand Suites at Four Seasons Macao opened October 2020 (~1 million SF of suite product) ~30 million SF of interconnected facilities on Cotai 368 suites in Londoner Court opened
Slide 55: Market-Leading Cotai Strip Property Portfolio
Sands China Market-Leading Cotai Strip Property Portfolio New Luxury Suites Suite Conversion and Renovation The Venetian St. Regis Hotel Macao 400 Suites 2,905 Rooms and Suites Londoner Court 368 Suites C (Opened September 2021) O Grand Suites at Four Seasons T Conrad Macao 289 Suites (Opened A 659
Slide 56: Market Leading Hotel Capacity at SCL
Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at June 30, 2025 Cotai Total Market % of % of % of Total Concessionaire Rooms Concessionaires Rooms Concessionaires Market 16,000 Sands China 1 10,540 42% 10,829 38% 27% Galaxy Entertainment2 5,159 20% 5,659 20% 14% 14,000 Melco
Slide 57: Macao Airport Monthly Passenger Volume
Sands China Macao Airport Monthly Passenger Volume in 2Q25 was ~74% of 1Q19 Volume Macao Airport Passenger Volume (000’s) 2019 2023 - 2025 % of 2019 Passenger Volume in 3,500 2Q25 ~74% of 2Q19 100% 3,000 81% 80% 80% 77% 79% 74% 80% 2,518 2,337 2,384 2,372 67% 2,500 64% 2,013 60% 2,000 1,799 1,931 1,
Slide 58: Supplemental Data
Supplemental Data HESares
Slide 59: Macao Market: Mass Gaming Revenue
Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ in US millions) Mass Win (Tables and Slots)1 Q1 Q2 Q3 Q4 Total 2019 $5,440 $5,356 $5,523 $5,608 $21,927 Growth ('19 v '18) 9.8% 10.6% 13.5% 6.8% 10.1% 2 2022 $1,779 $890 $621 $1,157 $4,447 Growth ('22 v '21) -14.2% -62.0% -64.6% -
Slide 60: Macao Market: VIP Gaming Revenue
Macao Market: VIP Gaming Revenue Macao Market VIP Gaming Revenue ($ in US millions) VIP Win1 Q1 Q2 Q3 Q4 Total 2019 $3,892 $3,640 $3,173 $3,301 $14,006 Growth ('19 v '18) -12.1% -13.5% -26.0% -25.2% -19.2% 2022 2 $372 $140 $76 $129 $717 Growth ('22 v '21) -54.5% -82.0% -86.1% -61.5% -71.1% 2 2023 $5
Slide 61: Sands China VIP Table Metrics
Sands China VIP Table Metrics SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) Avg. Win per Table per $6 $200 Day: $15,727 $5.6 $5.5 $175 $5.5 $179 $177 $5 $163 $150 $156 $4.5 $4.4 $4 $125 $100 $110 $3 $75 $2 $50 $1 $25 $0 $0 2Q
Slide 62: Reconciliation of Non-GAAP Financial Measures and Other Financial Information
Re c o n c i l i at i o n o f N o n - G A A P F i n a n c i a l M e a s u re s a n d O t h e r F i n a n c i a l I n fo r m at i o n
Slide 63: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net Income to Consolidated Adjusted Property EBITDA ($ in US millions) 2Q24 3Q24 4Q24 1Q25 2Q25 Net income $424 $353 $392 $408 $519 Add (deduct): Income tax expense 72 50 69 63 90 Loss on modification or early retirement of debt - - - 5 - Other (income) expense (11) (11) 6 1
Slide 64: Non-GAAP Measures
Non-GAAP Measures Adjusted Net Income ($ in US millions) Three Months Ended June 30, 2025 2024 Net income attributable to LVS $461 $353 Pre-opening expense 9 3 Development expense 69 61 Loss on disposal or impairment of assets 8 16 Other (income) expense 22 (11) Income tax impact on net income adjus
Slide 65: Non-GAAP Measures
Non-GAAP Measures Adjusted Earnings per Diluted Share ($ in per share amounts) Three Months Ended June 30, 2025 2024 Per diluted share of common stock: Net income attributable to LVS $0.66 $0.48 Pre-opening expense 0.01 - Development expense 0.10 0.08 Loss on disposal or impairment of assets 0.01 0.
Slide 66: Non-GAAP Reconciliation
Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule ($ in US millions) 2Q24 3Q24 4Q24 1Q25 2Q25 TTM 2Q25 Cash Flows From Operations $814 $761 $915 $526 $178 $2,380 Adjust for: Recovery of (provision for) doubtful accounts (4) 5 (9) (5) (16) (25) Foreign exchange gains (losses) 11 11
Slide 67: Supplemental Information
Supplemental Information 2Q25 and 2Q24 ($ in US millions) Three Months Ended June 30, 2025 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Land of A
Slide 68: Supplemental Information
Supplemental Information YTD 2Q25 and YTD 2Q24 ($ in US millions) Six Months Ended June 30, 2025 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Lan
Slide 69: Impact of Hold-Adjustment
Impact of Hold-Adjustment ($ in US millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Macao Operations1 Net Revenues $551 $374 $258 $444 $1,279 $1,628 $1,789 $1,863 $1,811 $1,754 $1,771 $1,771 $1,709 $1,797 2 Impact of hold-adjustment (12) (22) (10) (10) (22) (19) (25) 6
Slide 70: n< Sands
n< Sands We S