Las Vegas Sands’ Q2 Report Underscores Its Strengths

International gaming and hospitality giant Las Vegas Sands has published its financial results for the second quarter of the year, reporting an increase in its revenue and EBITDA. According to the company’s official announcement, high hold on rolling play at its Marina Bay Sands property played a big role in achieving these favorable results.

Q2 Was a Strong Period for Las Vegas Sands

According to Las Vegas Sands’ announcement, its net revenue for the period increased to $3.18 billion from $2.76 billion in the prior year quarter. The company added that its operating income for the period stood at $783 million, up from $591 million in the comparable prior year period. Net income, on the other hand, increased to $519 million from $424 million in Q2 2024.

Las Vegas Sands added that its consolidated adjusted property EBITDA for Q2 2025 reached $1.33 billion, exceeding the $1.07 billion recorded in Q2 2024.

The company also highlighted the performance of its Sands China Limited (SCL) business, saying that its total revenues for the period were $1.79 billion, up 2.5% year-on-year. Net income for the period, however, experienced a slight decline from $246 million in Q2 2024 to $214 million in Q2 2025.

Further metrics show that Las Vegas Sands’ interest expense, net of amounts capitalized, stood at $194 million for Q2. The company’s weighted average debt balance, on the other hand, reached $15.85 billion during the second quarter of 2025. The company’s borrowing cost during Q2 was 4.8%.

As of June 30, 2025, Las Vegas Sands has $3.45 billion in unrestricted cash. It also has access to $4.45 billion for borrowing under its revolving credit facilities. As of June 30, 2025, the company’s outstanding debt, minus finance leases, stood at $15.68 billion.

The company’s effective income tax rate for Q2 was 14.8%, slightly up from 14.5% in Q2 2024.

Additional Financial Highlights

An additional highlight for Q2 was an underwritten public offering that consisted of two series of senior unsecured notes in an aggregate principal amount of $1.5 billion. This included $1 billion of senior notes due June 15, 2028, as well as $500 million in senior notes, due June 14, 2030.

The proceeds from the offerings allowed the company to redeem the entire outstanding amount of its $500 million senior notes due June 25, 2025, and to cover additional fees and expenses.

The rest of the money will be used for a variety of company purposes, such as share buybacks.

Speaking of share buybacks, Q2 saw Las Vegas Sands repurchase $800 million of its common stock. The initiative saw it buy back roughly 20 million shares at an average price of $39.59. The company also purchased $179 million of SCL common stock, increasing Las Vegas Sands’ SCL ownership to 73.4%.

The company added that, in Q2, it drew down the $1.64 billion under its 2024 SCL Term Loan Facility, and the $848 million under the 2025 Singapore Delayed Draw Term Facility. The first transaction allowed the company to redeem more senior notes, while the other will fuel the expansion of its iconic Marina Bay Sands property.  

LVS Remains Committed to Generating Shareholder Value

Robert G. Goldstein, Las Vegas Sands’ chief executive, said that the company remains enthusiastic about further opportunities to deliver growth in key markets, such as Singapore and Macau.

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.

Robert G. Goldstein, CEO, Las Vegas Sands

Speaking of returning to stakeholders, Las Vegas Sands paid a Q2 dividend of $0.25 per share to its shareholders.