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Las Vegas Sands (LVS) Up 5.4% Since Last Earnings Report: Can It Continue?

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It has been about a month since the last earnings report for Las Vegas Sands (LVS - Free Report) . Shares have added about 5.4% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Las Vegas Sands due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Las Vegas Sands' Q2 Earnings & Revenues Beat Estimates

Las Vegas Sands reported second-quarter 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The metrics increased on a year-over-year basis.

For the second quarter, the company reported solid progress on its strategic goals. Las Vegas Sands continued to focus on driving growth in both Macao and Singapore through ongoing capital investments.

In Macao, market conditions remained soft. However, the company’s long-term investments to improve tourism infrastructure are expected to support growth in the region. 

Singapore operations continued to perform well. Strong results at Marina Bay Sands were supported by new suite offerings and improved services, which are expected to benefit from rising travel activity across Asia.

Las Vegas Sands maintained a strong financial position. Steady cash flows supported capital expenditure plans in both markets, along with ongoing efforts to explore new growth opportunities and return capital to shareholders.

Las Vegas Sands’ Q2 Earnings & Revenues

Las Vegas Sands reported adjusted earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 55 cents by 43.6%. In the year-ago quarter, it reported an EPS of 55 cents.

Interest expense (net of amounts capitalized) totaled $194 million compared with $186 million reported in the year-ago quarter.

Quarterly net revenues of $3.18 billion beat the consensus mark of $2.83 billion. The top line increased 15% year over year.

Asian Operations

Las Vegas Sands’ Asia business includes the following resorts (all figures are compared with the year-ago quarter’s reported levels):

The Venetian Macao

Net revenues from The Venetian Macao were $663 million, down from $686 million in the year-ago quarter. This downside was due to a decrease in casino, along with food and beverage revenues. 

Quarterly revenues from the casino and mall were $524 million and $62 million, respectively, compared with the year-ago quarter’s reported figures of $556 million and $55 million. Convention, retail and other revenues were $12 million, up from $9 million reported a year ago. Food and beverage revenues were $15 million, down from $16 million reported in the prior-year quarter. Rooms revenues of $50 million were flat year over year. 

Adjusted property EBITDA totaled $236 million, down from $262 million reported in the second quarter of 2024. 

Non-rolling chip drop and rolling chip volumes were $2.35 billion and $859 million, respectively, compared with the year-ago quarter’s reported figures of $2.33 billion and $795 million.

The segment’s hotel revenue per available room (RevPAR) was $192 million compared with $191 million reported in the year-ago period. Occupancy rates were 98.6%, up from the prior year’s reported value of 96.4%.

The Londoner Macao

Net revenues from The Londoner Macao amounted to $642 million, up from $444 million reported in the prior-year period. This upside was driven by increased casino, rooms, food and beverage, and mall revenues.

Revenues from casino, rooms, and food and beverage totaled $495 million, $95 million and $27 million, respectively, compared with the year-ago quarter’s reported figure of $318 million, $77 million and $22 million. Mall revenues increased to $21 million from $17 million in the year-ago quarter. Quarterly revenues from convention, retail and other totaled $4 million, down from $10 million reported in the prior-year quarter.

Adjusted property EBITDA totaled $205 million, up from $103 million reported in the year-ago quarter.

Non-rolling chip drop totaled $2.2 billion, up from $1.65 billion reported a year ago. Meanwhile, rolling chip volume declined to $2.09 billion from the year-ago quarter’s reported figures of $2.36 billion.

The segment’s hotel RevPAR was $242 million compared with $184 million in the year-ago quarter. Occupancy rates were 93.3%, down from 94.4% reported in the second quarter of 2024.

The Parisian Macao

Net revenues from The Parisian Macao were $194 million, down from $265 million reported a year ago.

Revenues from casino, food and beverage, and mall were $143 million, $11 million and $5 million, respectively, compared with the year-ago quarter’s reported figures of $207 million, $17 million and $7 million. Quarterly revenues from convention, retail and other totaled $1 million, down from $2 million reported in the prior-year quarter. Revenues from rooms were $34 million compared with the year-ago quarter’s reported figure of $32 million.

Adjusted property EBITDA totaled $44 million compared with $83 million reported a year ago. 

Non-rolling chip drop totaled $663 million, down from $1.09 billion reported a year ago.

The segment’s hotel RevPAR increased to $146 million from the prior year’s reported figure of $141 million. Occupancy rates were 99.2% compared with the prior year’s reported value of 95.7%.

The Plaza Macao and Four Seasons Macao

Net revenues from The Plaza Macao and Four Seasons Macao were $194 million, down from $250 million reported a year ago. This decline can be attributed to a decrease in casino revenues. 

Casino, food and beverage, and mall revenues were $122 million, $7 million and $37 million, respectively, compared with the year-ago quarter’s figures of $178 million, $8 million and $38 million. Revenues from rooms were $28 million compared with $25 million reported in the prior-year quarter.

Adjusted property EBITDA totaled $66 million, down from $100 million reported in the year-ago quarter.

Non-rolling chip drop and rolling chip volume were $655 million and $1.4 billion, respectively, compared with $748 million and $2.45 billion reported in the year-ago quarter.

The segment’s hotel RevPAR increased to $462 million from $432 million reported in the second quarter of 2024. Occupancy rates were 92.1% compared with the prior year’s reported value of 88.2%.

Sands Macao

Net revenues from Sands Macao were $71 million compared with the year-ago period’s value of $79 million. 

Casino revenues totaled $63 million compared with $70 million reported in the year-ago quarter.

Adjusted property EBITDA totaled $9 million, down from $10 million in the prior-year period. 

Non-rolling chip drop and rolling chip volume were $389 million and $23 million, respectively, compared with the year-ago quarter’s reported values of $401 million and $24 million.

The segment’s hotel RevPAR was $175 million compared with $170 million in the year-ago quarter. Occupancy rates were 99.4%, up from 99% reported in the year-ago quarter.

Marina Bay Sands, Singapore

Net revenues from Marina Bay Sands totaled $1.39 billion, up from $1.02 billion reported in the year-ago quarter. The increase was backed by a rise in casino, rooms, food and beverage, and mall revenues.

Revenues from the casino, rooms and mall totaled $1.07 billion, $134 million and $62 million, respectively, compared with the year-ago quarter’s reported values of $706 million, $124 million and $58 million. Food and beverage generated revenues of $84 million, up from $82 million reported in the prior-year quarter. Quarterly revenues from convention, retail and other totaled $40 million, down from $46 million reported in the prior-year quarter. 

Adjusted property EBITDA totaled $768 million, up from $512 million reported in the year-ago quarter. 

Non-rolling chip drop and rolling chip volume were $2.36 billion and $8.95 billion, respectively, compared with the year-ago quarter’s reported values of $2.04 billion and $6.08 billion.

The segment’s hotel RevPAR was $844 million, up from $759 million in the second quarter of 2024. Occupancy rates were 95%, down from 95.3% reported in the year-ago quarter.

Operating Results of Las Vegas Sands

On a consolidated basis, adjusted property EBITDA totaled $1.33 billion in the second quarter, up from $1.07 billion reported in the year-ago quarter.

Las Vegas Sands’ Financials

As of June 30, 2025, Las Vegas Sands had unrestricted cash balances of $3.45 billion compared with $3.04 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $15.68 billion, sequentially up from $13.71 billion reported in the previous quarter.

In the reported quarter, capital expenditures totaled $286 million, comprising construction, development and maintenance activities of $138 million in Macao and $129 million at Marina Bay Sands.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in fresh estimates.

VGM Scores

Currently, Las Vegas Sands has a nice Growth Score of B, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Las Vegas Sands has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.


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