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Why Is Las Vegas Sands (LVS) Up 11.6% Since Last Earnings Report?
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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 11.6% 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? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Las Vegas Sands Corp. before we dive into how investors and analysts have reacted as of late.
Las Vegas Sands Q3 Earnings & Revenues Beat Estimates
Las Vegas Sands reported third-quarter 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The metrics increased on a year-over-year basis.
For the third quarter, Las Vegas Sands delivered strong financial and operational results, underscored by continued momentum at Marina Bay Sands in Singapore. The property showcased exceptional performance, supported by new luxury suite offerings and elevated service experiences that align with the steady growth in travel and tourism spending across Asia.
In Macao, the company reaffirmed its long-term commitment to enhancing the region’s appeal as a premier destination for both business and leisure travelers. With decades of sustained investment, Las Vegas Sands remains confident that its development initiatives will strengthen Macao’s position as a global tourism hub and drive incremental growth in the periods ahead.
Las Vegas Sands’ Q3 Earnings & Revenues
Las Vegas Sands reported adjusted earnings per share (EPS) of 78 cents, beating the Zacks Consensus Estimate of 62 cents by 25.8%. In the year-ago quarter, it had reported an EPS of 44 cents.
Interest expense (net of amounts capitalized) totaled $187 million compared with $179 million reported in the year-ago quarter.
Quarterly net revenues of $3.33 billion topped the consensus mark of $3.01 billion. The top line increased 24.2% 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
In the third quarter, net revenues from The Venetian Macao came in at $692 million, flat year over year.
Quarterly revenues from the casino, rooms and mall were $543 million, $52 million and $64 million, respectively, compared with the year-ago quarter’s reported figures of $554 million, $54 million and $59 million. Convention, retail and other revenues were $17 million, up from $10 million reported a year ago. Food and beverage revenues were $16 million compared with $15 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $242 million, down from $267 million reported in the third quarter of 2024.
Non-rolling chip drop and rolling chip volumes were $2.39 billion and $0.6 billion, respectively, compared with the year-ago quarter’s reported figures of $2.25 billion and $1.13 billion.
The segment’s hotel revenue per available room (RevPAR) was $196 million compared with $202 million reported in the year-ago period. Occupancy rates were 98%, down from the prior year’s reported value of 98.8%.
The Londoner Macao
Net revenues from The Londoner Macao amounted to $686 million, up from $460 million reported in the prior-year period. Increased casino, rooms and food and beverage revenues caused the upside.
Revenues from casino, rooms and food and beverage totaled $525 million, $102 million and $31 million, respectively, compared with the year-ago quarter’s reported figures of $338 million, $68 million and $21 million. Mall revenues increased to $23 million from $20 million in the year-ago quarter. Quarterly revenues from convention, retail and other totaled $5 million, down from $13 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $219 million, up from $124 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $2.27 billion and $2.31 billion, respectively, up from the year-ago quarter’s reported figures of $1.6 billion and $1.55 billion.
The segment’s hotel RevPAR was $253 million compared with $225 million in the year-ago quarter. Occupancy rates were 96.4%, down from 97.7% reported in the third quarter of 2024.
The Parisian Macao
Net revenues from The Parisian Macao were $218 million, down from $250 million reported a year ago.
Revenues from the casino, rooms, food and beverage, and mall were $163 million, $34 million, $14 million and $5 million, respectively, compared with the year-ago quarter’s reported figures of $189 million, $36 million, $17 million and $6 million. Quarterly revenues from convention, retail and other totaled $2 million, flat year over year.
Adjusted property EBITDA totaled $53 million, compared with $74 million reported a year ago.
Non-rolling chip drop totaled $785 million, down from $1.05 billion reported a year ago.
The segment’s hotel RevPAR came in at $147 million, down from the prior year’s reported figure of $151 million. Occupancy rates were 97% compared with the prior year’s reported value of 98.5%.
The Plaza Macao and Four Seasons Macao
Net revenues from The Plaza Macao and Four Seasons Macao were $206 million, down from $257 million reported a year ago. The downside can be attributed to a fall in casino and mall revenues.
Casino, rooms and mall revenues were $132 million, $28 million and $38 million, respectively, compared with the year-ago quarter’s figures of $182 million, $27 million and $40 million. Revenues from food and beverage came in at $7 million flat year over year.
Adjusted property EBITDA totaled $74 million, down from $102 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $683 million and $1.4 billion, respectively, compared with $684 million and $2.6 billion reported in the year-ago quarter.
The segment’s hotel RevPAR increased to $456 million from $442 million reported in the third quarter of 2024. Occupancy rates were 92.6% compared with the prior year’s reported value of 93.2%.
Sands Macao
Net revenues from Sands Macao came in at $72 million compared with the year-ago period’s value of $81 million.
Casino revenues totaled $66 million compared with $73 million reported in the year-ago quarter.
Adjusted property EBITDA totaled $8 million, down from $14 million in the prior-year period.
Non-rolling chip drop and rolling chip volume were $371 million and $18 million, respectively, compared with the year-ago quarter’s reported values of $407 million and $26 million.
The segment’s hotel RevPAR was $164 million compared with $171 million in the year-ago quarter. Occupancy rates were 98.4%, down from 99.4% reported in the year-ago quarter.
Marina Bay Sands, Singapore
Net revenues from Marina Bay Sands totaled $1.44 billion, up from $0.9 billion reported in the year-ago quarter.
Revenues from the casino, rooms and mall totaled $1.08 billion, $154 million and $69 million, respectively, compared with the year-ago quarter’s reported values of $600 million, $125 million and $63 million. Quarterly revenues from convention, retail and other totaled $41 million, compared with $42 million reported in the prior-year quarter. Food and beverage generated revenues of $95 million, compared with $89 million reported in the prior year quarter.
Adjusted property EBITDA totaled $743 million, up from $406 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $2.55 billion and $9.07 billion, respectively, compared with the year-ago quarter’s reported values of $2.13 billion and $6.56 billion.
The segment’s hotel RevPAR was $937 million, up from $855 million in the third quarter of 2024. Occupancy rates were 95.5%, up from 94.7% reported in the year-ago quarter.
Operating Results of Las Vegas Sands
On a consolidated basis, adjusted property EBITDA totaled $1.34 billion in the third quarter, up from $991 million reported in the year-ago quarter.
Las Vegas Sands’ Financials
As of Sept. 30, 2025, Las Vegas Sands had unrestricted cash balances of $3.35 billion compared with $3.45 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $15.63 billion, compared with $15.68 billion reported in the previous quarter.
In the reported quarter, capital expenditures totaled $229 million, comprising construction, development and maintenance activities of $99 million in Macao and $121 million at Marina Bay Sands.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in fresh estimates.
The consensus estimate has shifted 14.01% due to these changes.
VGM Scores
Currently, Las Vegas Sands has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, 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 C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Las Vegas Sands has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
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Why Is Las Vegas Sands (LVS) Up 11.6% Since Last Earnings Report?
It has been about a month since the last earnings report for Las Vegas Sands (LVS - Free Report) . Shares have added about 11.6% 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? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Las Vegas Sands Corp. before we dive into how investors and analysts have reacted as of late.
Las Vegas Sands Q3 Earnings & Revenues Beat Estimates
Las Vegas Sands reported third-quarter 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The metrics increased on a year-over-year basis.
For the third quarter, Las Vegas Sands delivered strong financial and operational results, underscored by continued momentum at Marina Bay Sands in Singapore. The property showcased exceptional performance, supported by new luxury suite offerings and elevated service experiences that align with the steady growth in travel and tourism spending across Asia.
In Macao, the company reaffirmed its long-term commitment to enhancing the region’s appeal as a premier destination for both business and leisure travelers. With decades of sustained investment, Las Vegas Sands remains confident that its development initiatives will strengthen Macao’s position as a global tourism hub and drive incremental growth in the periods ahead.
Las Vegas Sands’ Q3 Earnings & Revenues
Las Vegas Sands reported adjusted earnings per share (EPS) of 78 cents, beating the Zacks Consensus Estimate of 62 cents by 25.8%. In the year-ago quarter, it had reported an EPS of 44 cents.
Interest expense (net of amounts capitalized) totaled $187 million compared with $179 million reported in the year-ago quarter.
Quarterly net revenues of $3.33 billion topped the consensus mark of $3.01 billion. The top line increased 24.2% 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
In the third quarter, net revenues from The Venetian Macao came in at $692 million, flat year over year.
Quarterly revenues from the casino, rooms and mall were $543 million, $52 million and $64 million, respectively, compared with the year-ago quarter’s reported figures of $554 million, $54 million and $59 million. Convention, retail and other revenues were $17 million, up from $10 million reported a year ago. Food and beverage revenues were $16 million compared with $15 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $242 million, down from $267 million reported in the third quarter of 2024.
Non-rolling chip drop and rolling chip volumes were $2.39 billion and $0.6 billion, respectively, compared with the year-ago quarter’s reported figures of $2.25 billion and $1.13 billion.
The segment’s hotel revenue per available room (RevPAR) was $196 million compared with $202 million reported in the year-ago period. Occupancy rates were 98%, down from the prior year’s reported value of 98.8%.
The Londoner Macao
Net revenues from The Londoner Macao amounted to $686 million, up from $460 million reported in the prior-year period. Increased casino, rooms and food and beverage revenues caused the upside.
Revenues from casino, rooms and food and beverage totaled $525 million, $102 million and $31 million, respectively, compared with the year-ago quarter’s reported figures of $338 million, $68 million and $21 million. Mall revenues increased to $23 million from $20 million in the year-ago quarter. Quarterly revenues from convention, retail and other totaled $5 million, down from $13 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $219 million, up from $124 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $2.27 billion and $2.31 billion, respectively, up from the year-ago quarter’s reported figures of $1.6 billion and $1.55 billion.
The segment’s hotel RevPAR was $253 million compared with $225 million in the year-ago quarter. Occupancy rates were 96.4%, down from 97.7% reported in the third quarter of 2024.
The Parisian Macao
Net revenues from The Parisian Macao were $218 million, down from $250 million reported a year ago.
Revenues from the casino, rooms, food and beverage, and mall were $163 million, $34 million, $14 million and $5 million, respectively, compared with the year-ago quarter’s reported figures of $189 million, $36 million, $17 million and $6 million. Quarterly revenues from convention, retail and other totaled $2 million, flat year over year.
Adjusted property EBITDA totaled $53 million, compared with $74 million reported a year ago.
Non-rolling chip drop totaled $785 million, down from $1.05 billion reported a year ago.
The segment’s hotel RevPAR came in at $147 million, down from the prior year’s reported figure of $151 million. Occupancy rates were 97% compared with the prior year’s reported value of 98.5%.
The Plaza Macao and Four Seasons Macao
Net revenues from The Plaza Macao and Four Seasons Macao were $206 million, down from $257 million reported a year ago. The downside can be attributed to a fall in casino and mall revenues.
Casino, rooms and mall revenues were $132 million, $28 million and $38 million, respectively, compared with the year-ago quarter’s figures of $182 million, $27 million and $40 million. Revenues from food and beverage came in at $7 million flat year over year.
Adjusted property EBITDA totaled $74 million, down from $102 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $683 million and $1.4 billion, respectively, compared with $684 million and $2.6 billion reported in the year-ago quarter.
The segment’s hotel RevPAR increased to $456 million from $442 million reported in the third quarter of 2024. Occupancy rates were 92.6% compared with the prior year’s reported value of 93.2%.
Sands Macao
Net revenues from Sands Macao came in at $72 million compared with the year-ago period’s value of $81 million.
Casino revenues totaled $66 million compared with $73 million reported in the year-ago quarter.
Adjusted property EBITDA totaled $8 million, down from $14 million in the prior-year period.
Non-rolling chip drop and rolling chip volume were $371 million and $18 million, respectively, compared with the year-ago quarter’s reported values of $407 million and $26 million.
The segment’s hotel RevPAR was $164 million compared with $171 million in the year-ago quarter. Occupancy rates were 98.4%, down from 99.4% reported in the year-ago quarter.
Marina Bay Sands, Singapore
Net revenues from Marina Bay Sands totaled $1.44 billion, up from $0.9 billion reported in the year-ago quarter.
Revenues from the casino, rooms and mall totaled $1.08 billion, $154 million and $69 million, respectively, compared with the year-ago quarter’s reported values of $600 million, $125 million and $63 million. Quarterly revenues from convention, retail and other totaled $41 million, compared with $42 million reported in the prior-year quarter. Food and beverage generated revenues of $95 million, compared with $89 million reported in the prior year quarter.
Adjusted property EBITDA totaled $743 million, up from $406 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $2.55 billion and $9.07 billion, respectively, compared with the year-ago quarter’s reported values of $2.13 billion and $6.56 billion.
The segment’s hotel RevPAR was $937 million, up from $855 million in the third quarter of 2024. Occupancy rates were 95.5%, up from 94.7% reported in the year-ago quarter.
Operating Results of Las Vegas Sands
On a consolidated basis, adjusted property EBITDA totaled $1.34 billion in the third quarter, up from $991 million reported in the year-ago quarter.
Las Vegas Sands’ Financials
As of Sept. 30, 2025, Las Vegas Sands had unrestricted cash balances of $3.35 billion compared with $3.45 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $15.63 billion, compared with $15.68 billion reported in the previous quarter.
In the reported quarter, capital expenditures totaled $229 million, comprising construction, development and maintenance activities of $99 million in Macao and $121 million at Marina Bay Sands.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in fresh estimates.
The consensus estimate has shifted 14.01% due to these changes.
VGM Scores
Currently, Las Vegas Sands has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, 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 C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Las Vegas Sands has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.