We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Las Vegas Sands Q4 Earnings & Revenues Beat Estimates, Up Y/Y
Read MoreHide Full Article
Key Takeaways
Las Vegas Sands beats Q4 EPS and revenue estimates, posting strong year-over-year growth.
Marina Bay Sands posted record EBITDA, fueled by high-value tourism and strong gaming demand.
LVS saw Macao pressure from premium competition and slower mass recovery despite upgrades.
Las Vegas Sands (LVS - Free Report) reported exceptional fourth-quarter 2025 results, with adjusted earnings and net revenues beating the Zacks Consensus Estimate and increasing on a year-over-year basis.
For the fourth quarter, Las Vegas Sands delivered record-breaking results at Marina Bay Sands in Singapore, which achieved a record EBITDA—the highest quarterly performance in the history of casino hotels. This exceptional outcome was driven by high-quality investments in market-leading products, world-class service and the continued surge in high-value tourism across Asia. The property’s mass gaming and slot win also saw significant growth, increasing year over year.
However, Macao's performance was impacted by a highly competitive premium segment and a slower recovery in base mass spending, the company remains committed to its long-term development strategy. Through continued property upgrades, such as the opening of the Londoner Grand, and a robust multi-year event calendar, Las Vegas Sands remains confident in Macao’s future growth and its own ability to deliver improved results in 2026.
Las Vegas Sands’ Q4 Highlights
Las Vegas Sands reported adjusted earnings per share (EPS) of 85 cents, beating the Zacks Consensus Estimate of 77 cents by 10.4%. In the year-ago quarter, it had reported an EPS of 54 cents.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Quarterly net revenues of $3.65 billion topped the consensus mark of $3.35 billion by 9.3% and increased 26% 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 fourth quarter, net revenues from The Venetian Macao were $752 million, up from $682 million reported in the prior-year period.
Quarterly revenues from the casino, rooms and mall were $584 million, $53 million and $69 million, respectively, compared with the year-ago quarter’s reported figures of $534 million, $54 million and $63 million. Convention, retail and other revenues were $28 million, up from $15 million reported a year ago. Food and beverage revenues were $18 million compared with $16 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $243 million, down from $250 million reported in the fourth quarter of 2024.
Non-rolling chip drop and rolling chip volumes were $2.55 billion and $1.77 billion, respectively, compared with the year-ago quarter’s reported figures of $2.31 billion and $746 million.
The segment’s hotel revenue per available room (RevPAR) was $199 compared with $204 reported in the year-ago period. Occupancy rates were 98.8%, down from the prior year’s reported value of 99.5%.
The Londoner Macao
Net revenues from The Londoner Macao amounted to $699 million, up from $518 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 $524 million, $105 million and $34 million, respectively, compared with the year-ago quarter’s reported figures of $387 million, $68 million and $22 million. Mall revenues increased to $27 million from $24 million in the year-ago quarter. Quarterly revenues from convention, retail and other totaled $9 million, down from $17 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $201 million, up from $144 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $2.42 billion and $3.54 billion, respectively, up from the year-ago quarter’s reported figures of $1.63 billion and $1.85 billion.
The segment’s hotel RevPAR was $264 compared with $284 in the year-ago quarter. Occupancy rates were 98.1%, up from 98% reported in the fourth quarter of 2024.
The Parisian Macao
Net revenues from The Parisian Macao were $233 million, up from $228 million reported a year ago.
Revenues from the casino, rooms, food and beverage, and mall were $178 million, $34 million, $15 million and $4 million, respectively, compared with the year-ago quarter’s reported figures of $171 million, $35 million, $14 million and $7 million. Quarterly revenues from convention, retail and other totaled $2 million, up from $1 million reported a year ago.
Adjusted property EBITDA totaled $55 million, down from $69 million reported a year ago.
Non-rolling chip drop totaled $891 million, down from $821 billion reported a year ago.
The segment’s hotel RevPAR was $148, down from the prior-year reported figure of $156. Occupancy rates were 99.3% compared with the prior year’s reported value of 99.5%.
The Plaza Macao and Four Seasons Macao
Net revenues from The Plaza Macao and Four Seasons Macao were $264 million, up from $223 million reported a year ago. The upside can be attributed to a rise in casino revenues.
Casino, rooms and mall revenues were $183 million, $30 million and $41 million, respectively, compared with the year-ago quarter’s figures of $142 million, $30 million and $42 million. Revenues from food and beverage were $8 million, flat year over year.
Adjusted property EBITDA totaled $99 million, up from $83 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $808 million and $1.82 billion, respectively, compared with $759 million and $1.75 billion reported in the year-ago quarter.
The segment’s hotel RevPAR increased to $492 from $485 reported in the fourth quarter of 2024. Occupancy rates were 95.7% compared with the prior year’s reported value of 97.3%.
Sands Macao
Net revenues from Sands Macao were $76 million compared with the year-ago period’s value of $86 million.
Casino revenues totaled $68 million, down from $78 million reported in the year-ago quarter.
Adjusted property EBITDA totaled $4 million, notably down from $20 million in the prior-year period.
Non-rolling chip drop and rolling chip volume were $421 million and $26 million, respectively, compared with the year-ago quarter’s reported values of $389 million and $69 million.
The segment’s hotel RevPAR was $165 compared with $173 in the year-ago quarter. Occupancy rate was flat year over year at 99.1% in the quarter.
Marina Bay Sands, Singapore
Net revenues from Marina Bay Sands totaled $1.6 billion, up from $1.14 billion reported in the year-ago quarter.
Revenues from the casino, rooms and mall totaled $1.2 billion, $152 million and $87 million, respectively, compared with the year-ago quarter’s reported values of $792 million, $125 million and $82 million. Quarterly revenues from convention, retail and other totaled $46 million, compared with $43 million reported in the prior-year quarter. Food and beverage generated revenues of $114 million, up from $95 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $806 million, up from $537 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $2.88 billion and $13.4 billion, respectively, up from the year-ago quarter’s reported values of $2.34 billion and $8.07 billion.
The segment’s hotel RevPAR was $929, up from $874 in the fourth quarter of 2024. Occupancy rates were 95%, up from 94.3% reported in the year-ago quarter.
Operating Results of Las Vegas Sands
On a consolidated basis, adjusted property EBITDA totaled $1.41 billion in the fourth quarter, up from $1.11 billion reported in the year-ago quarter.
LVS’s FY25 Highlights
Net revenues for 2025 came in at $13.02 billion compared with $11.3 billion reported in 2024.
Adjusted property EBITDA in 2025 came in at $5.23 billion compared with $4.38 billion reported in 2024.
In 2025, adjusted EPS came in at $3.01 compared with $2.27 reported in the previous year.
Operating income was $2.82 billion for 2025 compared with $2.4 billion reported in 2024.
Las Vegas Sands’ Financials
As of Dec. 31, 2025, Las Vegas Sands had unrestricted cash balances of $3.84 billion compared with $3.65 billion in the previous-year quarter. Total debt outstanding (excluding finance leases and financed purchases) was $15.63 billion compared with $13.62 billion reported in the previous-year quarter.
In the reported quarter, capital expenditures totaled $274 million, comprising construction, development, and maintenance activities of $149 million in Marina Bay Sands and $121 million in Macao.
As of Dec. 31, 2025, $1.56 billion remained available under the share repurchase program.
LVS’s Zacks Rank & Key Picks
Las Vegas Sands currently carries a Zacks Rank #3 (Hold).
The company delivered a trailing four-quarter earnings surprise of 173.7%, on average. APEI stock has soared 45.2% in the past six months. The Zacks Consensus Estimate for APEI’s 2026 sales and EPS indicates an increase of 7.1% and 106.5%, respectively, from the year-ago levels.
Stride, Inc. (LRN - Free Report) currently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 13.2%, on average. LRN stock has plunged 38.4% in the past six months.
The Zacks Consensus Estimate for Stride’s fiscal 2026 sales and EPS implies growth of 4.6% and 3.7%, respectively, from the year-ago levels.
Trip.com Group Limited (TCOM - Free Report) currently has a Zacks Rank of 2. The company delivered a trailing four-quarter earnings surprise of 62.6%, on average. TCOM stock has gained 1.1% in the past six months.
The Zacks Consensus Estimate for Trip.com Group’s fiscal 2026 sales and EPS implies growth of 14.1% and a decline of 37.7%, respectively, from the year-ago levels.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Las Vegas Sands Q4 Earnings & Revenues Beat Estimates, Up Y/Y
Key Takeaways
Las Vegas Sands (LVS - Free Report) reported exceptional fourth-quarter 2025 results, with adjusted earnings and net revenues beating the Zacks Consensus Estimate and increasing on a year-over-year basis.
For the fourth quarter, Las Vegas Sands delivered record-breaking results at Marina Bay Sands in Singapore, which achieved a record EBITDA—the highest quarterly performance in the history of casino hotels. This exceptional outcome was driven by high-quality investments in market-leading products, world-class service and the continued surge in high-value tourism across Asia. The property’s mass gaming and slot win also saw significant growth, increasing year over year.
However, Macao's performance was impacted by a highly competitive premium segment and a slower recovery in base mass spending, the company remains committed to its long-term development strategy. Through continued property upgrades, such as the opening of the Londoner Grand, and a robust multi-year event calendar, Las Vegas Sands remains confident in Macao’s future growth and its own ability to deliver improved results in 2026.
Las Vegas Sands’ Q4 Highlights
Las Vegas Sands reported adjusted earnings per share (EPS) of 85 cents, beating the Zacks Consensus Estimate of 77 cents by 10.4%. In the year-ago quarter, it had reported an EPS of 54 cents.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Las Vegas Sands Corp. price-consensus-eps-surprise-chart | Las Vegas Sands Corp. Quote
Quarterly net revenues of $3.65 billion topped the consensus mark of $3.35 billion by 9.3% and increased 26% 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 fourth quarter, net revenues from The Venetian Macao were $752 million, up from $682 million reported in the prior-year period.
Quarterly revenues from the casino, rooms and mall were $584 million, $53 million and $69 million, respectively, compared with the year-ago quarter’s reported figures of $534 million, $54 million and $63 million. Convention, retail and other revenues were $28 million, up from $15 million reported a year ago. Food and beverage revenues were $18 million compared with $16 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $243 million, down from $250 million reported in the fourth quarter of 2024.
Non-rolling chip drop and rolling chip volumes were $2.55 billion and $1.77 billion, respectively, compared with the year-ago quarter’s reported figures of $2.31 billion and $746 million.
The segment’s hotel revenue per available room (RevPAR) was $199 compared with $204 reported in the year-ago period. Occupancy rates were 98.8%, down from the prior year’s reported value of 99.5%.
The Londoner Macao
Net revenues from The Londoner Macao amounted to $699 million, up from $518 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 $524 million, $105 million and $34 million, respectively, compared with the year-ago quarter’s reported figures of $387 million, $68 million and $22 million. Mall revenues increased to $27 million from $24 million in the year-ago quarter. Quarterly revenues from convention, retail and other totaled $9 million, down from $17 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $201 million, up from $144 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $2.42 billion and $3.54 billion, respectively, up from the year-ago quarter’s reported figures of $1.63 billion and $1.85 billion.
The segment’s hotel RevPAR was $264 compared with $284 in the year-ago quarter. Occupancy rates were 98.1%, up from 98% reported in the fourth quarter of 2024.
The Parisian Macao
Net revenues from The Parisian Macao were $233 million, up from $228 million reported a year ago.
Revenues from the casino, rooms, food and beverage, and mall were $178 million, $34 million, $15 million and $4 million, respectively, compared with the year-ago quarter’s reported figures of $171 million, $35 million, $14 million and $7 million. Quarterly revenues from convention, retail and other totaled $2 million, up from $1 million reported a year ago.
Adjusted property EBITDA totaled $55 million, down from $69 million reported a year ago.
Non-rolling chip drop totaled $891 million, down from $821 billion reported a year ago.
The segment’s hotel RevPAR was $148, down from the prior-year reported figure of $156. Occupancy rates were 99.3% compared with the prior year’s reported value of 99.5%.
The Plaza Macao and Four Seasons Macao
Net revenues from The Plaza Macao and Four Seasons Macao were $264 million, up from $223 million reported a year ago. The upside can be attributed to a rise in casino revenues.
Casino, rooms and mall revenues were $183 million, $30 million and $41 million, respectively, compared with the year-ago quarter’s figures of $142 million, $30 million and $42 million. Revenues from food and beverage were $8 million, flat year over year.
Adjusted property EBITDA totaled $99 million, up from $83 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $808 million and $1.82 billion, respectively, compared with $759 million and $1.75 billion reported in the year-ago quarter.
The segment’s hotel RevPAR increased to $492 from $485 reported in the fourth quarter of 2024. Occupancy rates were 95.7% compared with the prior year’s reported value of 97.3%.
Sands Macao
Net revenues from Sands Macao were $76 million compared with the year-ago period’s value of $86 million.
Casino revenues totaled $68 million, down from $78 million reported in the year-ago quarter.
Adjusted property EBITDA totaled $4 million, notably down from $20 million in the prior-year period.
Non-rolling chip drop and rolling chip volume were $421 million and $26 million, respectively, compared with the year-ago quarter’s reported values of $389 million and $69 million.
The segment’s hotel RevPAR was $165 compared with $173 in the year-ago quarter. Occupancy rate was flat year over year at 99.1% in the quarter.
Marina Bay Sands, Singapore
Net revenues from Marina Bay Sands totaled $1.6 billion, up from $1.14 billion reported in the year-ago quarter.
Revenues from the casino, rooms and mall totaled $1.2 billion, $152 million and $87 million, respectively, compared with the year-ago quarter’s reported values of $792 million, $125 million and $82 million. Quarterly revenues from convention, retail and other totaled $46 million, compared with $43 million reported in the prior-year quarter. Food and beverage generated revenues of $114 million, up from $95 million reported in the prior-year quarter.
Adjusted property EBITDA totaled $806 million, up from $537 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volume were $2.88 billion and $13.4 billion, respectively, up from the year-ago quarter’s reported values of $2.34 billion and $8.07 billion.
The segment’s hotel RevPAR was $929, up from $874 in the fourth quarter of 2024. Occupancy rates were 95%, up from 94.3% reported in the year-ago quarter.
Operating Results of Las Vegas Sands
On a consolidated basis, adjusted property EBITDA totaled $1.41 billion in the fourth quarter, up from $1.11 billion reported in the year-ago quarter.
LVS’s FY25 Highlights
Net revenues for 2025 came in at $13.02 billion compared with $11.3 billion reported in 2024.
Adjusted property EBITDA in 2025 came in at $5.23 billion compared with $4.38 billion reported in 2024.
In 2025, adjusted EPS came in at $3.01 compared with $2.27 reported in the previous year.
Operating income was $2.82 billion for 2025 compared with $2.4 billion reported in 2024.
Las Vegas Sands’ Financials
As of Dec. 31, 2025, Las Vegas Sands had unrestricted cash balances of $3.84 billion compared with $3.65 billion in the previous-year quarter. Total debt outstanding (excluding finance leases and financed purchases) was $15.63 billion compared with $13.62 billion reported in the previous-year quarter.
In the reported quarter, capital expenditures totaled $274 million, comprising construction, development, and maintenance activities of $149 million in Marina Bay Sands and $121 million in Macao.
As of Dec. 31, 2025, $1.56 billion remained available under the share repurchase program.
LVS’s Zacks Rank & Key Picks
Las Vegas Sands currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Consumer Discretionary sector:
American Public Education (APEI - Free Report) currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
The company delivered a trailing four-quarter earnings surprise of 173.7%, on average. APEI stock has soared 45.2% in the past six months. The Zacks Consensus Estimate for APEI’s 2026 sales and EPS indicates an increase of 7.1% and 106.5%, respectively, from the year-ago levels.
Stride, Inc. (LRN - Free Report) currently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 13.2%, on average. LRN stock has plunged 38.4% in the past six months.
The Zacks Consensus Estimate for Stride’s fiscal 2026 sales and EPS implies growth of 4.6% and 3.7%, respectively, from the year-ago levels.
Trip.com Group Limited (TCOM - Free Report) currently has a Zacks Rank of 2. The company delivered a trailing four-quarter earnings surprise of 62.6%, on average. TCOM stock has gained 1.1% in the past six months.
The Zacks Consensus Estimate for Trip.com Group’s fiscal 2026 sales and EPS implies growth of 14.1% and a decline of 37.7%, respectively, from the year-ago levels.