Las Vegas Sands’ Q1 profit jumps 57% on Macau and Singapore surge

Las Vegas Sands Corp reported a 57.1% increase in net income to $641 million for the first quarter, as strong demand in Macau and Singapore lifted revenue and pushed earnings above market expectations.

Adjusted earnings came in at 91 cents per share, exceeding the 78 cents forecast by analysts, while total net revenue rose 25.3% year on year to $3.59 billion. The results were supported by growth across both of the company’s core markets.

Macau remained a key contributor, with revenue from the region rising 23.7% to $2.11 billion. The company’s subsidiary, Sands China, recorded a 45.5% increase in net income to $294 million. Government data showed that gaming activity in the territory strengthened during the quarter, partly due to increased tourist arrivals around the Lunar New Year period.

Across its Macau portfolio, all five integrated resorts posted higher revenues. The Londoner Macao led performance with $754 million, followed by The Venetian Macao at $710 million. The Plaza Macao and Four Seasons Macao generated $290 million, while The Parisian Macao and Sands Macao reported $229 million and $93 million, respectively. 

Marina Bay Sands

Adjusted property EBITDA in Macau rose to $633 million, although margins narrowed to 29.9% from 31.3% a year earlier.

Singapore also delivered strong growth, with revenue increasing 27.9% to $1.49 billion. Marina Bay Sands reported adjusted property EBITDA of $788 million, up 30.2% year on year, with margins at 53.0%. Higher rolling chip volumes, stronger mass market gaming, and increased room rates contributed to the performance, while occupancy remained elevated.

At the group level, consolidated adjusted property EBITDA rose 24.6% to $1.42 billion, due to continued recovery and expansion across both markets. The company repurchased $740 million of its common stock during the quarter and maintained its dividend, indicating continued capital returns alongside earnings growth.

Chairman and Chief Executive Officer Patrick Dumont

Chairman and Chief Executive Officer Patrick Dumont said: “Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead.”

Las Vegas Sands is also progressing with its planned IR2 expansion in Singapore, positioning it to capture increasing demand from high-value visitors. The project is expected to expand capacity at Marina Bay Sands, where management has indicated that current limitations are becoming more visible as premium visitation rises.

Dumont noted that the VIP segment remains competitive and subject to fluctuations depending on customer mix. “The VIP segment is very competitive… and can be concentrated at times,” he said, adding that the expansion will introduce additional offerings to better serve this segment.

He stated that mass gaming and slot play continue to underpin profitability, even as the company targets higher-end customers. The IR2 development is expected to add luxury suites as well as new entertainment, dining, and event facilities, with management anticipating benefits across the property.

The company recently awarded a multi-billion-dollar construction contract for the project to Singapore-based builder Woh Hup. The development is scheduled for completion in 2030 and is expected to open in 2031.