Q4 2025 Las Vegas Sands Corp Earnings Call Transcript
Key Points
- Marina Bay Sands delivered a record EBITDA of $806 million, marking the greatest quarter in the history of casino hotels.
- Mass gaming and slot win at Marina Bay Sands exceeded $951 million, up 118% from Q4 2019 and 27% from Q4 last year.
- Las Vegas Sands Corp repurchased $500 million of its stock during the quarter, indicating strong capital return to shareholders.
- The company increased its ownership percentage of Sands China Limited to 74.8% by purchasing $66 million of SCL stock.
- Marina Bay Sands achieved a high EBITDA margin of 50.3%, reflecting the impact of high-quality investment and growth in high-value tourism.
- Macao's EBITDA was $608 million for the quarter, which was below expectations and considered disappointing.
- The EBITDA margin for the Macao portfolio was down 390 basis points compared to the fourth quarter of 2024.
- Higher operating expenses in Macao were driven by increased event costs and payroll due to expanded table hour capacity.
- The promotional environment in Macao remains intense, particularly in the premium segments, impacting profitability.
- Base mass gaming in Macao has not recovered to pre-pandemic levels, with lower spend per customer in lower value segments.
Good day, ladies and gentlemen, and welcome to the Sands fourth-quarter 2025 earnings call. (Operator Instructions)
It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. Sir, the floor is yours.
Thank you. Joining the call today are Rob Goldstein, our Chairman and CEO; Patrick Dumont, our President and Chief Operating Officer; Dr. Wilfred Wong, Executive Vice President, Sands China; and Grant Chum, CEO and President of Sands China and EVP of Asia operations.
Today's conference call will contain forward-looking statements. We will be making those statements under the Safe Harbor provision of federal securities laws. The language on forward-looking statements included in our press release also applies to our comments made on the call. The company's actual results may differ materially from the results reflected in those forward-looking statements.
In addition, we will discuss non-GAAP measures.
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