Sands China saw its net revenues grow by 2.5% year-on-year and 5.3% sequentially to US$1.79 billion in the three months to 30 June 2025, buoyed by significant growth at its recently renovated The Londoner Macao, according to information released by parent company Las Vegas Sands (LVS) on Thursday morning (Macau time).
LVS also reported a record quarter at its Singapore integrated resort, Marina Bay Sands, following the completion of a multi-billion-dollar makeover that included a substantial increase to its suite inventory.
In Macau, the marginal improvement in revenue performance was almost entirely on the back of The Londoner, where net revenues reached US$642 million – up from US$444 million a year earlier and from US$529 million in Q1. LVS previously revealed that it had completed its US$1.2 million Phase 2 revamp of The Londoner and reopened all 2,405 hotel rooms and suites shortly before the May Golden Week holiday.
Casino revenues at The Londoner Macao grew by 55.7% year-on-year to US$495 million while Adjusted EBITDA doubled to US$205 million.
The strength displayed at The Londoner was not reciprocated to quite the same extent at Sands China’s long-time flagship, The Venetian Macao, where net revenues fell by 3.4% year-on-year to US$663 million. This was, however, a 3.9% improvement over the March 2025 quarter. Adjusted Property EBITDA fell by 11.0% year-on-year to US$236 million.
The Parisian Macao took the biggest hit, with net revenues down 26.8% year-on-year and 14.5% quarter-on-quarter to US$194 million. Adjusted EBITDA of US$44 million was down almost 50% from a year earlier as casino revenues plummeted by 30.9% to US$143 million.
The Plaza and Four Seasons saw net revenues fall 22.4% year-on-year to US$194 million while Sands Macao suffered a 10.1% decline to US$71 million.
By contrast, Marina Bay Sands in Singapore saw net revenues soar by 36.6% to US$1.39 billion, with Adjusted EBITDA up by 36.9% to US$768 million on 55.3% margin. LVS acknowledge that high hold benefited the company’s Q2 EBITDA to the tune of US$107 million.
“We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macau and Singapore as we realize the benefits from our recently completed capital investment programs in both markets,” said LVS Chairman and CEO, Robert Goldstein.
“In Macau, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world center of business and leisure tourism positions us well for future growth.
“In Singapore, Marina Bay Sands once again delivered record financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.
“Our financial strength and industry-leading cash flow continue to support our investment and capital expenditure programs in both Macau and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”
Group-wide, LVS reported net income of US$519 million in 2Q25 – up from US$424 million a year earlier – while consolidated Adjusted Property EBITDA was up 24.3% to US$1.33 billion.
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