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Sands China maintains 1H25 dividend levels despite “competitive nature” of Macau market eating into revenue, profit

Ben Blaschke by Ben Blaschke
Mon 18 Aug 2025 at 04:50

The Venetian Macao

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Sands China Ltd on Friday declared an interim dividend of HK$0.25 per share, equivalent to the final dividend issued earlier in the year despite reporting a decline in revenue and profit for the period.

In a filing, the company explained the interim dividend represented an aggregate of HK$2.02 billion – or US$258 million on average August exchange rates – equivalent to around 62.5% of 1H25 profit of US$413 million.

This profit was down 23.7% compared to the same period last year, with Sands China citing a decline in casino and F&B revenues across its operations due to increased competition for gross gaming revenues in Macau.

Total net revenues were down 1.7% year-on-year to US$3.49 billion while Adjusted Property EBITDA of US$1.10 billion was down 5.9%.

“The decrease was primarily due to decreased net casino revenue at The Venetian Macao, The Parisian Macao and Sands Macao due to the competitive nature of the Macau gaming market, partially offset by increased net casino revenue at The Londoner Macao due to Londoner Grand becoming fully operational over the second quarter of 2025 compared to the same period in 2024,” the company said.

In a recent earnings call hosted by Sands China’s parent company Las Vegas Sands, Chairman and CEO Robert Goldstein stated that the company had underperformed in Macau in recent months and vowed to adopt a significantly more aggressive approach to customer reinvestment in order to compete with its rivals for market share.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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