Total Revenue

+15% ( " " )

Total Revenue grew from $2,761 million in Q2 2024 to $3,175 million in Q2 2025, driven by overall strength across segments, notably casino and rooms, and supported by robust performance at major properties that began showing recovery trends in earlier periods. " "

Casino Segment Revenue

+18.6% ( " " )

Casino revenue increased from $2,035 million in Q2 2024 to $2,415 million in Q2 2025 as enhanced gaming activity and improved performance—reflected in strong mass gaming metrics and higher win percentages—helped to overcome previous fluctuations seen in earlier quarters. " "

Rooms Revenue

+10% ( " " )

Rooms revenue saw an increase from $313 million to $345 million, likely driven by better occupancy and pricing power, building on gains from renovation programs and operational improvements noted in previous periods. " "

Food & Beverage Revenue

Essentially flat ( " " )

Food & Beverage revenue remained roughly steady at $147 million versus $148 million in Q2 2024, suggesting that recent improvements seen in earlier periods were offset by market normalization and stabilization in customer spending. " "

Mall Revenue

+7.5% ( " " )

Mall revenue rose from $174 million in Q2 2024 to $187 million in Q2 2025, driven by higher base and overage rents and improved leasing performance, an evolution from earlier gains seen with expansion initiatives and recovering consumer footfall. " "

Convention, Retail & Other Revenue

-11% ( " " )

Convention, Retail & Other revenue declined from $91 million to $81 million, indicating challenges in ancillary revenue streams possibly due to softer market demand or competitive pressures compared to previous periods where modest increases were recorded. " "

Marina Bay Sands (Singapore Ops)

+34.6% ( " " )

Revenue surged from $919 million in Q2 2024 to $1,388 million in Q2 2025 as a result of record mass gaming revenue, high occupancy, strong ADR, and the completion of a major capital investment program that significantly boosted operational performance relative to prior periods. " "

Macao Operations Revenue

Stable ( " " )

Macao Operations revenue held steady at approximately $1,787 million, balancing out prior period volatility—where recovery from past COVID-19 impacts and declines in gaming metrics offset each other—resulting in stability compared to $1,771 million in Q2 2024. " "

Marina Bay Sands annual EBITDA

FY 2025

No specific metrics provided "

$2.5 billion in annual EBITDA in 2025 " " "

no prior guidance

Londoner annualized EBITDA

FY 2025

No specific metrics provided "

$1 billion in annualized EBITDA "

no prior guidance

Singapore Market Performance & Sustainability Concerns

In Q1, executives highlighted record EBITDA, strong margins, and high‐value tourism. " " " Q4 discussion focused on substantial investments, a completed $1.75B renovation program, and positive growth drivers. " " " In Q3, there was emphasis on robust EBITDA figures and renovation impacts on service levels. " " "

Q2 discussion showcased a historic quarter with record EBITDA and extremely high margins, while also expressing caution over whether such performance is sustainable in the long term. " " " " " "

Consistent focus on Singapore’s strong performance remains, but sentiment has shifted to a more cautious, sustainability‑oriented outlook in Q2.

Londoner Asset Ramp-Up & Construction Challenges

Q1 calls described an early-stage ramp-up with incomplete room availability and noted construction/operational challenges. " " " In Q4, the focus was on ramp-up progress with expectations for full room availability by May. " Q3 discussion detailed renovation disruptions and the gradual return of keys. " " "

Q2 emphasized that the Londoner is in an early ramp-up phase with the Londoner Grande fully launched and already generating strong annualized EBITDA, indicating a positive start. "

The topic remains a priority with consistent discussion over multiple periods; however, improvements in room availability and operational performance in Q2 signal progress.

Capital Allocation & Share Repurchase Strategy

Q1 discussions centered on an aggressive share repurchase program, increased board authorization, and a balanced dividend strategy. " " " Q4 and Q3 also mentioned sizeable repurchases, dividends, and investments in Sands China, reinforcing a disciplined capital allocation approach. " " "

Q2 highlighted a significant repurchase of $800 million LVS stock along with share purchases in SEL and ongoing dividend payments, reiterating the commitment to returning capital to shareholders. " "

A consistent emphasis persists on share repurchases and capital returns, with steady sentiment and disciplined capital allocation across periods.

Macau Market Dynamics: Competition, Margin Pressures & Rising Operating Costs

Q1 detailed an intensely competitive market with margin pressures from increased payroll costs and lower-than-expected holds. " " " " " Q4 emphasized similar challenges with room inventory issues affecting margins and persistent cost pressures. " " " Q3 noted improved visitation but also acknowledged margin pressures due to inventory disruptions and cost discipline challenges. " " "

Q2 highlighted that while competition remains fierce, there is an adjustment in reinvestment levels and modest margin pressure persists, with specific commentary on EBITDA margin differences across properties. " " "

Challenges in Macau continue to be a theme; although the competitive environment and cost pressures persist, Q2 reflects a steady, if cautious, managing of these issues.

Regulatory & Legal Headwinds Including iGaming Legalization

Q1 featured explicit concerns about iGaming’s potential impact on market opportunities and New York casino licensing. " Q4 provided an in‑depth discussion on the implications of iGaming legalization in New York and brief commentary on Texas legislation. " " " Q3 discussed the impact of online gambling on land‑based revenues and its regulatory implications. " "

No commentary on regulatory or legal headwinds was included in Q2 [N/A].

The focus on regulatory and legal concerns has decreased in Q2, suggesting that immediate issues surrounding iGaming legalization are no longer top‑of‑mind.

Aggressive Reinvestment & Property Enhancements

Q1 discussions underscored ongoing renovations and modest property upgrades across key assets, including major investments in Macau and Singapore properties. " " " Q4 mentioned a significant reinvestment program for Marina Bay Sands and Londoner enhancements. " " " Q3 highlighted aggressive reinvestment strategies, including the launch of IR2-related enhancements and a robust Londoner renovation program. " " "

In Q2, executives reiterated an aggressive reinvestment program in Macau and strong enhancements at the Londoner and Marina Bay Sands, with early positive feedback from customers and adjustments in reinvestment levels. " " "

The commitment to aggressive reinvestment remains a recurring pillar, with a consistently positive tone focused on long‑term growth and enhanced customer experience.

Decline in Retail Sales & Non‑Gaming Revenues in Macau (No Longer Emphasized)

In Q4, there was discussion of a year‑on‑year decline in retail sales (particularly at the Four Seasons mall) and noted challenges in non‑gaming segments. " Q3 also acknowledged retail struggles and softer non‑gaming performance. " " " Q1 focused more on non‑gaming investments rather than a decline. " "

Q2 did not mention any decline; instead, positive developments were noted with year‑on‑year growth in retail tenant sales and improvements anticipated in flagship store performance. "

Recent commentary in Q2 reflects a de‑emphasis on retail/non‑gaming declines, signaling a shift toward a more positive retail outlook compared to earlier periods.

IR2 Expansion Growth Initiative (No Longer Highlighted)

In Q3, the initiative was actively discussed in relation to expanding casino gaming, integrating Sky Gaming, and enhancing overall asset appeal in Singapore. " " Q1, Q4, and subsequent mentions did not focus on this initiative.

Q2 (and other recent periods) contain no mention of the IR2 Expansion Growth Initiative [N/A].

IR2 has been phased out as a focal topic since Q3, indicating lower priority or integration into broader strategic themes in more recent calls.