Total Revenue ($2,896M)

-1% YoY

Primarily driven by lower Macao revenues (down 5% YoY) due to ongoing renovations and slower recovery, partially offset by +7% growth at Marina Bay Sands. " " "

Casino Revenue ($2,104M)

Flat YoY

Moderate recovery in Macao gaming volumes was offset by low hold on rolling play at Marina Bay Sands, resulting in an overall flat performance. " " "

Mall Revenue ($218M)

-6% YoY

Attributable to lower overage rents in both Macao and Singapore, partly balanced by higher base rents. " " "

Convention, Retail & Other ($1M)

-99% YoY

Reflects the absence of one-time insurance recoveries seen in the prior period and reduced ferry/other revenues, sharply lowering this segment's total. " " "

Macao Operations ($1,771M)

-5% YoY

Renovation disruptions (especially at The Londoner) and slower visitation growth versus the prior period outweighed steady mass-market recovery and rising premium play. "

Marina Bay Sands ($1,137M)

+7% YoY

Elevated visitation, high ADR, and new upgraded amenities helped drive growth, though low rolling-play hold partially curbed the upside. "

Operating Income ($590M)

>700% YoY

Driven by a swing from negative EBIT last year to strongly positive, reflecting cost management and improved performance as borders re-opened. " " " "

Net Income ($324M)

-31% YoY

Mainly impacted by lower consolidated revenue and higher expenses, constraints from renovation work, and poor hold percentages, overshadowing improved travel trends. " " " "

Diluted EPS ($0.45)

-12% YoY

Reduced net income outweighed the effect of fewer shares outstanding (share repurchases), resulting in a net decline in EPS. " " " "

Macau GGR

FY 2025

exceed $30B "

exceed $30B "

no change

Annual Dividend

FY 2025

$1 per share "

$1 per share "

no change

Macao expansions and the Londoner project

Renovations and room inventory closures were recurring themes, with disruptions affecting EBITDA and market share; emphasized future $1B+ annual EBITDA potential once fully open. " " " " " "

20% of Cotai rooms unavailable due to final renovations; full 2,405 keys available by May 2025; margin drag expected near term but long-term optimism remains. " " "

Continues across periods, key asset for future Macao growth.

Ongoing investments at Marina Bay Sands (MBS)

Consistently referenced large-scale renovations and expansion (IR2 project) with ongoing room and gaming enhancements; completion by mid-2025 expected to unlock further growth. " " " " " "

$1.75B reinvestment nearly done, delivering $537M EBITDA; management cites strong high-value tourism and expects more upside as new products mature. " " "

Repeated focus on upgrades, poised for higher EBITDA going forward.

Macao base mass recovery and margin expansion

Previously noted lagging base mass relative to premium mass and renovation-related disruptions; cost discipline and visitation recovery cited as critical for margin gains. " " " " " "

Cited 25th anniversary events and continued soft macro as factors limiting base mass in Q4; management still sees long-term margin improvement. " " "

Ongoing concern; shift toward macro factors vs. solely renovation disruption.

Aggressive share repurchases

Share repurchases surfaced each quarter, with executives emphasizing value in shrinking the share base and balancing dividends with opportunistic buys. " " "

Announced $450M of LVS stock repurchases, plus a dividend increase; also bought $250M of Sands China stock, reinforcing confidence in long-term growth. " "

Continues as part of capital-return strategy.

Intense promotional competition in Macao

Previously noted as a historical characteristic of Macao, though overshadowed in prior quarters by renovation updates and margin discussion. " "

Executives acknowledged Macao remains highly competitive but stressed EBITDA share over pure revenue uptake; do not focus on overly aggressive promos. " "

Consistent mention; still a factor but not the primary focus.

Capacity constraints at MBS

Discussed in Q3, Q2, Q1 as reduced rooms and ongoing renovations limiting full-scale operations. Expected to ease by 2025. " " " "

No direct mention of capacity constraints in Q4.

Not mentioned this quarter, possibly less of a concern now.

Decline in retail sales at Four Seasons Mall

No prior public mention of Four Seasons Mall retail sales decline in Q3, Q2, Q1.

Year-over-year dip attributed to post-COVID spending peak in 2023 and softening macro; not a structural issue; major brand flagships still planned. "

New topic in Q4; indicates potential softness in retail segment.

Potential negative impact of iGaming legalization

First raised in Q3 (concern over dilution of physical casinos in states like NY, MI, FL); not discussed in Q2 or Q1. " "

Robert Goldstein noted iGaming expansion (e.g., in New York) could dilute land-based casinos; sees it as an ongoing competitive threat. "

Emerging issue since Q3; cautious sentiment around market cannibalization.

Shift from renovation disruptions to softening macro environment (Macao)

Previously focused on disruptions (Q3, Q2) from Londoner projects and baseline visitation concerns; Q1 only minor mention of macro factors. " " " "

Emphasized 25th anniversary and macro softness affecting base mass, while major renovations near completion. " "

Sentiment evolving from renovation-driven constraints to broader economic concerns.

Marina Bay Sands IR2 project (high impact)

Discussed each quarter as a long-term engine for growth, with references to IR2 expansions, strong Singapore market, and high-value visitation. " " " " "

Reinvestment program in final stage, due by May 2025; executives expect continued strong demand and market leadership. " " "

Consistently high-impact project supporting sustained EBITDA lifts.

The Londoner in Macao (high impact)

Q3, Q2, Q1 all cited The Londoner as a cornerstone of future Macao profitability, despite temporary disruptions; expansions to yield industry-leading returns. " " "

Still experiencing margin drag from reduced room inventory; expects full key count by May 2025, aiming for $1B+ annual EBITDA once fully operational. " " "

Steady focus on long-term potential; nearing completion of renovations.