Las Vegas Sands reported third quarter earnings that show year-over-year gains paced by Macau and Singapore.
Net revenue was $3.33 billion compared to $2.68 billion in the prior year quarter. Operating income was $719 million compared to $504 million last year. Net income for the third quarter of 2025 was $491 million compared to $353 million in the third quarter of 2024.
Consolidated adjusted property EBITDA was $1.34 billion compared to $991 million in the prior year quarter.
On a GAAP basis, total net revenue for Sands China increased 7.5% to $1.90 billion compared to the third quarter of 2024. Net income for Sands China was $272 million compared to $268 million in the third quarter of 2024.
“We remain enthusiastic about our growth opportunities in both Macau and Singapore, as we realize the benefits of our recently completed capital investment programs,” said Robert G. Goldstein, chairman and chief executive officer.
Capital expenditures during the third quarter totaled $229 million, including construction, development, and maintenance activities of $121 million at Marina Bay Sands and $99 million in Macau.
“In Macau, our decades-long commitment to making investments that enhance the business and leisure tourism appeal and support its development as a world center of business and leisure tourism positions us well for future growth,” Goldstein said. “In Singapore, Marina Bay Sands once again delivered outstanding 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.”
Goldstein said their financial strength and industry-leading cash flow continue to support their investment and capital expenditure programs in both Macau and Singapore, their pursuit of growth opportunities in new markets, and their program to return excess capital to stockholders.
Interest expense, net of amounts capitalized, was $187 million for the third quarter of 2025, compared to $179 million in the prior year quarter. The weighted average debt balance was $15.94 billion during the third quarter of 2025 compared to $13.87 billion during the third quarter of 2024. The weighted average borrowing cost was 4.5% during the third quarter of 2025 compared to 5.1% during the third quarter of 2024.
Sands’s effective income tax rate for the third quarter of 2025 was 15.6%, compared to 12.4% in the prior year quarter. The income tax rate for the third quarter of 2025 was primarily driven by a 17% statutory rate on its Singapore operations.
During the third quarter of 2025, Sands repurchased $500 million of its common stock, approximately nine million shares, at a weighted average price of $54.39. The remaining amount authorized under its share repurchase program was $700 million as of September 30. Subsequently, on October 21, the company’s Board of Directors authorized increasing the remaining share repurchase amount to $2 billion and extending the expiration date of this authorization to November 3, 2027. Since the resumption of its share repurchase program in the fourth quarter of 2023 through September 30, 2025, Sands has repurchased approximately 88 million shares of its common stock at an average price of $45.42, for a total investment of $4 billion.
During the third quarter of 2025 and through October 10, 2025, the company purchased $337 million of SCL common stock, approximately 131 million shares at an average price of HKD 20.18, increasing the company’s ownership percentage of SCL to 74.76% as of October 10.
Sands paid a quarterly dividend of $0.25 per common share during the quarter. Its next quarterly dividend of $0.25 per common share will be paid on November 12 to Las Vegas Sands stockholders of record on November 4.
Unrestricted cash balances as of September 30 were $3.35 billion.
As of September 30, total debt outstanding, net of deferred offering costs and original issue discounts excluding finance leases, was $15.63 billion.