The latest figures were released as part of parent company Las Vegas Sands’ second-quarter results, which showed a consolidated net income of $519 million, up from $424 million a year earlier. Despite the group’s strong overall performance, Sands China’s weaker income reflected uneven recovery within the Macau market.
The Venetian Macao, traditionally the group’s flagship property, posted total revenues of $663 million, down 3.3 percent year-on-year. In contrast, the Londoner Macao showed strong momentum, generating $642 million in revenue—an impressive 44 percent increase from the same quarter last year. Adjusted property EBITDA for Sands China grew slightly to $566 million, compared to $561 million in 2Q24.
The company’s retail operations also saw mixed results. Total revenues from its Asian retail portfolio reached $187 million, with an overall occupancy rate of 86.4 percent. Marina Bay Sands’ luxury shopping mall in Singapore performed especially well, with an occupancy rate of 98.8 percent and sales per square foot reaching $5,295.
During the quarter, Sands China made strategic financial moves, including redeeming $1.63 billion in principal amount of 5.125% senior notes, funded through a combination of cash on hand and debt financing. Capital expenditures for the quarter amounted to $286 million, with Macau-related investments accounting for $138 million.
Despite the quarterly drop in net income, company leadership remains optimistic. “We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore,” said Robert G. Goldstein, Chairman and CEO of Las Vegas Sands. He added that the group’s long-term investments position it well to capitalize on Asia’s expanding tourism sector.
Looking ahead, management has set an ambitious EBITDA target of $6 billion to $6.5 billion per quarter between 2025 and 2027, aiming for annual EBITDA of $26 billion to $27 billion.
The group also reaffirmed its confidence in its capital return strategy, having repurchased $800 million worth of shares under its buyback program in the quarter.
