Las Vegas Sands reports $2.9bn in revenue for Q1 2025, falls 3.3%

Las Vegas Sands has released its financial performance throughout Q1 2025, which includes decreases year-over-year in net revenue, adjusted EBITDA and net income, said to be primarily attributed to an increase in interest expense and effective income tax rate. 

“We continued to execute our strategic objectives during the quarter.  We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets,” Las Vegas Sands Chairman and CEO Robert Goldstein said. 

“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”

Net revenue for the company was reported to be just under $2.9bn during the first quarter of 2025, representing a decrease of 3.3% from the prior year period, while net income was reported to be $408m, falling by 30% year-over-year for Q1 2025. Las Vegas Sands managed to generate over $1.1bn of adjusted EBITDA throughout Q1 2025, but the figure still represents a decrease of 5.6% from the prior year period. 

The company’s net revenue for Q1 2025 was primarily driven by its Casino segment which generated $2.1bn throughout the period, but the figure represents a decrease of 4.5% year-over-year. 

Rooms and Food & Beverage reported Q1 2025 revenues of $324m and $141m, respectively, equating to decreases of 1.8% and 6% from the prior year period. Las Vegas Sands’ Mall and Convention & Retail segments were able to witness increases in revenue year-over-year, however, growing by 6.9% and 9.1%, respectively, for totals of $186m and $84m. 

Good to know: Las Vegas Sands Chairman and CEO Robert Goldstein will transition to a Senior Advisor role on March 1, 2026, where he is set to assist management with its government relations activities, efforts to pursue new physical development opportunities and the company’s gaming strategies

The company’s operating income also decreased from the prior year period during the first quarter of 2025, falling by nearly 15.1% to $609m for the period. As stated earlier, Las Vegas Sands witnessed an increase in income tax expense throughout Q1 2025 of over $55m, having been reported to be $63m during the period. 

Each of the company’s properties excluding The Plaza Macao and Four Seasons Macao reported decreases in revenue and adjusted EBITDA, although The Venetian Macao represented $638m of the company’s total revenue for the period. 

The Venetian Macao’s revenue fell by 17.2% from the prior year period, while The Londoner Macao ($529m), The Parisian Macao ($227m) and Sands Macao ($75m) decreased by 5.9%, 1.3% and 1.3% year-over-year, respectively, throughout Q1 2025. 

Las Vegas Sands also repurchased $450m of shares through its share repurchase program throughout the first quarter of 2025, stating the company hopes to utilize the program to continue to return excess capital to its stockholders. 

Kirk Geller

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