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LVS FY2025 Q3 IMPROVING

Las Vegas Sands Corp. 실적 발표

Oct 22, 2025 · 12:30 ET Daniel BriggsGrant ShumPatrick Dumont
Buzzberg 분석

Singapore MBS EBITDA far exceeds original $2.5B annual forecast

Las Vegas Sands reported a strong Q3 2025, driven by record Singapore performance (MBS EBITDA $743M, margins 51.7%) and sequential Macau improvement (EBITDA $601M). Management highlighted that baccarat side bets and smart tables are structurally increasing hold percentages, raised dividend by 20%, and continued buybacks. Macau market share recovery is halfway, with expectations of further gains. No explicit numeric forward guidance was provided. Marina Bay Sands EBITDA $743M, record mass win $905M, on track to exceed $2.5B annual EBITDA target in 2025.

Buzzberg 분석 Singapore MBS EBITDA far exceeds original $2.5B annual forecast Las Vegas Sands reported a strong Q3 2025, driven by record Singapore performance (MBS EBITDA $743M, margins 51.7%) and sequential Macau improvement (EBITDA $601M). Management highlighted that baccarat side bets and smart tables are structurally increasing hold percentages, raised dividend by 20%, and continued buybacks. Macau market share recovery is halfway, with expectations of further gains. No explicit numeric forward guidance was provided. Marina Bay Sands EBITDA $743M, record mass win $905M, on track to exceed $2.5B annual EBITDA target in 2025. 전체 분석 보기분석 접기

Las Vegas Sands reported a strong Q3 2025, driven by record Singapore performance (MBS EBITDA $743M, margins 51.7%) and sequential Macau improvement (EBITDA $601M). Management highlighted that baccarat side bets and smart tables are structurally increasing hold percentages, raised dividend by 20%, and continued buybacks. Macau market share recovery is halfway, with expectations of further gains. No explicit numeric forward guidance was provided. Marina Bay Sands EBITDA $743M, record mass win $905M, on track to exceed $2.5B annual EBITDA target in 2025.

  • Macau EBITDA $601M (ex-typhoon ~$620M), mass revenue up 25.4% YoY, margin improvement expected as revenue grows.
  • Smart table technology enabled new theoretical hold methodology for rolling baccarat in Singapore (now ~4.2%); rollout in Macau rolling tables within months.
  • LVS purchased $337M of Sands China (SEL) stock during Q3, increasing ownership to 74.76%.
Revenue $3.331B reported
EPS $0.78 reported
Gross margin 49.8% reported
Op margin 23.84% reported

이번 분기에 달라진 점

01
Guidance

Singapore MBS EBITDA far exceeds original $2.5B annual forecast

Guidance tone

02
Market Share

Macau market share recovery is only halfway to target

Marina Bay Sands EBITDA $743M, record mass win $905M, on track to exceed $2.5B annual EBITDA target in 2025.

03
Gaming Innovation

Smart tables reveal higher hold from side bets, now at 4.2%

Macau EBITDA $601M (ex-typhoon ~$620M), mass revenue up 25.4% YoY, margin improvement expected as revenue grows.

04
Capital Returns

Dividend increased 20% for 2026 as buybacks continue

Smart table technology enabled new theoretical hold methodology for rolling baccarat in Singapore (now ~4.2%); rollout in Macau rolling tables within months.

수요 및 자본지출

수요

수주 및 전환

Singapore's MBS is vastly outperforming prior expectations, while Macau is showing sequential improvement after strategic changes. Management is confident in continued growth, particularly in Singapore.

자본지출

투자 및 생산능력

Management is doubling down on high-return capital spending, notably the $8 billion IR2 investment in Singapore, which includes a new 15,000-seat arena to drive high-value tourism. They are also completing the rollout of smart table technology across Macau's rolling baccarat segment, which enhances measurement and gaming innovation.

톤 · Confident

Management is confident, citing record results in Singapore, a strategic pivot in Macau, and clear visibility into growth catalysts, while acknowledging the need for market growth to fully reach targets.

공급망 알파

A1

Baccarat side bets and smart tables are structurally raising the hold percentage in Singapore to ~4.2%, and the same technology rollout is being completed in Macau rolling tables within the next few months, which could lift Macau margins.

“This new approach has been enabled by the introduction of smart tables on our rolling baccarat games in Singapore. This technology has now been in place at our rolling baccarat tables in Marina Bay Sands for over one year.”
Patrick Dumont
A2

LVS is halfway through its Macau market share recovery, having adjusted marketing and reinvestment strategies, and expects further gains in Q4 and beyond.

“Probably we're halfway there, another half to go. But I think when you marry the market growth to our assets, to our new marketing programs, yes, we can get to our target.”
Robert 'Rob' Goldstein

기업 영향 분석

1928.HK
-24.2%
발표 이후
$18.42→$13.96
투자 대상

LVS is steadily increasing its stake in its Macau subsidiary Sands China Ltd., signaling confidence and potential future consolidation, which is relevant for SEL shareholders.

“during the third quarter and in July, we purchased $337 million of SEL stock increasing the company's ownership percentage of SEL to 74.76% as of today”
Patrick Dumont