Las Vegas Sands has reported the operator's financial results for the third quarter of 2025, having increased both net revenue and net income by 24.2% and 39.1%, respectively, for totals of $3.3bn and $491m throughout the quarterly period. The operator's adjusted EBITDA also witnessed an increase from the prior year period, rising 34.6% to $1.3bn for Q3 2025.
For operating income, Las Vegas Sands generated $719m for Q3 2025, equating to an increase of 42.7%, while revenues from the operator's casino, rooms, food & beverage and mall verticals each witnessed growth year-over-year.
Casino operations produced $2.5bn of Las Vegas Sands' total net revenue for the third quarter of 2025 and rose 29.4%, followed by the operator's hotel rooms revenue which increased 19.1% to $374m.
Food & beverage and mall operations reported Q3 2025 revenues of $165m and $199m, respectively, representing increases of 7.9% and 5.3% from the prior year period. Convention, retail and other, the only vertical which saw a decrease in revenue for Q3 2025, fell 4.4% to produce $87m of revenue for Las Vegas Sands.
"Our financial strength and industry-leading cash flow continue to support our 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," Las Vegas Sands Chairman and CEO Robert Goldstein said.
"We repurchased $500m of LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders."
Operating expenses for Las Vegas Sands throughout the third quarter of 2025 totaled $2.6bn, which represents an increase of 19.9% from the costs reported for Q3 2024 but seemingly had little effect on the operator's performance for the period. Marina Bay Sands generated an adjusted EBITDA of $743m for Q3 2025, equating to a rise of 2.7%, while net revenue increased 56.3% to just over $1.4bn.
Las Vegas Sands reported $1.9bn from its Macau operations for Q3 2025, having risen by 7.6% and driven by the operator's Venetian Macao property which reported a quarterly revenue of $692m. The Venetian Macao reported no change in revenue year-over-year, but its adjusted EBITDA fell 9.4% for a total of $242m throughout the third quarter of 2025, which still represents the highest figure produced by Macao properties.
The Londoner Macao managed to increase its revenue for Q3 2025 by 49.1%, reporting $686m and having been the only Las Vegas Sands property in Macao to witness a rise in net revenue from the prior year period. The Parisian Macao and operations from The Plaza and Four Seasons Macao reported net revenue decreases of 12.8% and 19.8%, respectively, for totals of $218m and $206m produced throughout Q3 2025.
Sands Macao generated $72m of revenue and $8m of adjusted EBITDA for Q3 2025, but the figures still equate to decreases of 11.1% and 42.9%, respectively, year-over-year. The Londoner Macao also reported an increase in adjusted EBITDA for the third quarter of 2025, having grown 76.6% for a total of $219m.
The Parisian Macao produced an additional $53m of adjusted EBITDA for Las Vegas Sands, representing a decrease of 28.4%, while The Plaza and Four Seasons Macao reported a Q3 2025 adjusted EBITDA of $74m and decreased 27.5%.
On October 6, Las Vegas Sands ceased operations of its short-lived digital arm after an internal review concluded the project was no longer "aligned with the company's core long-term objectives."
Moving forward, the operator stated it will continue to concentrate on the land-based enterprises currently residing in Macau and Singapore.
Las Vegas Sands broke ground on its $8bn resort and entertainment project in Singapore on July 15, featuring a 570-suite hotel tower, 200,000 sq ft of meeting space and a purpose-built 15,000-seat arena
