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LAS VEGAS - Las Vegas Sands Corp. (NYSE:LVS) reported first quarter 2025 results that fell short of analyst expectations, as revenue declined in its key Macao market.
The casino operator posted adjusted earnings per share of $0.59, missing the consensus estimate of $0.60. Revenue came in at $2.86 billion, below analyst projections of $2.94 billion and down 3.3% from $2.96 billion in the same quarter last year.
The company’s Macao operations saw revenue decline 5.6% year-over-year to $1.71 billion, driven by lower casino revenue at its flagship Venetian Macao property. Marina Bay Sands in Singapore was a bright spot, with revenue edging up slightly to $1.16 billion.
"While market growth has softened in the current environment, our decades-long commitment to investing in Macao positions us well for future growth," said CEO Robert Goldstein.
Las Vegas Sands repurchased $450 million of its stock during the quarter and increased its share repurchase authorization to $2 billion. The company maintained its quarterly dividend of $0.25 per share.
Despite the earnings miss, adjusted property EBITDA of $1.14 billion came in only slightly below last year’s $1.21 billion. The company said low hold on rolling play in Macao negatively impacted EBITDA by $10 million in the quarter.
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