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Las Vegas Sands Earnings Calls
| Release date | Oct 22, 2025 |
| EPS estimate | $0.617 |
| EPS actual | $0.780 |
| EPS Surprise | 26.42% |
| Revenue estimate | 3.053B |
| Revenue actual | 3.331B |
| Revenue Surprise | 9.11% |
| Release date | Jul 23, 2025 |
| EPS estimate | $0.531 |
| EPS actual | $0.790 |
| EPS Surprise | 48.78% |
| Revenue estimate | 2.84B |
| Revenue actual | 3.175B |
| Revenue Surprise | 11.78% |
| Release date | Apr 23, 2025 |
| EPS estimate | $0.568 |
| EPS actual | $0.590 |
| EPS Surprise | 3.87% |
| Revenue estimate | 2.883B |
| Revenue actual | 2.862B |
| Revenue Surprise | -0.716% |
| Release date | Jan 29, 2025 |
| EPS estimate | $0.575 |
| EPS actual | $0.540 |
| EPS Surprise | -6.09% |
| Revenue estimate | 2.853B |
| Revenue actual | 2.896B |
| Revenue Surprise | 1.51% |
Last 4 Quarters for Las Vegas Sands
Below you can see how LVS performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Jan 29, 2025 |
| Price on release | $43.43 |
| EPS estimate | $0.575 |
| EPS actual | $0.540 |
| EPS surprise | -6.09% |
| Date | Price |
|---|---|
| Jan 23, 2025 | $43.45 |
| Jan 24, 2025 | $43.50 |
| Jan 27, 2025 | $43.45 |
| Jan 28, 2025 | $43.23 |
| Jan 29, 2025 | $43.43 |
| Jan 30, 2025 | $48.24 |
| Jan 31, 2025 | $45.83 |
| Feb 03, 2025 | $44.93 |
| Feb 04, 2025 | $44.53 |
| 4 days before | -0.0460% |
| 4 days after | 2.53% |
| On release day | 11.08% |
| Change in period | 2.49% |
| Release date | Apr 23, 2025 |
| Price on release | $34.65 |
| EPS estimate | $0.568 |
| EPS actual | $0.590 |
| EPS surprise | 3.87% |
| Date | Price |
|---|---|
| Apr 16, 2025 | $31.86 |
| Apr 17, 2025 | $32.77 |
| Apr 21, 2025 | $32.56 |
| Apr 22, 2025 | $33.94 |
| Apr 23, 2025 | $34.65 |
| Apr 24, 2025 | $36.61 |
| Apr 25, 2025 | $35.89 |
| Apr 28, 2025 | $36.04 |
| Apr 29, 2025 | $36.57 |
| 4 days before | 8.76% |
| 4 days after | 5.54% |
| On release day | 6.49% |
| Change in period | 14.78% |
| Release date | Jul 23, 2025 |
| Price on release | $48.69 |
| EPS estimate | $0.531 |
| EPS actual | $0.790 |
| EPS surprise | 48.78% |
| Date | Price |
|---|---|
| Jul 17, 2025 | $48.93 |
| Jul 18, 2025 | $48.67 |
| Jul 21, 2025 | $48.27 |
| Jul 22, 2025 | $48.52 |
| Jul 23, 2025 | $48.69 |
| Jul 24, 2025 | $50.79 |
| Jul 25, 2025 | $52.41 |
| Jul 28, 2025 | $52.49 |
| Jul 29, 2025 | $52.34 |
| 4 days before | -0.490% |
| 4 days after | 7.50% |
| On release day | 4.31% |
| Change in period | 6.97% |
| Release date | Oct 22, 2025 |
| Price on release | $50.62 |
| EPS estimate | $0.617 |
| EPS actual | $0.780 |
| EPS surprise | 26.42% |
| Date | Price |
|---|---|
| Oct 16, 2025 | $49.14 |
| Oct 17, 2025 | $48.54 |
| Oct 20, 2025 | $49.73 |
| Oct 21, 2025 | $50.62 |
| Oct 22, 2025 | $50.62 |
| Oct 23, 2025 | $56.89 |
| Oct 24, 2025 | $57.60 |
| Oct 27, 2025 | $59.44 |
| Oct 28, 2025 | $58.20 |
| 4 days before | 3.01% |
| 4 days after | 14.97% |
| On release day | 12.39% |
| Change in period | 18.44% |
Las Vegas Sands Earnings Call Transcript Summary of Q3 2025
Key points for investors:
- Marina Bay Sands (MBS) delivered exceptional results: Q3 EBITDA of $743 million and MBS is on track to exceed prior guidance of $2.5 billion for 2025 (currently over $2.1B year-to-date with one quarter remaining). Strong mass gaming/slots performance and higher effective hold (measured via smart tables) materially boosted results. Management views the Singapore opportunity as durable and still in early innings, and is investing materially (including an $8B IR2 project).
- Macau showed meaningful improvement: consolidated Macau EBITDA was $601 million (reduced by ~ $20M from a typhoon). Management acknowledges past underperformance, has shifted marketing/reinvestment tactics since Q2 2025 and reports early share gains (mass market share and improving month-to-month trends). Londoner is trending toward meaningful EBITDA contribution and further share gains are expected as changes continue to roll out.
- Hold/house edge dynamics: Introduction and measurement via smart tables (initially on rolling baccarat) revealed higher theoretical hold (VIP ~4.1–4.2% reported). Management attributes higher hold primarily to changes in player betting behavior—greater uptake of higher-house-edge side bets—rather than the technology itself. Rollout into more tables/markets (including Macau) is planned.
- Capital allocation: Active buybacks and dividend increase. LVS repurchased $500M of parent stock in the quarter and raised its quarterly dividend by 20% for 2026 to $0.30 per share ($1.20 annualized). Sands China (SCL) repurchases increased LVS’s SCL stake to ~74.76%. Management remains focused on returning capital when attractive growth investments are not preferred.
- Competitive posture and outlook: Management is reinvesting selectively in Macau to regain competitiveness (tactical incentives, distribution changes). They emphasize that Macau recovery requires broader market GGR growth (not just operator actions). Overall tone: confident on Singapore’s sustainability and upside, constructive and improving in Macau but still a work in progress, and shareholder-friendly on capital returns.
