struggles with subpar performance in Macau, an issue the company is striving to resolve
Las Vegas Sands (LVS) is implementing a series of strategies to regain market share in Macau and improve EBITDA, focusing on aggressive customer reinvestment, capital upgrades, and financial discipline.
Renovating and Expanding Properties in Macau
Notable among these efforts is the renovation and expansion of properties in Macau, particularly The Londoner Macao. The recent renovations contributed to a 44.6% revenue growth and a 99% EBITDA increase in Q2 2025 for The Londoner Macao. In contrast, properties like The Parisian Macao experienced declines, underscoring the importance of renovation and repositioning for performance restoration.
Boosting Suite Capacity and Enhancing Room Quality
LVS is also increasing suite capacity and enhancing room quality through completed capital investment programs designed to improve customer experience and attract high-value mass gamers.
Aggressive Marketing and Operational Improvements
The company is boosting gaming revenues via aggressive marketing and operational improvements. This approach led to a 19% increase in Q2 2025 gaming revenue, although the EBITDA increase was modest at $5 million, reaching $566 million, and a slight margin contraction (31.5%) compared to the prior year.
Strengthening Financial Position
LVS is strengthening its financial position by increasing ownership in Sands China Ltd. to 73.4%, enabling better operational control. The company also undertook a $1.64 billion debt refinancing to reduce interest expenses and extend maturities, providing more capital flexibility for investments and shareholder returns such as share repurchases (e.g., $800 million repurchased in Q2 2025).
Balancing Short-term Recovery with Long-term Growth
LVS is balancing short-term Macau recovery with long-term growth, including ongoing developments in Singapore’s Marina Bay Sands as a growth engine, while continuing to reinvest in Macau assets to sustain market share in one of the world’s most competitive gaming markets.
Singapore's Marina Bay Sands Performance
In Singapore, Sands' Marina Bay Sands property achieved a margin of 55.3%. The EBITDA for Macau was $566 million, indicating underperformance compared to the Marina Bay Sands property's second quarter adjusted earnings of $768 million. However, President and Chief Operating Officer Patrick Dumont mentioned that Macau's EBITDA would have been $7 million lower but for a higher-than-expected hold.
The Londoner's Improved Performance
The Londoner, a property in Macau, is moving towards an annualized EBITDA of $1 billion. The property has seen exceptional customer feedback and is expected to yield better results.
Future Plans for Macau
Goldstein has changed the approach to increase market share and EBITDA in Macau, while remaining market sensitive. Sands China intends to drive better improvements and recapture market share in the coming quarters. The company also aims to adjust reinvestment levels according to product and product mix in the rest of the portfolio.
Grant Chum, CEO of Sands China, started a more aggressive customer reinvestment program in April. This program is expected to contribute to the continued improvement of LVS's performance in Macau.
With these strategies in place, LVS aims to reverse Macau underperformance, rebuild market share, and support sustainable EBITDA expansion despite competitive pressures. The company also expects the Marina Bay Sands property in Singapore to reach earnings of $2.5 billion for the full year. The property achieved a mass gaming revenue rise of 8% during the quarter, with mass gaming at the Marina Bay Sands up 97% since Q2 2019 and over 40% since Q2 2024.
In addition to focusing on increased capital investment for property improvements in Macau, Las Vegas Sands (LVS) is escalating customer reinvestment, aiming to boost Casino-and-gambling revenues through aggressive marketing and operational improvements, specifically targeting high-value mass gamers.
Following the success of The Londoner Macao, which experienced a 44.6% revenue growth and a 99% EBITDA increase in Q2 2025, LVS is expanding suite capacity and enhancing room quality across its Macau properties to further attract high-value customers and solidify their position in the competitive casino-games market of Las Vegas.
