Las Vegas Sands Q2 Profit Grows on Singapore Boost

Las Vegas Sands had a strong second quarter, and Singapore deserves most of the credit. The company’s Marina Bay Sands resort helped push profit higher than expected, even as Macau showed mixed results.

While total revenue climbed 15% to $3.18 billion, the standout was Singapore, where both revenue and EBITDA hit new records. The performance helped offset slower growth in other regions and gave the company enough momentum to move forward with major new projects.

Good to know

• Q2 net profit rose 22.4% to $519 million, mainly due to Marina Bay Sands.
• Singapore revenue jumped 36% to a record $1.4 billion.
• Las Vegas Sands is investing $8 billion in a second resort in Singapore.

The numbers out of Marina Bay Sands were impressive. Revenue climbed to $1.4 billion—up 36% year-over-year—while adjusted property EBITDA soared 50% to $768 million. That strength helped the company beat analyst expectations, which had pegged quarterly income closer to $2.83 billion.

Macau, on the other hand, delivered a more subdued update. Net revenue for Sands China rose just 2.5% to $1.8 billion, while net income dropped 13% to $214 million. EBITDA in the region was nearly flat, gaining just under 1%. Only the Londoner Macao property showed strong momentum, growing casino profits from $318 million to $495 million. Analysts at Jefferies linked the gains to higher margins and the completion of a major $1.2 billion renovation that reopened all hotel rooms.

CEO Robert G. Goldstein remained optimistic, stating:

“We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore as we realize the benefits from our recently completed capital investment programs in both markets.”

That forward-looking tone is backed by action. Las Vegas Sands has broken ground on a new $8 billion resort in Singapore. Separate from Marina Bay Sands, the new development will include an all-suite 55-story hotel, casino space, luxury shopping, and over 200,000 square feet for meetings and events. The rooftop Skyloop, spanning 76,000 square feet, adds to its high-end features. The project is designed to help Singapore meet its “Tourism 2040” target of tripling revenue from business and event travel.

Meanwhile, the company has decided to step back from its casino plans in New York. It pulled out of a $4 billion bid for a casino at Nassau Coliseum, citing ongoing concerns about how legalized online gambling might hurt brick-and-mortar revenues. After securing a 42-year lease to replace the earlier one that was overturned in court, the company opted to redirect funds into buying back stock. In Q1 alone, it repurchased $450 million worth of shares.

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