Sands China Ltd. (SCL) has released its financial results for the first quarter of 2025. The announcement reveals a decrease in total net revenues for the period.
On a US GAAP basis, total net revenues for SCL were US$1.7 billion for the first quarter, a 5.7 percent dip compared to the same period in 2024. Net income for SCL also saw a decline, coming in at US$202 million, compared to US$297 million in the first quarter of the previous year.
Despite these figures, Sands China’s adjusted property EBITDA (earnings before interest, taxes, depreciation, and amortisation) remained substantial at US$535 million for the first quarter of 2025.
The company’s financial results are tied to those of its controlling shareholder, Las Vegas Sands Corp. (LVS), which owns approximately 72 percent of SCL.
Robert G. Goldstein, chairman and chief executive officer of LVS, addressed the results and the company’s broader strategy. “We continued to execute our strategic objectives during the quarter,” Goldstein stated. He emphasised the company’s optimism about growth opportunities in both Macao and Singapore, particularly as they move forward with capital investment programs in both markets.
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In Macao, Goldstein acknowledged some softening of market growth recently. However, he highlighted Sands China’s “decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao.” He added that this long-term strategy supports Macao’s development as a world center of business and leisure tourism, which he believes positions the company well for future growth.
“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macao and Singapore,” Goldstein added. The figures released indicate ongoing financial activity, with capital expenditures totaling US$379 million during the quarter, including US$197 million directed toward construction, development, and maintenance activities in Macao.
Interest expenses for the quarter were reported at US$174 million, a slight decrease from the previous year.
