Financial results for the second quarter of 2025 have been released for Sands China Ltd. (SCL), showing a modest increase in total net revenues. The company, a subsidiary of the New York Stock Exchange-listed Las Vegas Sands Corp. (LVS), reported total net revenues of US$1.79 billion, a 2.5 percent increase compared to the same period in 2024.
Despite the revenue growth, SCL’s net income for the second quarter of 2025 decreased to US$214 million, down from US$246 million in the second quarter of 2024. Adjusted property earnings before interest, taxes, depreciation, and amortization (EBITDA) for SCL stood at US$566 million, a slight increase from US$561 million in the prior year’s quarter.
According to casino industry website Inside Asian Gaming, company officials said during an earnings call that market share and EBITDA were below optimum and that SCL would be revamping its approach to customer service and relationships. The company says it targets an annualised EBITDA run-rate of US$2.7 billion – up from around US$2.2 billion currently.
Robert G. Goldstein, chairman and chief executive officer of LVS, also expressed enthusiasm for growth opportunities in both Macao and Singapore. He highlighted the ongoing capital investment programmes in both markets, reinforcing LVS’s “decades-long commitment” to enhancing Macao’s appeal as a business and leisure tourism destination.
[See more: Analysts forecast a second-half surge in Macao’s gross gaming revenue]
The financial report also detailed other contributing factors to the earnings. Net interest expense for SCL was US$194 million in the second quarter of 2025, compared to US$186 million in the corresponding quarter of 2024. The company’s weighted average debt balance increased to US$15.85 billion in the second quarter of 2025 from US$14.73 billion in the second quarter of 2024, while the weighted average borrowing cost slightly decreased to 4.8 percent from 5 percent.
In terms of shareholder returns, LVS purchased US$179 million of SCL common stock during the second quarter of 2025 and up to July 23, 2025. This acquisition of 87 million shares at an average price of HK$16.00 increased LVS’s ownership in SCL to approximately 73.4 percent as of 23 July.
Regarding its balance sheet, SCL drew down HK$12.75 billion (approximately US$1.64 billion) under its 2024 Term Loan Facility during the quarter. These funds, combined with cash on hand, were used to fully redeem the outstanding principal of US$1.63 billion of the 5.125 percent SCL Senior Notes due in August 2025, along with any accrued interest.
Capital expenditures for the second quarter totalled US$286 million, which included US$138 million for construction, development, and maintenance activities in Macao.
This article was drafted by AI before being reviewed by an editor.
