Las Vegas Sands (LVS) FY2025 results: revenue $13.0 billion, up 15.2% on the year

Las Vegas Sands develops and operates destination properties it calls Integrated Resorts, combining accommodation, gaming, entertainment, retail malls, convention and exhibition facilities and restaurants. The resorts are in Macao and Singapore. The company was incorporated in Nevada in August 2004 and its executive office is in Las Vegas. It directly employs approximately 41,500 people worldwide, about 41,000 of them full-time, and hires temporary staff as needed. Operating segments follow the properties: The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, and Sands Macao in Macao, plus Marina Bay Sands in Singapore, alongside ferry operations and other activities ancillary to the Macao properties. The Macao resorts are held through a 74.80 percent ownership of Sands China Ltd.

The Macao properties

The Venetian Macao anchors the Cotai Strip, the company's master-planned development across approximately 140 acres. It carries approximately 503,000 square feet of gaming space and support area with approximately 659 table games and 1,137 slot machines and electronic table games, a 39-floor hotel tower with 2,905 suites, the Shoppes at Venetian at approximately 960,000 square feet with 359 stores and 66 restaurants and food outlets, approximately 1.2 million square feet of convention and meeting space, an 1,800-seat theatre and the 14,000-seat Venetian Arena. The Londoner Macao is the largest of them, across the street, carrying replicas of the Houses of Parliament and the Elizabeth Tower and four hotel towers: Londoner Court with 368 suites and 400 St. Regis rooms and suites, 659 Conrad rooms and suites, The Londoner Hotel with 594 London-themed suites, and the Londoner Grand with 2,405 rooms and suites as Macao's first Marriott International Luxury Collection hotel. It has approximately 400,000 square feet of gaming space with approximately 500 table games and 1,285 slots and electronic table games, approximately 358,000 square feet of meeting space and the 6,000-seat Londoner Arena. The Parisian Macao has approximately 272,000 square feet of gaming space with approximately 255 table games and 1,008 slots and electronic table games, 2,541 rooms and suites, the Shoppes at Parisian with 101 stores, and a half-scale re-creation of the Eiffel Tower with a viewing platform and restaurant. The Plaza Macao and Four Seasons Macao has approximately 108,000 square feet of gaming space with approximately 106 table games, 360 rooms and suites managed by FS Macau Lda., the Grand Suites at Four Seasons with 289 suites, the Shoppes at Four Seasons with 136 stores, and 19 Paiza Mansions available by invitation only. Sands Macao, the first U.S. operated Las Vegas-style casino in Macao, sits near the Macao-Hong Kong Ferry Terminal and has approximately 176,000 square feet of gaming space with approximately 160 table games and 257 slots and electronic table games, plus a 289-suite hotel tower.

Marina Bay Sands

The Singapore property has three 55-story hotel towers with 1,844 rooms including 775 suites, topped by the Sands SkyPark, an outdoor recreation area with a 150-metre infinity pool. It holds approximately 157,000 square feet of gaming space with approximately 568 table games and 3,000 slots and electronic table games, approximately 794,000 square feet at The Shoppes at Marina Bay Sands, an event plaza and promenade, an art and science museum, approximately 1.2 million square feet of meeting and convention space, and a theatre.

Where the cash comes from

The Macao and Singapore resorts contributed 44 percent and 56 percent respectively of total adjusted property EBITDA during 2025, drawn from both gaming and non-gaming sources including retail malls, hotel, food and beverage, entertainment, and meetings, incentives, conventions and exhibitions. Within gaming the focus is the mass market rather than VIP play: the filing states that the combined Sands China properties have the highest percentage of gaming win from mass tables and slots of the Macao operators, that management estimates mass market table revenues carry a substantially higher gross margin than VIP table revenues, and that mass tables and slots have contributed approximately two-thirds of gross gaming revenue at Marina Bay Sands over the previous five years.

The two concessions

Gaming in the Macao properties runs under a 10-year concession that expires in December 2032, and the gaming area in Singapore under a 30-year casino concession provided by a development agreement entered into in August 2006. Planned development includes the capital and operating investment required as part of the Macao concession, and the renovation and expansion of Marina Bay Sands. Visitation to Macao was approximately 40 million in 2025, up 14.7 percent on 2024.

From Las Vegas Sands' annual report on Form 10-K for the year ended 31 December 2025. The filing carries no Item 1 or Item 7 heading in its body, using a cross-reference index at the back instead, so nothing here was located by section name. The filing

Written from the 10-K filed 6 February 2026: read the full 10-K.