Las Vegas Sands Q3 Results Show Strong Asia Rebound, US Digital Retreat

Las Vegas Sands (LVS) reported a sharp rise in third-quarter earnings, including a more than 24% year-over-year increase in net revenue, underscoring the strength of its Asia-focused casino portfolio and continued momentum in Singapore.

The results come as the company winds down its short-lived digital-gaming venture and pours resources into a long-term US expansion push in Texas.

Revenue & Earnings Surge

For the quarter ending Sept. 30, 2025, Sands reported net revenue of $3.33 billion, up from $2.68 billion a year ago. Net income rose 39% to $491 million from $353 million. Meanwhile, consolidated adjusted property EBITDA climbed 35% to $1.34 billion from $991 million.

Sands China Ltd., the company’s Macau-based arm, generated $1.90 billion in net revenue, representing a 7.5% year-over-year increase. The flagship Marina Bay Sands property in Singapore posted adjusted property EBITDA of $743 million. That was driven by continued growth in premium tourism and higher gaming volumes.

In a press release, Chief Executive Officer Robert G. Goldstein said: “We remain enthusiastic about our growth opportunities in both Macao and Singapore, and our investments in property enhancements and service offerings position us for continued expansion as travel and tourism spending in Asia grows.”

Buybacks & Dividends Extended

LVS repurchased roughly 9 million shares in Q3 for about $500 million at an average price of $54.39 per share. The board extended its share-repurchase authorization to $2 billion through 2027. It also increased its annual dividend to $1.20 per share (30 cents per quarter), effective in 2026.

The moves signal confidence in cash flow strength, especially after Las Vegas Sands recorded one of its best EBITDA margins since pre-pandemic levels. However, a portion of the margin boost was due to “high hold on rolling play” — a higher-than-average win rate on table games. That contributed $43 million in Singapore and $2 million in Macau, according to the company’s filing.

Asia’s Growth Story

Singapore remains a cornerstone of Sands’ success. The upgraded suite products and convention facilities at Marina Bay Sands have continued to attract high-end tourists and business travelers. The property’s revenue is 4.7 percent above the June quarter. Macau, though more volatile, showed sequential improvement amid sustained mass-market play.

The company’s regional gains underscore the success of its pivot away from the US, following the $6.25 billion sale of its Las Vegas assets in 2022.

Digital Gaming Shuttered

Earlier this month, LVS announced it would shut down Sands Digital Services (SDS), the in-house digital arm. The company established SDS in 2022, following the death of its founder and CEO, Sheldon Adelson. Its goal was to explore online gaming and technology development. Sands’ decision will result in approximately 300 to 400 layoffs, including 150 in Las Vegas.

President and COO Patrick Dumont said in a company memo that “investments in SDS were made with the understanding there would be multiple points in the process where we would assess the most pragmatic path forward.”

The retreat marks a clear departure from rivals like MGM Resorts International, whose BetMGM online brand continues to deliver strong results. Sands’ focus remains firmly on its integrated resort model and Asian luxury markets.

Sands Still Eyeing Texas Expansion

While withdrawing from digital channels, Sands continues to push for a return to physical presence in the US. While it considered a New York City-area casino, it has now turned its focus solely to Texas.

LVS’s Texas Sands PAC, which advocates for the legalization of commercial casinos in the state, holds over $9.3 million in cash ahead of the 2026 elections. The company is likely to increase its political spending to support candidates who are more receptive to a potential Texas resort license.

Analyst & Market Reaction

LVS’s stock jumped more than 6% in after-hours trading following the earnings release. Analysts cited the better-than-expected earnings and revenue — EPS of $0.78 versus expectations of around $0.60. They also noted stronger-than-expected results from Marina Bay Sands and Sands China as key drivers.

Zacks and Nasdaq both highlighted the positive surprises in earnings (+25.8%) and revenue (+10.4%). Meanwhile, financial outlets, including The Wall Street Journal, noted that investors were rewarding the company’s investment-led gains in Macau and Singapore.

The broader takeaway is that Las Vegas Sands’ first strategy remains the market’s preferred narrative. At the same time, the firm is distancing itself from the digital gaming sector.