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- **Singapore Dominance**: Record $743M Q3 EBITDA, 4.2% hold rate driven by side bets, and $2.1B+ annual EBITDA trajectory. Smart tables enable precise margin optimization. 
- **Macau Turnaround**: 25.4% mass market share, Londoner on $1B+ track, and $2.7B+ EBITDA target. GGR growth and reinvestment fuel recovery. 
- **Capital Returns**: $500M buybacks, 20% dividend hike, and $8B IR2 investment highlight shareholder focus. 
- **Technology Edge**: Smart tables in Macau rolling out, replicating Singapore's success and driving margin expansion.

**【CEO Summary Section】**
- **Singapore (Marina Bay Sands)**: Q3 EBITDA of $743 million, exceeding the annual forecast of $2.5 billion. Mass gaming revenue reached $905 million, up 35% YoY and 122% vs. Q3 2019. Smart table technology drove a record 4.2% hold rate in rolling baccarat, reflecting customer preference for side bets. The property is on track to surpass $2.1 billion annual EBITDA in 2025.
- **Macau**: Q3 EBITDA of $601 million (typhoon-impacted), with mass market share rising to 25.4% vs. 23.6% in Q1. The Londoner is expected to reach $1 billion+ EBITDA, while the broader Macau market GGR is growing. Management attributes progress to strategic reinvestment and marketing adjustments.

**【CFO Financial Commentary】**
- **Capital Allocation**: $500 million in LVS share buybacks and $337 million in Sands China Limited (SCL) purchases, increasing ownership to 74.76%. Dividend increased 20% to $0.30 per quarter starting 2026. 
- **Margins & Growth**: Singapore EBITDA margin 51.7%, Macau 31.5% (down 160bps YoY due to reinvestment). Mass market revenue mix in Macau rose to 25.4% Q3 vs. 23.6% Q1.

**【Q&A Key Highlights】**
- **Smart Table Technology**: Singapore's 4.2% hold rate reflects side bet popularity, with similar rollouts planned in Macau. Technology enables precise measurement of side bets, driving margin expansion. 
- **Macau Recovery**: GGR growth in 2025 expected to continue, with management targeting $2.7 billion+ EBITDA. Londoner Grand Casino and reinvestment programs are key growth drivers. 
- **Singapore Sustainability**: Management views $3 billion+ annual EBITDA as achievable, citing unique asset quality and high-end tourism demand. $8 billion IR2 development reinforces long-term commitment.

Las Vegas Sands Corp. (LVS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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LVS

LVS fundamentals

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