Fri, Apr 25, 8:06 PM (17 days ago)
**Las Vegas Sands Corp. (LVS) Q1 2025 Financial Summary** **Financial Health:** - **Cash Position:** $3.04 billion in unrestricted cash and cash equivalents as of March 31, 2025. - **Debt:** $10.86 billion in total debt, with $2.99 billion in current maturities. - **Liquidity:** Access to $4.44 billion in available borrowing capacity from U.S., SCL, and Singapore revolving credit facilities. **Performance Metrics:** - **Revenue:** $2.86 billion, down 3.3% from $2.96 billion in Q1 2024. - **Casino Revenue:** $2.13 billion, down 4.5%. - **Rooms Revenue:** $324 million, down 1.8%. - **Food and Beverage Revenue:** $141 million, down 6.0%. - **Mall Revenue:** $186 million, up 6.9%. - **Convention, Retail, and Other Revenue:** $84 million, up 9.1%. - **Operating Income:** $609 million, down 15.3% from $717 million in Q1 2024. - **Net Income:** $408 million, down 30.0% from $583 million in Q1 2024. - **Earnings per Share (EPS):** $0.49, down from $0.66 in Q1 2024. **Profit Margins:** - **Operating Margin:** Approximately 21.3% (Operating Income / Net Revenue). - **Net Margin:** Approximately 14.3% (Net Income / Net Revenue). **Cash Flow:** - **Operating Cash Flow:** $526 million, down from $714 million in Q1 2024. - **Investing Cash Flow:** -$454 million, primarily due to $379 million in capital expenditures. - **Financing Cash Flow:** -$692 million, including $416 million in share repurchases and $179 million in dividends. **Earnings Changes:** - **Year-over-Year Decrease:** Net income decreased by $175 million, primarily due to lower operating income and higher interest expenses. **Quarterly Performance Discussion:** - **Macao Operations:** Decreased Non-Rolling Chip drop and win percentage, partially offset by increased Rolling Chip win percentage. - **Singapore Operations:** Decreased Rolling Chip win percentage and slot handle, partially offset by increased Non-Rolling Chip and slot win percentages. **Trends and Uncertainties:** - **Macao:** Increased visitation from mainland China and stable gross gaming revenue. - **Singapore:** Increased airlift passenger movement and stable total visitation. - **Uncertainties:** Potential legalization of online gaming in New York, ongoing litigation, and economic conditions. **Future Operations Impact:** - **Development Projects:** Continued investment in Macao and Singapore, including the MBS Expansion Project and room renovations. - **Share Repurchases and Dividends:** Continued share repurchases and quarterly dividends of $0.25 per share. - **Debt Management:** Compliance with debt covenants and strategic use of credit facilities.