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Sands China (1928) investor relations material
Sands China H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary15 Aug, 2025
Executive summary
Net revenues for H1 2025 were US$3.49 billion, down 1.7% year-over-year, mainly due to a 3.0% drop in casino revenues amid increased competition in Macao.
Adjusted property EBITDA for H1 2025 was US$1.10 billion, down 5.9% year-over-year, reflecting lower casino and food and beverage revenues.
Profit for H1 2025 was US$413 million, a 23.7% decline from US$541 million in H1 2024.
The Londoner Grand conversion was completed in Q1 2025, adding 2,405 rooms and suites and enhancing the property’s competitive positioning.
Interim dividend of HK$0.25 per share (US$0.032) declared, totaling US$258 million, payable September 2025.
Financial highlights
Casino revenues fell 3.0% year-over-year to US$2.62 billion, with declines at The Venetian Macao, The Parisian Macao, and Sands Macao, partially offset by growth at The Londoner Macao.
Room revenues increased 3.3% to US$406 million, driven by higher occupancy and revenue per available room.
Mall revenues rose 7.8% to US$249 million, mainly due to higher overage and base rents.
Food and beverage revenues declined 8.9% to US$123 million, mainly from lower banquet and outlet volumes.
Operating expenses increased 1.5% to US$2.91 billion, driven by higher employee benefits, FX losses, and depreciation.
Net finance costs decreased 11.4% to US$195 million, reflecting lower borrowings and interest rates.
Basic and diluted EPS for H1 2025 were US5.10 cents, down from US6.69 cents in H1 2024.
Outlook and guidance
The company continues to focus on reinvesting in its integrated resort portfolio and enhancing offerings to remain competitive.
Management expects sufficient liquidity and borrowing capacity to meet financial covenants, obligations, and fund planned capital expenditures.
Macao visitation from mainland China rose 19.3% and gross gaming revenue increased 4.4% year-over-year for H1 2025.
Explain the decrease in casino revenues.
Assess the impact of LVS Term Loan repayment.
How does VML ensure concession investment compliance?
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Next Sands China earnings date
H2 202520 Feb, 2026
Next Sands China earnings date
H2 202520 Feb, 2026
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Frequently asked questions
Sands China Ltd. is a Macau-based integrated resort developer and operator, focused on providing a range of hospitality, gaming, and entertainment services. The company’s portfolio includes large-scale resorts that combine casino gaming with luxury hotels, retail, dining, convention facilities, and entertainment venues. Serving both leisure and business travelers, Sands China contributes to Macau’s tourism industry with properties that cater to diverse experiences, from luxury shopping to world-class entertainment events. The company is headquartered in Macau, China, and its shares are listed on the Hong Kong Stock Exchange.
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