Las Vegas Sands (LVS) Bernstein 41st Annual Strategic Decisions Conference 2025 summary

Macro environment and market dynamics

• Post-COVID recovery in Asia has lagged behind the U.S., with Macau facing a more uncertain and challenging environment, especially in terms of consumer sentiment and incentives.

• Tariffs and U.S.-China relations are concerns but not the primary drivers of business volatility; broader economic and structural factors are more impactful.

• No significant anti-U.S. sentiment has been felt in Macau or Singapore, and the business is seen as local by authorities.

• Macau visitation has recovered, but spend per visitor remains below pre-pandemic levels, with the market stalling and competition intensifying.

• The demise of the junket segment and the rise of online gambling have altered Macau's market structure.

Strategic investments and property performance

• Significant capital investments continue in Macau, with the Londoner now fully open and ongoing upgrades at other properties.

• Returns on recent investments have not met expectations, but there is long-term confidence in asset-based strategy and quality-driven returns.

• Hotel capacity in Macau is strong, with demand for more sleeping rooms to drive gaming revenue; non-gaming amenities are seen as essential.

• Expansion in Macau is likely to focus on non-gaming hotel properties rather than new gaming hotels.

Singapore market outlook

• Singapore is described as a thriving, high-end market attracting affluent customers from across Asia, with strong gaming and non-gaming revenues.

• EBITDA in Singapore exceeds $600 million per quarter, with expectations for further growth and a new luxury property breaking ground soon.

• The new Singapore property will be ultra-luxury, with high costs justified by market demand; opening is expected in the early 2030s.

• Non-gaming revenue in Singapore is robust, with high spend per room and retail square foot.