In its earnings call announcing its financial report for the quarter ending March 31, 2025, Las Vegas Sands (LVS) declared it was revoking its bid for a New York City casino licence.
As reported in Fantini’s Gaming Report, COO Patrick Dumont said that “while LVS continues to strongly believe in the development opportunities for land-based downstate casino licences in New York City, management feels the Nassau Coliseum site is the best location.
“The company also remains concerned about the impact of potential igaming legalisation on the overall market opportunity and project returns.”
Dumont then announced LVS is “in the process of attempting to secure an agreement with a third party that can take over the bid for a casino licence at the Coliseum site that could also take advantage of digital gaming.”
LVS announced a net revenue for the quarter of US$2.86bn, with a net income of $408m, a significant decrease from the Q1 2024 figures of $2.96bn and $583m respectively.
Consolidated adjusted property EBITDA was $1.14bn, down from $1.21bn year on year.
"We continued to execute our strategic objectives during the quarter. We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programmes in both markets," said Robert G. Goldstein, chairman and chief executive officer.
"In Macao, while market growth has softened in the current environment, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world centre of business and leisure tourism positions us well for future growth.
"In Singapore, Marina Bay Sands continued to deliver outstanding financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.
"Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programmes in both Macao and Singapore, our pursuit of growth opportunities in new markets and our programme to return excess capital to stockholders.
"We repurchased $450m of LVS shares under our share repurchase programme during the quarter. We look forward to utilising our share repurchase programme to continue to return excess capital to stockholders."
