Las Vegas Sands (NYSE: LVS) reported its first-quarter earnings after the US market closed today, revealing strong financials and a major boost to its share repurchase program.
The company said it will nearly double the size of its previously authorized buyback plan to $2 billion. “The timing and actual number of shares to be repurchased will depend on factors including our financial position, earnings, legal requirements, other investment opportunities, and market conditions,” the statement noted.
This marks the third time since October 2023 that Sands has expanded its repurchase efforts. The company has ample liquidity to support the move, finishing the quarter with $3.04 billion in unrestricted cash—about 14.2% of its $24 billion market cap.
Sands Follows Through on Buyback Commitments
The expanded program aligns with a broader trend in the gaming industry, where several operators are favoring share repurchases as a shareholder-return strategy. Buybacks often offer tax advantages over dividends, and companies are not required to repurchase the full amount authorized.
Sands, however, is acting on its commitments. In the first quarter of 2025, the company repurchased approximately 10 million shares for $450 million at an average price of $44.59. With the stock down 32.54% amid tariff uncertainty between the US and China, the repurchases suggest management sees attractive value.
Sands China, the company’s Macau arm, has felt pressure this year as trade tensions weigh on the local gaming industry.
Macau Faces Headwinds, Singapore Shines
Despite the buyback announcement, Las Vegas Sands shares dipped in after-hours trading after reporting first-quarter adjusted EBITDA of $535 million in Macau—reduced by roughly $10 million due to low hold in rolling play.
“In Macao, while market growth has softened, our longstanding investment strategy to strengthen the region’s business and leisure tourism appeal positions us well for the future,” said CEO Robert Goldstein.
Singapore delivered stronger results. Marina Bay Sands recorded adjusted property EBITDA of $605 million for the March quarter, continuing its reliable performance.
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