The Londoner becomes key growth driver for Sands China

Las Vegas Sands Corp. (LVS) reported its second-quarter earnings last week, with net revenue climbing to USD3.18 billion, a 15.2% increase year over year, fueled by boosted performance at Singapore’s Marina Bay Sands and signs of recovery in Macau led by the Londoner Grand.

The company, however, acknowledged challenges in its Macau market strategy and pledged strategic adjustments to regain competitive ground. “We believed our buildings would be enough. We were wrong,” Goldstein said.

Sands China Ltd. (SCL) saw its net revenues grow by 2.5% year over year and 5.3% sequentially to $1.79 billion in the three months ending June 30, 2025.

Gross gaming revenue in Q2 2025 benefited from both improved citywide visitation and an active event calendar, with sequential growth in base mass and premium segments supported by the Greater Bay Area, the company stated.

Grant Chum, chief executive officer, president, and executive director of SCL, highlighted early positive outcomes, saying on late last week’s earnings call, “Overall visitation has been very strong […] results for April and May are up by over 20% year over year.”

The Londoner Grand, with its full suite of 2,450 rooms operational since April, recorded a 44.6% year-over-year increase in net revenues, reaching $642 million. The property’s casino revenues rose 55.7% to $495 million, while adjusted EBITDA doubled from the prior year to $205 million.

In contrast, The Parisian Macao suffered the sharpest declines. Net revenues fell 26.8% year over year and 14.5% quarter over quarter to $194 million. Adjusted EBITDA dropped nearly 50% to $44 million, as casino revenues decreased 30.9% to $143 million.

Other Macau properties also saw setbacks. The Plaza and Four Seasons experienced a 22.4% decline in net revenues, dropping to $194 million, while Sands Macao’s net revenues fell 10.1% to $71 million.

Goldstein stated: “Around late April, we started to implement a more aggressive customer reinvestment program (in Macau). And I think we are seeing some encouraging initial results from those increased levels of reinvestment as we get into May and June […] We are also looking at opportunities for us to perform better from our smaller properties — Parisian and Sands.”

Seaport Research Partners analyst Vitaly Umansky recently commented that Sands is “catching up” to peers in Macau on reinvestment levels, increasing mass player reinvestment by 160 basis points.

“Competition for premium players remains tough, with high-end premium in particular driving the high reinvestment in the market,” the analyst said in his latest report.

Though competition in the premium sector remains tough, Sands is reallocating business from Venetian to Londoner, where market share has risen by 1.2% to 8.5%.

“Sands has migrated some premium business from the Venetian to the Londoner, helping the new property ramp up,” said the analyst.

Umansky expects Londoner Macao to continue gaining market share over the next 18 months.