Sands China Ltd., one of the leading integrated casino operators in Macau, announced on Friday a final dividend of $0.064 per share for the 2025 fiscal year, doubling the $0.032 approved for the previous fiscal year. The decision is notable considering the company experienced a year-on-year decrease in adjusted EBITDA and net profits due to the significant increase in sales, marketing, and payroll expenses.
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The final dividend of $0.064 represents a total payment of approximately 518 million dollars. This distribution reflects the company’s commitment to its shareholders and signals confidence in the sustained recovery of the Macau gaming market following the pandemic.
Macau: Revenue growth of 5.1%
As revealed by Sands China in its financial results presentation, total net revenues in fiscal year 2025 increased by 5.1% year-on-year, reaching 7,440 million dollars.
Casino net revenues, which represent the most significant component of the company’s operations, grew by 4.4% to 5,580 million dollars. This increase was mainly attributed to higher volumes of table games and slot machines at The Londoner Macao, one of the group’s flagship properties.
Additionally, the company reported a better rolling chip win percentage, a key performance indicator in the high-value segment. However, these positive results were partially offset by decreases in non-rolling chip win percentages and the slot machine retention rate.
14.3% drop in net profits due to increased operating costs
Despite the growth in revenue, the group’s net profits fell significantly by 14.3% year-on-year, standing at 896 million dollars. This decrease reflects the impact of higher operating expenses necessary to compete effectively in the Macau market.
Adjusted property EBITDA, a key metric used in the casino industry to evaluate operating performance, decreased by 0.7% year-on-year to 2,310 million dollars.
The company explicitly explained in its presentation: “While revenues and gross gaming revenue market share increased, higher sales and marketing costs to attract customers, along with higher payroll expenses in a competitive environment, resulted in an overall decrease in EBITDA.”
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Competitive pressure drives increase in operating expenses
The Macau casino market has experienced a significant intensification of competition during 2025, with the six authorized concessionaires investing aggressively in marketing, loyalty programs, and facility improvements to capture greater market share.
The higher sales and marketing costs reported by Sands China reflect the need to offer attractive incentives to VIP and premium players, segments that represent substantial proportions of casino revenue. These incentives include complimentary gaming credits, complimentary accommodation, private transportation, and exclusive experiences.
Simultaneously, payroll expenses increased in a competitive labor environment where operators compete to retain qualified personnel, particularly in specialized areas such as gaming operations management, luxury hospitality, and premium customer service.
Sands China’s diversification strategy
Sands China has aggressively implemented diversification strategies to reduce dependence on the traditional VIP segment and develop more stable and predictable revenue streams. Investments in convention facilities, entertainment centers, family attractions, and luxury retail reflect this strategic focus.
The Londoner Macao, which experienced the highest growth in gaming volumes during the fiscal year, has been extensively renovated to offer British-themed experiences, including architectural replicas, conceptual restaurants, and live entertainment shows.
This diversification aligns with the Macau government’s expectations that casino concessionaires contribute to the broader economic development of the region, creating jobs in non-gaming sectors and attracting visitors interested in comprehensive tourism experiences.
