Robert Goldstein on capital allocation
From Las Vegas Sands Corp ($LVS) Q4 2025 Earnings Call · · Castify Earnings Call
“We repurchased 500 million of LVS stock during the quarter. We also paid our reoccurring quarterly dividend of $0.25 per share. We believe repurchases of LVS equity through our share repurchase program will be meaningfully accretive to the company and its shareholders over the long term.”
On , Robert Goldstein, Chairman, Chief Executive Officer & Treasurer at Las Vegas Sands, spoke about capital allocation during Las Vegas Sands Corp ($LVS) Q4 2025 Earnings Call on Castify Earnings Call.
About Robert Goldstein
During Las Vegas Sands’ earnings calls in 2025, Goldstein reported that Marina Bay Sands (MBS) in Singapore achieved a record quarterly EBITDA of $768 million in the second quarter and $806 million in the fourth quarter, which he described as "the greatest quarter in the history of casino hotels." He stated that the company’s earlier forecast of $2.5 billion in annual EBITDA for MBS was "too conservative" and that the property would "easily exceed" that figure in 2025. Goldstein emphasized that the company’s strategy in Singapore is to give rooms to high-value gaming customers rather than sell them, saying, "You don't make $3 billion annually with hotels." He also noted that the company’s board approved a 20% increase in the quarterly dividend to $0.30 per share for 2026. In Macau, Goldstein acknowledged that the company had been "not aggressive enough" with customer reinvestment and that its properties alone were insufficient to drive results, stating, "We were wrong." He set a short-term goal of reaching a $2.7 billion EBITDA run rate, adding that at $2.2–2.3 billion the company was "not performing well enough." On the potential impact of the World Cup on travel, Goldstein dismissed concerns, saying, "I don't believe it matters at all." Regarding the company’s $6 billion investment in a new Singapore property (IR2), he said the company has not adjusted its financial models but that recent results "validate the quality of the market." The company also repurchased $800 million of its stock in the second quarter and $500 million in the fourth quarter, with Goldstein stating that such repurchases are "meaningfully accretive" to shareholders.