Sands China Ltd. has declared a final ordinary dividend of HKD 0.50 per share, which is roughly $64 million for the year ended 31 December 2025. The payment is scheduled for 12 June, with the ex-dividend date set for 20 May and the record date on 22 May, according to filings with the Hong Kong Stock Exchange.
The move follows a year of modest revenue growth for the operator. Total net revenues rose five percent to $7.44 billion, driven largely by casino operations and hotel services, while adjusted property earnings before interest, tax, depreciation and amortisation (EBITDA) remained broadly stable at $2.31 billion. The figures reflect ongoing demand for gaming and integrated resort experiences in Macau.
Leadership transition at Sands China
In addition to the announcement of the dividend, Sands China has also announced the appointment of Patrick Dumont as the chairman of the board and the chairman of the nomination committee, with effect from 1 March 2026. Dumont has been a non-executive director since August 2025 and is a senior executive at Las Vegas Sands Corp., including president and chief operating officer.
Robert Glen Goldstein, the outgoing chairman, will step down from his executive roles and transition to a senior advisory position with Las Vegas Sands through March 2028. The board expressed gratitude for Goldstein’s tenure, noting his contribution to Sands China’s strategic development and operational growth in Macau.
Dumont does not earn director fees from Sands China in his non-executive role but continues to earn remuneration from the Las Vegas Sands group. Las Vegas Sands, through its subsidiaries, owns a majority stake in Sands China, which has been historically reported at about 74.8 percent.
Operational performance and resort developments
The casino business of Sands China reported $5.58 billion of net revenue in 2025, with the main contribution coming from The Venetian Macau. The Londoner Macau, after the completion of Phase II upgrades, registered a 33 percent improvement in casino revenue compared with the previous year. The other properties, such as The Parisian Macau and Sands Macau, reported a slight decrease in casino revenue, although this was mitigated by improvements in rolling chip volume and slot handle.
The hotel operations also helped to increase revenue, with room revenue of $853 million, a 10 percent increase from 2024. The Londoner Macau’s transformation of the Sheraton Grand Macau into the Londoner Grand, finished in April 2025, introduced 2,405 rooms and suites, helping to boost occupancy and revenue per available room.
The retail and food and beverage business continued to register steady growth. The mall revenue rose by six percent due to increased overage rent and base rent, while food and beverage outlets benefited from new venues opened and continued support. The convention, ferry, and other services segment added $216 million to revenue, up from $207 million in the previous year.
Operating costs increased to $6.21 billion, driven by increased gaming taxes, marketing, corporate branding, and depreciation of new resort investments. Adjusted property EBITDA by resort broke down to show that Londoner Macau was growing, while the older properties were experiencing small declines.
Sands China continues to be committed to long-term investment in Macau, with around $4.5 billion of investment planned for the current gaming concession period until 2032. This includes hotel expansion, retail development, and further improvement of the integrated resort facilities to support Macau’s positioning as a tourist destination.
The dividend approval and board changes mark a continuation of Sands China’s strategy to balance shareholder returns with sustained investment in Macau’s gaming and tourism infrastructure.
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