Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B- | B |
| Q2'25 → | B+ | B |
| Q3'25 → | B+ | A- |
| Q4'25 → | B- | B |
| Q1'26 → | C+ | B- |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ⏳ | Better results in Macau in 2026 (Q4 2025) Early progress but still below management's own $700M quarterly target | pending |
| Q1'26 | ⏳ | SCL dividend increases over time as cash flows grow (Q4 2025) No SCL dividend increase mentioned, though LVS raised dividend | pending |
| Q1'26 | ✅ | Continue meaningful share repurchases (Q4 2025) Stepped up from $500M to $740M in buybacks | exceeded |
| Q1'26 | ❌ | Margins to improve over time as revenue grows (Q4 2025) Now warning margins will continue to face pressure from service investments | missed |
| Q1'26 | ✅ | Look to optimize reinvestment levels in 2026 (Q4 2025) Grant confirmed sequential stabilization and improvement in reinvestment strategy | delivered |
| Q1'26 | ✅ | Focus on delivering revenue and cash flow growth across the portfolio (Q4 2025) Macau EBITDA grew 4% and gained market share across all segments | delivered |
| Q4'25 | ⏳ | Return to $2.7-2.8B Macao EBITDA with market growth Now talking about $700M quarterly target, timeline pushed to 2026 | pending |
| Q4'25 | ✅ | Dividend increase for 2026 Increased quarterly dividend 20% to $0.30/share | delivered |
| Q4'25 | ⏳ | Continue smart table rollout in Macao Grant says 'within next few months' to complete rolling segment | pending |
| Q4'25 | ⏳ | Better address every market segment with targeted incentives Reinvestment is up but results mixed - rolling volume strong, mass market share flat | pending |
| Q4'25 | ❌ | Margin growth as revenues grow in Macao Hold-adjusted margins collapsed 390bps despite revenue growth | missed |
| Q4'25 | ❌ | Additional share gains and EBITDA growth in Q4 Macao market share flat at 25%, EBITDA growth minimal at $608M | missed |
| Q4'25 | ✅ | MBS could do $2.5B annually Rob admits they were 'too conservative' - on pace for $2.9B+ in 2025 | exceeded |
| Q3'25 | ✅ | Market-sensitive approach to Macao reinvestment Acknowledged they're 'simply in the mix' rather than trying to lead market | delivered |
| Q3'25 | ⏳ | Expecting additional share gains in Macao Q4 Now qualified as only 'halfway there' on reinvestment strategy | pending |
| Q3'25 | ✅ | Meaningful share repurchases to be accretive long term $500M Q3 buybacks continued though pace slowed from $800M Q2 | delivered |
| Q3'25 | ✅ | Initial stages of realizing Singapore investment benefits Blew past their own $2.5B annual forecast, now tracking toward $2.8-2.9B | exceeded |
| Q3'25 | ✅ | Growth in EBITDA as revenues grow through targeted reinvestment Macao EBITDA up 6% QoQ with market share gains starting to show | delivered |
| Q3'25 | ⏳ | Londoner moving towards $1 billion annualized EBITDA Upgraded from previous quarter - now 'moving towards $1-plus billion' with $800M current run rate | pending |
| Q2'25 | ✅ | Continue to be active in both SCL and LVS equity purchases Dramatically increased pace, reached 73.4% SCL ownership | exceeded |
| Q2'25 | ✅ | MBS renovation completion enabling full building utilization Renovation complete, record $768M EBITDA with no construction disruption | delivered |
| Q2'25 | ✅ | Share repurchases will be meaningfully accretive Accelerated to $800M LVS + $179M SCL, well above Q1 pace | delivered |
| Q2'25 | ❌ | Expect margin improvement as revenue grows in Macau Margins down 80 bps YoY, negative operating leverage continues | missed |
| Q2'25 | ✅ | Focus on delivering revenue and cash flow growth at the Londoner Londoner at $800M annualized EBITDA, strong slot/ETG performance | delivered |
| Q2'25 | ✅ | All 2,405 Londoner rooms available for Golden Week in May Delivered 2,450 rooms available by April, 45 more than promised | exceeded |
| Q1'25 | ❌ | Grow faster than Macao market in every segment Lost market share both year-over-year and sequentially | missed |
| Q1'25 | ⏳ | Macao GGR should exceed $30 billion in 2025 Q1 run rate suggests this remains achievable | pending |
| Q1'25 | ✅ | Continue to be active in SCL share purchases Moving toward 74.9% ownership cap as committed | delivered |
| Q1'25 | ⏳ | Margin improvement as Londoner revenues grow Margins still compressed at 31.6%, improvement timeline extended to 12 months | pending |
| Q1'25 | ✅ | $1.75B Singapore renovation program substantially complete by first half 2025 On track for May completion as stated | delivered |
| Q1'25 | ✅ | Londoner Grand 2,405 rooms operational by May 2025 All rooms now available for Golden Week as promised | delivered |
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