Las Vegas Sands posts record Q4 led by Marina Bay Sands
Las Vegas Sands closed the fourth quarter of 2025 with standout financial performance, driven overwhelmingly by Marina Bay Sands (MBS), which delivered adjusted property EBITDA of $806 million. Chairman and CEO Rob Goldstein described the result as without precedent in the history of integrated casino resorts.
Group-wide adjusted property EBITDA climbed 27.6 percent year-on-year to $1.41 billion, with Singapore accounting for much of the increase after posting a 50.1 percent annual gain. Macau operations generated $608 million in EBITDA, up 6.5 percent, supported by a $26 million benefit from rolling play hold, which Goldstein characterised as within normal expectations given the competitive landscape.
Total net revenue for the quarter approached $3.65 billion, an increase of $753 million, while net income rose by $71 million to $395 million. Sands China Ltd (SCL) reported net revenues of $2.05 billion, reflecting 16.4 percent growth, although net income eased to $213 million from $237 million a year earlier.
Marina Bay Sands Raises the Bar
Marina Bay Sands set multiple records during the quarter. Rolling volume surged 66 percent year-on-year to $13.4 billion, while mass non-rolling table and slot win reached an all-time high of $951 million. Table win contributed $656 million, up from $500 million, with slot revenue increasing to $295 million from $246 million.
Net revenues at MBS climbed 41.6 percent to $1.6 billion. President and COO Patrick Dumont attributed the performance to sustained investment in the asset, service standards and the continued expansion of premium tourism demand. He noted that no major increases in operating expenditure are planned, aside from ongoing refinements to service delivery and programming. Goldstein added that Singapore’s market dynamics are less seasonal than those of Macau or Las Vegas and suggested the property may still have room to grow over the next two years.
Macau Remains Premium-Focused
Goldstein described Macau as a highly competitive, premium-led market, with the group focused on extracting consistent quarterly EBITDA of around $700 million from its portfolio rather than relying on a recovery in base mass play.
At The Venetian Macao, gaming revenue increased by $50 million to $584 million, while net revenue rose $70 million to $752 million. EBITDA dipped slightly to $243 million. The Londoner Macao posted stronger gains, with gaming revenue up $137 million to $524 million, net revenue rising $181 million to $699 million, and EBITDA improving by $57 million to $201 million.
The Parisian Macao recorded modest growth in gaming and net revenue but saw EBITDA fall to $55 million. Plaza Macao delivered increases across gaming revenue, net revenue and EBITDA, while Sands Macao experienced declines across all three metrics. Mass-market play accounted for more than 25 percent of Macau revenue during the quarter.
SCL CEO Grant Chum said growth continues to be led by premium rolling and non-rolling segments, with margins affected by reinvestment and a shift toward higher-end play. He highlighted growing engagement with baccarat side wagers, noting participation is increasing, though still below levels seen in Singapore. Chum said the business is stabilising and pointed to 2026 as a period for optimising reinvestment.
Singapore’s Momentum Continues
A $45 million hold benefit supported MBS results, though executives emphasised that the broader performance reflects long-term quality investment rather than short-term variance. Dumont underscored the importance of continuous service evolution, while Goldstein remarked on the property’s exceptional position within the global casino industry.
Portfolio Positioned for Adjustment
Across Macau, Sands’ assets continue to adapt to changing player mix, with super-premium mass gaining share within non-rolling segments and rolling play increasing sequentially. Baccarat side bets are being rolled out successfully across properties, steadily building volume. Management indicated the portfolio remains resilient and well positioned for further refinement amid competitive pressures.
Group Performance Sets 2026 Outlook
Strong gains in revenue and EBITDA during the quarter highlight Marina Bay Sands’ ability to offset steadier conditions in Macau. The increase in net income capped a robust end to 2025, providing a solid foundation for Las Vegas Sands’ strategic priorities heading into 2026.
