Good Morning. It’s not something you hear everyday, especially from someone as weathered in the gaming industry as Rob Goldstein. The executive stating that Marina Bay Sands saw “the greatest quarter in the history of casino hotels” exemplifies how proud Las Vegas Sands is of its 4Q25 results, with Singapore the jewel in its crown. Meanwhile, Macau continued to deliver, also boosted by VIP play, but with concern that base mass can’t reach previous highs. Also in Macau, operators are scaling back their salary adjustments as the post-pandemic economy stabilizes, with increases now hovering around 2 percent.
What you need to know
- Marina Bay Sands sees “the greatest quarter in the history of casino hotels”, boosting LVS revenue to $3.65 billion in 4Q25.
- Salary increases in Macau’s gaming industry eased to around 2 percent in 2026 as the post-pandemic recovery entered a steadier phase.
On the radar
- Australian court backs regulator in OkeBet gambling breach case.
- Seoul survey finds one in five youths exposed to gambling.
- Russian minister proposes legalizing online gaming as new revenue stream.
- Macau monetary authority sees positive outlook for 2026.
- RAK Airport plans VVIP terminal for Wynn’s integrated resort clientele.
AGB Intelligence
RESULTS
MBS sees “greatest quarter in the history of casino hotels”
Las Vegas Sands has much to boast about, particularly in regards to Singapore, as adjusted property EBITDA for the fourth quarter at Marina Bay Sands rose by over 50 percent to a record $806 million. The group’s Chairman lauded the result as “the greatest quarter in the history of casino hotels”. While VIP contributed heavily to both Singapore and Macau, the SAR continues its grind, with execs noting that Sands China results didn’t disappoint, but that its properties will excel when base mass recovers.
Industry Updates
- SOFTSWISS appoints Sergey Kastukevich as CTO to lead tech strategy.
- PlayTime and Singapore Pools triumph in Blask Awards 2025 Asia results.
- Zitro bolsters LatAm footprint with 70-unit deployment at Grupo Aladdin.
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