Las Vegas Sands’ management said the group expects improved operating performance in 2026, driven by further optimization in Macau, continued strength at Marina Bay Sands in Singapore, and disciplined capital allocation.
In a conference call following the announcement of the group’s 2025 fourth quarter results, Chairman and CEO Robert Goldstein said management remains confident in the company’s ability to lift Macau results despite a competitive, premium-led market environment.
LVS recorded a net income of $448 million for Q4 2025, a 14.3 percent expansion from $392 million in the same period, with net revenue increasing 26 percent to $3.7 billion.
For the group’s Macau operations, net revenue rose 16.2 percent to $2.1 billion, up from $1.8 billion previously, with adjusted property EBITDA reaching $608 million, an increase of 6.5 percent year on year.
“The team is in the right place, and we will deliver better results in 2026,” Goldstein said, adding that the company continues to focus on “our ability to make the assets work harder to achieve $700 million per quarter” in Macau EBITDA.
Management acknowledged that current Macau performance is being shaped by mix, with growth concentrated in premium mass and rolling segments.
Sands China CEO Grant Chum said the company expects 2026 to mark a transition from stabilization to improved profitability. “2026, I think, is going to be a year where we sustain our revenue growth against the market and then hopefully convert more of that into EBITDA,” he said.
Chum noted that promotional intensity in Macau has begun to stabilize following several quarters of elevated reinvestment. “At this point in time, I think we are stabilizing at the current levels […] and actually, we’re hoping to find some headroom to optimize on the reinvestment front into 2026,” he said.
President and COO Patrick Dumont said Sands continues to view Macau as a “low-30 percent margin business” under the current mix, while emphasizing longer-term upside should base mass demand recover. “If the base mass comes back in some way, like it existed pre-pandemic, that’s a very high-margin business, and our margin structure can change positively,” Dumont said.
In Singapore, management expressed confidence that Marina Bay Sands’ performance remains durable into 2026, supported by ongoing reinvestment and high-value tourism trends.
Dumont said the property’s record results reflect “high-quality investment in market-leading product, world-class service and the growth in high-value tourism,” adding that Sands will continue to invest in amenities and service enhancements.
Goldstein said management sees no clear ceiling on Marina Bay Sands’ earnings potential. “We’ve now passed the point of disbelief. This is a real building that has real potential to keep growing if the economy stays strong and we continue to deliver a great quality of product,” he said.
On capital allocation, Dumont reaffirmed Sands’ commitment to shareholder returns alongside reinvestment in core assets. “We do think the dividend is fundamental to a return of capital story,” he said, while noting that share repurchases remain an attractive and flexible use of cash flow.
Overall, management emphasized that 2026 will center on converting revenue gains into stronger EBITDA, particularly in Macau, while maintaining momentum in Singapore and continuing disciplined reinvestment across the portfolio.
