Good Morning. Strong results breed strong expectations. And faith in Las Vegas Sands was bolstered by its impressive showing from Marina Bay Sands in 4Q25, causing analysts to recalibrate what 2026 could hold in store. Management is hoping the lackluster performance from Macau can turn around this year as it optimizes, but is confident Singapore can bolster any lagging performance. Down under, The Star saw a return to EBITDA profit in the final quarter of 2025, but its ability to continue is still a concern. Looking ahead, the ASEAN Gaming Summit is returning! Registration is now open for the event, with new dates set. Don’t miss out!
What you need to know
- LVS estimates edge higher at Deutsche Bank, driven by strong Marina Bay Sands EBITDA that more than compensates for softer Macau results.
- LVS management expects improved performance in 2026, driven by further Macau optimization and continued strength at MBS in Singapore.
- The Star saw a return to EBITDA profit in the last quarter of 2025, but its ability to continue is still in question, with pending judgements and deals.
- The ASEAN Gaming Summit returns with new dates! Registration is now open, come join the industry in Manila on May 6th-8th!
On the radar
- Konami sees 61% drop in profit from Gaming & Systems in Apr-Dec period.
- Macau’s fiscal reserves hit $82.9B at end-Nov., boosted by gaming taxes.
- Hun Sen: Cambodia will not tolerate telecom fraud or criminal safe havens.
- China executes 11 members of northern Myanmar telecom fraud gangs.
- Visa-free policy boosts Cebu’s appeal to Chinese tourists: Consul General.
- Hann Philippines holding soft opening for first golf course at Hann Reserve.
AGB Intelligence
LAS VEGAS SANDS
Strong results edge up expectations for FY26
Las Vegas Sands’ impressive results in the final quarter of last year are causing analysts to recalibrate their expectations, but mostly due to the expectation-beating performance at Marina Bay Sands. The results from the Singapore casino market leader helped prop up soft performance in Macau, with management placing no limit on the growth MBS could see (if the economy stays strong). Meanwhile, hopes are to find headroom to stabilize Macau reinvestment – but only if base mass returns.
Industry Updates
- MGM China secures six top honors for HR innovation and talent development.
- IGT’s Wheel of Fortune Slots mark 30 years of iconic play.
- 1win announces token launch on Solana and BNB networks.
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