Las Vegas Sands posted another quarter of strong performance led by its flagship Marina Bay Sands in Singapore, with analysts saying its Macau operations are showing clearer signs of recovery as management refines its strategy in the world’s largest gambling hub.
The U.S. casino operator reported third-quarter revenues of $3.3 billion, up 24 percent from a year earlier, with adjusted EBITDA rising 36 percent to $1.3 billion, according to company figures cited by analysts.
Seaport Research Partners said Singapore ‘blew away expectations,’ with Marina Bay Sands delivering revenue growth of 56 percent and EBITDA growth of 83 percent year-on-year, while Macau ‘continues to be a turnaround story’ as Las Vegas Sands (LVS) gains market share.
‘Marina Bay Sands remains the largest and most profitable casino property in the world, without peer,’ Seaport said, calling the latest results a ‘blockbuster quarter.’ Hold-adjusted EBITDA reached an all-time high of $700 million, it noted, adding that ‘growth was broad-based across all business segments.’
The Singapore resort is on track to generate more than $2.8 billion in hold-adjusted EBITDA this year, well above earlier expectations, Seaport said. ‘We forecast MBS to deliver $2.7 billion in 2025, $2.8 billion in 2026, and over $2.96 billion in 2027,’ the analysts added.
CreditSights also described Marina Bay Sands’ performance as ‘very impressive,’ noting that its adjusted EBITDA jumped 83 percent year-on-year to $743 million.
In Macau, Seaport said Sands China’s recovery ‘is taking shape’ as management pursues a more aggressive marketing and player reinvestment strategy. Property EBITDA there rose 3 percent year-on-year to $601 million, in line with expectations, while revenue gained 7.6 percent to $1.9 billion.
‘Sands gained roughly 100 basis points of market share quarter-on-quarter,’ Seaport said, pointing to stronger performance at The Londoner following the full opening of its hotel rooms and the migration of premium business from The Venetian. ‘We expect Sands to continue gaining share as its marketing and positioning strategy takes hold,’ it added.
The brokerage highlighted Macau’s ‘highly competitive premium mass environment’ but said Sands’ ‘scale, diversified product inventory, and a more premium-positioned Londoner product’ provide long-term advantages. ‘If executed well, the company’s customer acquisition efforts should drive further share gains later this year and into 2026,’ it said.
CreditSights said that after a soft start to the year, Macau ‘improved throughout the summer,’ supported by better visitation and gross gaming revenue. The firm described Las Vegas Sands as ‘the only investment-grade casino operator in our coverage’ with a ‘leading market position in both Macau and Singapore.’
Both Seaport and CreditSights see a solid path ahead for the company as Asia’s gaming recovery matures. ‘Macau continues to be a turnaround story in the coming quarters,’ Seaport said, while Singapore ‘continues to outperform expectations’ with sustained growth in both gaming and non-gaming revenues.
