Las Vegas Sands saw standout results out of Marina Bay Sands during the fourth quarter, delivering adjusted property EBITDA of $806 million, which LVS Chairman and CEO Rob Goldstein called “simply the greatest quarter in the history of casino hotels”. Meanwhile, Macau garnered $608 million in EBITDA, a figure which failed to excite the executive, who noted “we aren’t disappointed”.
In results announced on Wednesday, followed by an earnings call, the positive focus was on Singapore, with MBS’ EBITDA figure representing a 50.1 percent yearly increase, and helping boost LVS’ total adjusted property EBITDA by 27.6 percent, to $1.41 billion.
Meanwhile, Macau EBITDA rose by just 6.5 percent, to $608 million – despite seeing a $26 million positive impact from 4Q25 hold on rolling play. This positive contribution from hold rose to $45 million for MBS’ EBITDA.
Singapore dominance continues
Rolling volume at MBS amounted to $13.4 billion in 4Q25, up by 66 percent yearly, while mass non-rolling table and slots win hit $951 million, a new property record. From mass, some $656 million came from non-rolling tables, with $295 million coming from slots. This compares to $500 million and $246 million in 4Q24, respectively.
Speaking of the results in the earnings call, Patrick Dumont, President and COO of LVS noted that “The record financial results at MBS reflect the impact of high-quality investment in market-leading products, world-class service, and the growth in high-value tourism.”
In order to keep up the momentum, Dumont furthered that “There’s really nothing that we have to do from an OpEx side, except to continue to improve our service models and our programs there,” noting the property is “where we need to be, but we’ll continue to look to improve as we can”.
LVS’ CEO furthered indicated that Singapore was less driven by seasonality, noting that “I think [if] it’s December, July, it doesn’t matter as much as it used to in places like Macau or Las Vegas. It’s less seasonally driven, I think, and more driven by the building itself and a strong market.”
During the quarter, MBS saw net revenues of $1.6 billion, up by 41.6 percent yearly.
Goldstein set an optimistic tone on the upcoming future, noting “The question is: how much further can we go in the next two years? There has never been a building, to my knowledge, that delivered these types of results.”
Macau operations hope for more mass
“Macau market is driven by the premium segment with and this is a highly competitive market. There may be a day when base mass recovers, and we will excel when that day comes. But until then, we will continue to focus on our ability to make the assets work harder to achieve $700 million per quarter,” indicated Goldstein.
Total net revenues for Sands China Limited (SCL) increased by 16.4 percent yearly to $2.05 billion in 4Q25, with net income falling slightly from $237 million in 4Q24 to $213 million in the final quarter of 2025.
Gaming revenue from the Venetian led the pack, at $584 million, up by $50 million yearly, pushing net revenues up by $70 million to $752 million. Despite this, adjusted property EBITDA was down by $7 million yearly, to $243 million.
Gaming revenue from the Londoner increased by $137 million yearly, to $524 million, pushing up net revenue by $181 million, to $699 million, with adjusted property EBITDA increasing $57 million to $201 million. The group’s Parisian property saw just a $7 million increase in gaming revenue yearly, to $178 million, with net revenue rising by $5 million to $233 million and adjusted property EBITDA falling by 14 million, to $55 million.
Meanwhile, The Plaza saw a $41 million increase in casino revenue, to $183 million, with net revenue up by $41 million to $264 million and adjusted property EBITDA rising by $16 million to $99 million. Sands Macao saw a $10 million drop in casino revenue in 4Q25, to $68 million, with net revenue also falling by $10 million to $76 million and EBITDA down by $16 million to $4 million.
LVS’ CEO indicated that mass market revenue in the quarter “exceeded 25 percent”.
Grant Chum, CEO and President of Sands China noted that “Macau right now is driven by the premium segments, both in rolling and non-rolling, and that’s where we are getting most of our growth. So in terms of the sequential decline in operating margin, firstly, we have higher reinvestment, but on a sequential basis, that’s mostly driven by the segment mix change. So we have more rolling business as a proportion of our total gaming, and within non-rolling, it’s dominated by the super high end of the premium mass”.
Regarding side wagers, Chum noted that “we have been continuously rolling out additional wager options on the baccarat layouts, and we’ve been having progressively more success in attracting volume against those side wagers. The level of participation in the side wagers is not as high as Singapore, but it is on an increasing trend.”
Chum furthered that “at this point in time, I think we are stabilizing at the current levels at least for our portfolio. And actually, we’re hoping to find some headroom to optimize on the reinvestment front into 2026.”
Las Vegas Sands saw overall revenue for the fourth quarter of 2025 increase by $753 million to nearly $3.65 billion, with net income up by $71 million to $395 million and adjusted property EBITDA increasing by $306 million to $1.41 billion.
