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Las Vegas Sands: 4Q23 EBITDA hits $1.2B, as Marina Bay Sands sees record quarter

Las Vegas Sands announced strong results for the fourth quarter of 2023, reporting nearly $1.2 billion in adjusted property EBITDA and net revenue of $2.91 billion, amongst the continued rise of its Macau and Singapore operations.

The group also recorded net income of $469 million during the period.

The EBITDA figure amounts to some 94 percent of that registered by the company in 4Q19, with Macau contributing some $654 million (81 percent of 4Q19) and Marina Bay Sands adding a record $544 million (119 percent of 4Q19).


The Venetian was the strongest Macau contributor to adjusted property EBITDA, at $302 million, while the Londoner contributed some $190 million, quarterly growth of 4.1 percent and 13.8 percent, respectively. The group’s Cotai Strip properties yielded some $609 million in EBITDA, while its Sands Macao property brought in just $17 million, flat from the previous quarter.

The Macau operations brought in over $1.86 billion in net revenue, despite rolling chip volume dropping by 40 percent compared to 4Q19, to $6 billion.

Marina Bay Sands, expansion, MBS, Las Vegas Sands
Marina Bay Sands, Singapore


Marina Bay Sands saw net revenues top $1.06 billion, a significant rise from the $853 million recorded in 4Q19, as mass gaming revenue rose by one-third compared to the pre-pandemic quarter, to $583 million.

Rolling volume amounted to 91 percent of 4Q19, at $7.2 billion.


For the full year, Las Vegas Sands reported some $7.52 billion in casino revenue (up 186 percent yearly), with total revenue reaching $10.37 billion, up 152 percent yearly.

Net income totaled $1.43 billion, turning around a loss of $1.54 billion the previous year.

Macau operations brought in $6.55 billion in revenue during the year, up 303 percent.

Marina Bay Sands meanwhile saw revenue increase by half, to $3.89 billion.

Las Vegas Sands
Sands Las Vegas

Full-year adjusted property EBITDA for LVS rose to $4.08 billion (up 458 percent), with Macau contributing $2.24 billion (reversing a loss of $324 million the previous year) and MBS adding $1.86 billion (up 76 percent yearly).

Future possibilities

During the earnings presentation, LVS Chairman and CEO Rob Goldstein noted that it has strong faith in both the Macau and Singapore markets.

“LVS has invested $15 billion in Macau to date. Macau is the most important land-based market in the world,” stated the executive, estimating that the Macau market could grow up to $40 billion “and beyond”.

The group notes that it has capital and operating investment commitments totaling $4.5 billion over the 10 years of its gaming concession.

Regarding Singapore, Goldstein says that “future expectations start at $2 billion and beyond in EBITDA per year”, rising to “3 billion […] by the end of the decade in Singapore”, justifying the ongoing $1.75 billion investment in MBS. Some 380 new suites in the property are set to come online ‘by Chinese New Year 2025’.

Goldstein said MBS was “probably the most valuable hotel building ever built in the world”.

US market

The group notes that it continues its bid for a casino license in New York, with LVS’ Chairman estimating “the cost of the building will be in the $6 billion range”, calling the market a “massive opportunity”.

“If we receive the license, we’d be on the ground as quickly as possible”.

Meanwhile, following the $3.5 billion deal by the Adelson and Dumont families of the Dallas Mavericks NBA team (including $2 billion in stock sold by the company), Patrick Dumont – President and COO of LVS – said the group is “actively trying to facilitate the development of integrated resorts in the State of Texas and […] the liberalization of gaming” – focusing on the city of Dallas.

AGBrief Editorial
AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.