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Las Vegas Sands logged exceptional fourth-quarter 2025 results, led by Marina Bay Sands’ adjusted property EBITDA of $806 million, which Chairman and CEO Rob Goldstein hailed as unmatched in casino hotel annals. Singapore’s star drove total adjusted property EBITDA up 27.6 percent to $1.41 billion, with MBS contributing a 50.1 percent yearly surge. Macau added $608 million EBITDA, a 6.5 percent rise helped by $26 million from rolling play hold, though Goldstein downplayed it as expected in a competitive field. Overall revenue hit nearly $3.65 billion, up $753 million, net income $395 million up $71 million. Sands China Ltd (SCL) net revenues rose 16.4 percent to $2.05 billion, net income dipped to $213 million from $237 million.
MBS Sets New Benchmarks
MBS rolling volume soared 66 percent year-on-year to $13.4 billion, mass non-rolling tables and slots win reached $951 million, a property record, with $656 million from tables, up from $500 million, and $295 million slots, from $246 million. Net revenues climbed 41.6 percent to $1.6 billion. Patrick Dumont, President and COO, credited top-tier investments, service, and premium tourism growth. He noted no major OpEx needs beyond refining service and programs, with the property well-positioned for ongoing tweaks. Goldstein added Singapore runs less on seasons than Macau or Vegas, fueled by the asset and market strength, pondering further upside over the next two years.
Macau Premium Segments Lead
Goldstein described Macau as premium-driven and cutthroat, ready to shine if base mass rebounds but focusing now on wringing $700 million quarterly EBITDA from assets.
Venetian gaming revenue $584 million was up $50 million, net $752 million up $70 million, EBITDA $243 million down $7 million.
Londoner gaming $524 million up $137 million, net $699 million up $181 million, EBITDA $201 million up $57 million.
Parisian gaming $178 million up $7 million, net $233 million up $5 million, EBITDA $55 million down $14 million.
Plaza gaming $183 million up $41 million, net $264 million up $41 million, EBITDA $99 million up $16 million.
Sands Macao gaming $68 million down $10 million, net $76 million down $10 million, EBITDA $4 million down $16 million. The mass market exceeded 25 percent of revenue.
Grant Chum, SCL CEO, said premium rolling and non-rolling dominate growth; margin dip from reinvestment and mix shift to high-end. Side wagers gain traction on baccarat, participation rising though below Singapore. Chum sees stabilization, eyeing 2026 reinvestment optimization.
Singapore Momentum Builds Forward
MBS $45 million hold boost, and records reflect quality plays paying off. Dumont stressed service evolution keeps edges sharp. Goldstein’s wonder at ceiling potential highlights outlier status in global casino ranks.
Macau Assets Adapt to Mix
Chum detailed super premium mass sway in non-rolling, with rolling proportion up sequentially. Baccarat side options roll out successfully, drawing volume steadily. Portfolio holds steady, poised for tweaks amid competition.
Group Results Reflect Balance
Q4 revenue and EBITDA leaps showcase Singapore’s power, offsetting Macau’s steadiness. Overall net income rise caps strong close, setting the stage for 2026 strategies.
Source: Asia Gaming Brief (AGB)
