LVS sees exemplary 4Q25, with MBS seeing “the greatest quarter in the history of casino hotels”
Summary
Las Vegas Sands (LVS) reported a standout 4Q25 driven by exceptional performance at Marina Bay Sands (MBS). MBS delivered adjusted property EBITDA of $806m — described by LVS’ CEO Rob Goldstein as “simply the greatest quarter in the history of casino hotels.” LVS-wide adjusted property EBITDA rose to $1.41bn (+27.6% year-on-year), while Sands China posted mixed results as Macau showed slower, premium-led growth.
Key Points
- MBS adjusted property EBITDA: $806m, a 50.1% year-on-year increase and labelled an all-time high by LVS leadership.
- LVS total adjusted property EBITDA grew 27.6% to $1.41bn for 4Q25.
- MBS net revenue: $1.6bn, up 41.6% year-on-year; rolling volume at MBS reached $13.4bn (+66% y/y).
- MBS set a new property record for mass non-rolling table and slots win at $951m (non-rolling tables $656m; slots $295m).
- Macau adjusted EBITDA: $608m (+6.5% y/y), aided by a $26m positive hold impact; MBS had a $45m positive hold contribution.
- Sands China: total net revenues $2.05bn (+16.4% y/y); mixed property-level EBITDA changes (Venetian down slightly, Londoner up notably).
- LVS Q4 revenue near $3.65bn (+$753m y/y) and net income $395m (+$71m y/y).
- Management commentary: MBS momentum attributed to high-quality investment and market-leading products; Macau remains premium-driven and competitive, with focus on optimising assets and reinvestment.
Content summary
LVS’ 4Q25 results were heavily bolstered by Marina Bay Sands in Singapore, which delivered record wins across rolling and mass segments and produced an EBITDA contribution that materially lifted the group’s results. MBS recorded exceptional rolling volume and set a new mass win record, reflecting strong tourist demand and the payoff from investment in premium products and service.
Macau’s recovery continued but at a slower, premium-led pace: Sands China’s revenue grew, yet margins and EBITDA were affected by segment mix and reinvestment. Individual properties showed divergent performances — the Londoner and Venetian posted stronger gaming revenues, while some other assets saw softer results. Management signalled confidence in Singapore’s less seasonal, building-driven strength and stressed ongoing optimisation and reinvestment in Macau to capture future mass demand.
Context and relevance
This is an important industry update for investors, operators and suppliers in Asia Pacific gaming. MBS’ outsize performance underscores Singapore’s growing prominence as a high-value gaming and tourism hub and demonstrates how premium product investment can significantly lift returns. For Macau, the piece highlights the market’s current premium focus and the ongoing challenge to rebuild base mass volumes — a key metric for many operators and suppliers targeting sustainable growth in the region.
Why should I read this?
Short version: MBS smashed it and pulled LVS’ numbers up with it. If you follow Asian casino markets, tourism-linked gaming trends or are tracking LVS/Sands China performance, this saves you the hours of combing through the earnings call — the headline moves and management takeaways are here.
Author style
Punchy — this piece flags a genuinely notable quarter at one of Asia’s flagship resorts and why that matters for group-level results and regional market dynamics. Read the detail if you care about investment signals, product payoff and where operators will focus reinvestment in 2026.