Marina Bay Sands records “greatest quarter in the history of casino hotels” as 4Q25 Adjusted EBITDA soars to US$806 million
Summary
Marina Bay Sands (MBS), owned by Las Vegas Sands, delivered a record fourth quarter in 2025 with Adjusted Property EBITDA of US$806 million — up 50.1% year-on-year and 8.5% versus the prior quarter. Net revenue for the property was US$1.60 billion (up 41.0% y/y), led by a 52.0% jump in casino revenue to US$1.20 billion. The quarter benefited from an estimated US$45 million EBITDA boost from high hold on rolling play.
Meanwhile, Sands China (Macau) reported net revenues of US$2.06 billion (up 16.2% y/y) and Adjusted Property EBITDA of US$608 million (up 6.5% y/y) but with margin pressure versus the prior year. By property, The Londoner Macao performed strongly, The Venetian Macao saw revenue gains but EBITDA dip slightly, and Sands Macao lagged. Group-wide, Las Vegas Sands posted consolidated net revenue of US$3.65 billion and consolidated adjusted property EBITDA of US$1.41 billion.
Key Points
- MBS Adjusted Property EBITDA: US$806 million (up 50.1% y/y; up 8.5% vs 3Q25).
- MBS net revenue: US$1.60 billion, with casino revenue US$1.20 billion (52.0% y/y growth).
- Quarter included approx. US$45 million EBITDA tailwind from high hold on rolling play.
- Macau net revenues: US$2.06 billion (up 16.2% y/y); Macau Adjusted Property EBITDA: US$608 million (up 6.5% y/y) with a lower margin vs prior year.
- Property breakdown: The Londoner Macao strong (+39.6% EBITDA growth); The Venetian Macao revenue +10.3% but EBITDA down; Parisian and Sands Macao mixed results.
- Group totals: consolidated net revenue US$3.65 billion (up 25.9% y/y); net income US$448 million; consolidated adjusted property EBITDA US$1.41 billion.
- CEO Rob Goldstein called the result “simply the greatest quarter in the history of casino hotels,” highlighting strong travel and tourism demand in Asia.
Why should I read this?
Short version: MBS smashed expectations and 4Q25 was a blockbuster quarter for Las Vegas Sands. If you follow casino operations, regional tourism trends or investment flows into Asian hospitality, this is the headline quarter you need to know about — big revenues, record EBITDA and clear signs travel demand is still driving recovery and growth.