Las Vegas Sands on the rise in 3Q25 as stunning Singapore run continues, Macau resorts show sequential improvement
Summary
Las Vegas Sands (LVS) posted strong 3Q25 results with net revenues of US$3.33bn, up 24.3% year-on-year and 4.7% quarter-on-quarter. Marina Bay Sands (MBS) again led the group, generating US$1.44bn in net revenues (including US$1.07bn in casino revenue) and producing adjusted property EBITDA of US$743m. MBS is tracking to exceed earlier expectations, with year-to-date EBITDA above US$2.1bn.
In Macau, Sands China showed sequential improvement: net revenues rose to US$1.90bn (up 7.5% YoY and 6.1% QoQ) and adjusted property EBITDA improved to US$601m. The Londoner Macao drove much of the Macau growth with net revenues of US$686m (up 49.1% YoY). The Venetian Macao recorded US$692m in net revenues, flat YoY but up quarter-on-quarter. LVS management highlighted the benefits of recent capital investments and expressed confidence in further growth across both Singapore and Macau.
Key Points
- Total LVS net revenues in 3Q25: US$3.33 billion, +24.3% YoY and +4.7% vs Q2.
- Marina Bay Sands net revenues: US$1.44 billion; casino revenue US$1.07 billion; adjusted property EBITDA US$743 million. MBS year-to-date EBITDA > US$2.1 billion.
- MBS mass gaming and slot win hit a record US$905 million in 3Q25 (122% above 3Q19 and 35% above last year).
- Sands China net revenues: US$1.90 billion (+7.5% YoY, +6.1% QoQ); adjusted property EBITDA US$601 million; net income US$272 million.
- The Londoner Macao led Macau improvement: net revenues US$686 million, +49.1% YoY and +6.9% QoQ; adjusted property EBITDA rose to US$219 million.
- The Venetian Macao: US$692 million in net revenues, flat YoY but +4.4% QoQ; all Macau properties showed quarter-on-quarter gains.
- Management (CEO Rob Goldstein) called MBS’s performance “unprecedented”, citing strong product, demand and tourism tailwinds across Asia.
Context and relevance
The results underline a bifurcated recovery: Singapore is outperforming expectations and delivering outsized profitability, while Macau is regaining momentum after a softer patch. For investors and operators, the MBS performance shifts regional profitability dynamics and highlights the value of premium integrated-resort offerings. Macau’s sequential gains suggest that targeted reinvestment and recent capital programmes are beginning to pay off.
Author style
Punchy: numbers-first, no-nonsense. The piece flags where the action is — Singapore’s boom — and signals why Macau’s steady improvements matter for the group and regional tourism.
Why should I read this?
Quick and useful: if you care about Asian integrated resorts, tourism-driven recovery or where LVS is making money, this saves you the trouble of wading through the whole earnings call. MBS is booming and Macau is stabilising — that mix matters for operators, investors and regional tourism forecasts.