Las Vegas Sands Corp. reported fourth-quarter 2025 results showing continued revenue and earnings growth, led by notable performance at its Singapore property Marina Bay Sands (MBS), while its Macau operations posted more modest gains amid competitive pressures in the premium gaming segment.
Group-wide net revenue rose to $3.65 billion in Q4 2025, up from $2.9 billion in the corresponding quarter of 2024. Operating income increased to $707 million from $590 million, while net income rose to $448 million, compared to $392 million in the previous year. Consolidated adjusted property EBITDA reached $1.41 billion, compared to $1.11 billion in Q4 2024.
For the full year 2025, operating income was $2.82 billion, up from $2.40 billion in 2024. Net income attributable to Las Vegas Sands stood at $1.63 billion, or $2.35 per diluted share, compared to $1.45 billion or $1.96 per diluted share in the prior year.
Marina Bay Sands reported adjusted property EBITDA of $806 million in the fourth quarter, with a high hold on rolling play reducing the figure by $45 million. The fourth-quarter margin at MBS was 50.3%, supported by what management described as a high-quality investment and continued strength in high-value tourism.
Calling it the “greatest quarter in the history of casino-hotels,” Chairman and CEO Robert Goldstein said, “We’re delighted with the results and look forward to more this year. This is an extraordinary market, and we have built a product that has maximized the opportunity. The question is how much further we can go in the next two years. There has never been a building, to my knowledge, that has delivered these types of results.”
Chairman and CEO Robert Goldstein
Macau operations reported adjusted property EBITDA of $608 million in the fourth quarter, impacted by $26 million from high hold on rolling play. Goldstein expressed disappointment with Macau’s performance but said the company remains focused on improving its results in the premium segment.
“There may be a day when mass base recovers, and we’ll excel when that day comes. But until then, we’ll continue to focus on our ability to achieve $700 million per quarter,” he stated.
Sands China Ltd. (SCL) posted Q4 2025 GAAP net revenue of $2.05 billion, up 16.4% year-on-year. However, net income declined to $213 million from $237 million in Q4 2024. For the full year, SCL’s net revenue increased 5.1% to $7.44 billion, while net income fell to $901 million from $1.05 billion in 2024.
Margins at the Venetian in Macau were 32.3%, while the Londoner posted a lower margin of 20.8%. “We see opportunity at every segment at every property in the portfolio,” said President and COO Patrick Dumont. He added that future growth would rely on leveraging scale, enhancing product advantages, and deploying targeted incentives.
Goldstein said their long-term investment strategy in Macau positions them well. “Our financial strength and industry-leading cash flow continue to support our investment programs in both Singapore and Macau, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders,” the executive added.
During the quarter, Sands repurchased 8 million shares of its common stock for $500 million at an average price of $61.39, bringing total repurchases since late 2023 to approximately 96 million shares for $4.5 billion. The company also increased its stake in SCL to 74.8% by acquiring 25 million shares for around $66 million.
Interest expenses totaled $191 million for the quarter, up from $180 million a year earlier. The weighted average debt balance rose to $15.9 billion from $14 billion, though the average borrowing cost fell to 4.6% from 5.0%. Unrestricted cash stood at $3.84 billion as of year-end, and total debt, excluding finance leases, was $15.63 billion.
Capital expenditures in Q4 amounted to $274 million, including $149 million at MBS and $121 million in Macau. The company paid a quarterly dividend of $0.25 per share and announced an increase to $0.30 per share, payable on February 18 to shareholders of record as of February 9.
Dumont noted continued investment in Singapore operations: “While the suites are done and the casino is mostly done, we’re going to continue to adjust our amenity set and invest in our service set. We’re where we need to be, and we’ll continue to improve as much as we can,” he pointed out.
Regarding Macau, Dumont said: “We’re focused on growing revenue and EBITDA, so we’ve made some great progress this quarter. We’re working through some of the changes we’ve made, and I think the trajectory is headed in the right direction.
“We’re in a position to do better over time. While this quarter didn’t produce the results we wanted on an EBITDA basis, we see growth and better market positioning and revenue-share growth.”
Goldstein concluded: “We remain enthusiastic about our opportunities to deliver growth in both Singapore and Macau, as we realize the benefits of our market-leading capital investment programs.”
Original article: https://www.yogonet.com/international/news/2026/01/29/117356-las-vegas-sands-reports-strong-q4-results-with-singapore-outperforming
