Las Vegas Sands CEO Patrick Dumont praised the casino operator’s first-quarter financial results in Singapore, while focusing on room refreshes and service upgrades in Macau to capitalize on the premium segment.
Dumont said Marina Bay Sands’s adjusted earnings increase of more than 30% to reach $788 million was thanks to high-value tourism spending. The margin was 53%. Dumont said the company’s focus on creating memorable entertainment and hospitality experiences for guests has been a success. “We couldn’t be more excited about our additional opportunities for growth in Singapore as we continue to enhance customer experiences for our guests in the years ahead.”
Dumont said the Marina Bay Sands story is about investment in assets and service levels.
“Our main driver of profitability at Marina Bay Sands is mass win at slots,” Dumont said. “With the introduction of (Integrated Resort No. 2), we will have more product to address this market and scale with it.”
As for Macau, Dumont said their adjusted earnings of $633 million during the quarter was an increase of more than 17%. Mass-market revenue share reached 25.7%, the strongest performance since the first quarter of 2024.
“We believe we will deliver growth over time in Macau as we implement specific strategies to improve our product and service levels,” Dumont said. “We have a goal of reaching $700 million in quarterly EBITDAR and beyond over time, as we fully implement our investment and operating strategies and as the Macau market continues to grow.”
The growth in Macau is primarily driven by the premium segment and the competition in that segment remains intense, Dumont said.
“Luxurious suite products coupled with outstanding service levels are critical to success,” Dumont said. “We have the suite product to effectively compete in the premium segment in both The Londoner and Grand Suites at Four Seasons.”
Dumont said they increased gaming revenue and volumes and premium customer patronage since implementing recent changes to their reinvestment program.
“Implementing meaningful improvements in the service pillar of our strategy in Macau will be critical in realizing additional growth in securing our long-term success,” Dumont said. “We believe we have outstanding opportunities for growth in every segment as we implement our strategy.”
They are focusing on hiring additional customer-focused employees and training existing ones throughout the operation, Dumont said.
“We are focused on the highest-return projects to increase cash flow over the next three years,” Dumont said. “We will begin at the Venetian, where work is already in progress, with refreshed room products beginning to come into service in the third quarter of 2026. Additional luxurious suite products and total product refresh are targeted to be completed by the end of 2027.”
The meaningful growth of customers at The Londoner and Four Seasons provides support for the investments, Dumont said. The vast portfolio allows the refresh to be done while still serving customers.
“Nothing we’re doing as we invest in the portfolio over the next several years will hinder our ability to use our scale advantages to outperform the non-premium segment, should spending in that segment accelerate in the future,” Dumont said. “We are confident in our strategy in Macau.”
Dumont said expenses will increase to improve service offerings, which will negatively impact margins. Margins, however, will improve over time as revenue grows in the lower end of the premium segment and non-premium segment, because of the scale of hotel inventory that gives Sands natural advantages.
The margin at the Venetian was 33.5% while it was 29.6% at The Londoner.
“We are headed in the right direction in Macau,” Dumont said. “(The $700 million in adjusted earnings) is going to require some growth in the overall market and more importantly, it’s going to require us to execute on the hospitality and service that we are showing.”
