Calling it the “greatest quarter in the history of casino-hotels,” Las Vegas Sands reported Marina Bay Sands (MBS) in Singapore recorded $806 million in adjusted property EBITDA. On the other hand, executives expressed disappointment about its numbers in Macau.
MBS had $2.9 billion in EBITDA in 2025 and the fourth quarter was 27% higher than the fourth quarter of 2024.
“We’re delighted with the results and look forward to more this year,” said Chairman and CEO Rob Goldstein. “This is an extraordinary market and we have built a product that has maximized the opportunity. The question is how much further can we go in the next two years. There has never been a building, to my knowledge, that has delivered these types of results.”
Goldstein was disappointed with Macau delivering $608 million in EBITDA in the fourth quarter. Macau is driven by the premium segment, which is highly competitive, he noted. “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.”
The margin at the Venetian in Macau was 32.3%, while it was 20.8% at the Londoner, according to President and Chief Operating Officer Patrick Dumont. He said they expect growth in revenue and EBITDA by using scale and product advantages, together with targeted incentives to address every market segment. “We see opportunity at every segment at every property in the portfolio,” Dumont said.
The margin at Marina Bay Sands was 50.3% in the fourth quarter. The strength at the property reflects a high-quality investment, world-class service, and growth in high-value tourism, Dumont said.
When asked by Wall Street analysts about Singapore, Goldstein said the property is extraordinary, with great offerings and Asian customers who want the experience.
“More people are showing up with lots of money to gamble and lots of appetite,” Goldstein said. “We’re very fortunate. It’s a strong customer base across Asia.”
Dumont said they don’t need to do anything from an expense side, other than to continue to improve their service model and programs. They continue to invest in Singapore.
“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,” Dumont said. “We’re where we need to be and we’ll continue to improve as much as we can.”
Grant Chum, CEO and president of Sands China, said there are opportunities in Macau with marketing and leveraging the Londoner ramp-up since May. It’s moving in the right direction in terms of revenue and customer growth across all the segments. Most of the growth is coming in premium.
Operating expenses were high in Macau with investments in events and higher payroll by increasing the capacity of tables, Chum said.
Dumont said there have been a lot of changes over the last couple of quarters in Macau, both in the approach of the customer and how they think about service levels with their investment in personnel and adding table hours.
“We’re focused on growing revenue and EBITDA, so we’ve made some great progress this quarter,” Dumont said. “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.”
