The Marina Bay Sands property in Singapore saw its fourth-quarter adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) increase 50.1 percent year-on-year, to US$806 million.
That is according to results published on Wednesday by U.S-based Las Vegas Sands Corp. The company runs the Marina Bay Sands complex (pictured) via its Marina Bay Sands Pte Ltd subsidiary.
“High hold on rolling play at Marina Bay Sands positively impacted adjusted property EBITDA by US$45 million” in the last quarter of 2025, said Las Vegas Sands.
The property’s fourth-quarter net revenues rose 41.0 percent year-on-year, to just over US$1.60 billion.
Casino revenues at Marina Bay Sands were up 52.0 percent year-on-year, to US$1.20 billion in the three months to December 31.
Robert Goldstein, chairman and chief executive of Las Vegas Sands, said in prepared remarks included in a company press release: “Marina Bay Sands once again delivered outstanding financial and operating performance.”
He added: “Our elevated suite and service offerings position us for additional growth as travel and tourism spending in Asia continues to expand.”
For full-year 2025, Marina Bay Sands recorded adjusted property EBITDA of US$2.92 billion, a 42.4-percent increase from the previous year. That was on revenue that grew by 32.2 percent year-on-year, to US$5.59 billion.
Las Vegas Sands broke ground in July on a US$8-billion Marina Bay Sands expansion, known as MBS 2.0. Construction of the new phase will be completed by June 2030, and open in January 2031, according to corporate information.
Banking group JP Morgan said in a Thursday memo via the U.S., that it had a “positive view” on the casino group’s Singapore business. The institution stated, referring to revamps to Marina Bay Sands’ operations that have already taken place: “We think [it] is demonstrating a step-change in sustainable demand as a result of Las Vegas Sands’ approximately US$1-billion ‘premiumisation’ of the property and growing wealth in Singapore”.
Macau EBITDA
In Macau, on a United States-GAAP basis, total net revenues for Sands China Ltd increased 16.4 percent year-on-year to US$2.05 billion in the October to December period. Nonetheless the Macau unit reported fourth-quarter net income of US$213 million, versus US$237 million in the prior-year period.
Sands China’s adjusted property EBITDA stood at US$608 million for the three months to December 31, up 6.5 percent from the prior-year period.
Fourth-quarter Macau casino revenues were just below US$1.54 billion, compared to casino revenues of US$1.31 billion a year earlier.
Sands China runs five casino properties in Macau, including The Venetian Macao and The Londoner Macao.
On a GAAP basis, full-year 2025 total net revenues for Sands China increased 5.1 percent year-on-year to US$7.44 billion. But 2025 net income was down, at US$901 million, compared to US$1.05 billion in 2024.
On Wednesday, Las Vegas Sands reported group-wide net income of US$448 million in the fourth quarter, up 14.3 percent year-on-year, according to a filing in the United States.
That was on net revenues that rose 26.0 percent year-on-year, to nearly US$3.65 billion.
Consolidated adjusted property EBITDA was US$1.41 billion in the three months to December 31, compared to US$1.11 billion in the prior-year quarter.
Las Vegas Sands paid a quarterly dividend of US$0.25 per common share during the fourth quarter. Its next quarterly dividend of US$0.25 per share is scheduled for payment on February 18, the firm said.
Full-year 2025 net income attributable to Las Vegas Sands was US$1.63 billion, up from US$1.45 billion in the previous year. Net revenues rose 15.2 percent year-on-year, to US$13.02 billion.
“Our financial strength and industry-leading cash flow continue to support our investment programmes in both Singapore and Macau, our pursuit of growth opportunities in new markets and our programme to return excess capital to stockholders,” Mr Goldstein said in his prepared remarks.
During the last quarter of 2025, Las Vegas Sands repurchased US$500 million of its own shares, as well as 25 million shares of Sands China’s common stock. The latter exercise increased the parent’s ownership percentage of Sands China to 74.80 percent as of December 31, 2025.
(Updated 3.06pm, Jan 29)
