Las Vegas Sands Corp (LVS) reported a 24.3% year-on-year increase in net revenues to US$3.33 billion in 3Q25, boosted by the continued strength of its Singapore icon, Marina Bay Sands, and an improved performance in Macau. The Q3 revenue result was also 4.7% higher than the June quarter.
According to information released early Thursday (Asia time), Marina Bay Sands (MBS) was again the star performer with net revenues reaching US$1.44 billion – up from US$919 million a year earlier and US$1.39 billion in Q2. This included casino revenues of US$1.07 billion.
Adjusted Property EBITDA of US$743 million was slightly down on the phenomenal US$768 million reported in Q2 although LVS said the property still played lucky to the tune of US$43 million – even after the company last year increased its theoretical on rolling play.
In comments made during LVS’s earnings call this morning, Chairman and CEO Rob Goldstein described the performance of MBS as “unprecedented in our industry” as it continues to outperform all expectations.
“We had forecast that MBS could do US$2.5 billion [in EBITDA] annually,” he said. “It turns out we were too conservative and we could easily extend that in 2025.
“MBS currently over US$2.1 billion in EBITDA this year with a quarter to go. Mass gaming and slot win was a record US$905 million [in 3Q25] representing 122% growth from 3Q19 and 35% higher than last year.
“We are in the right place at the right time with the right product. Singapore is a highly desirable destination, our product is superb and it’s difficult to find enough superlatives to describe the magnitude of this result. The operating performance of MBS is unprecedented in the history of our industry.”
In Macau, where the company recently acknowledged the need to become more aggressive in its approach to customer reinvestment, the early signs were positive with Sands China reporting a 7.5% year-on-year and 6.1% quarter-on-quarter increase in net revenues to US$1.90 billion.
Adjusted Property EBITDA of US$601 million was also improved on the US$566 million reported in the June quarter while net income grew to US$272 million.
The improved performance was led by The Londoner Macao, which saw net revenues climb by 49.1% year-on-year and 6.9% quarter-on-quarter to US$686 million. Adjusted Property EBITDA also climbed to US$219 million.
The Venetian Macao saw its net revenues of US$692 million remain flat year-on-year although this was 4.4% higher than in Q2. All of the company’s Macau casinos reflected improved quarter-on-quarter results.
“We remain enthusiastic about our growth opportunities in both Macau and Singapore as we realize the benefits of our recently completed capital investment programs,” said Goldstein in comments accompanying the results released.
“In Macai, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world center of business and leisure tourism positions us well for future growth.
“In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.”
