Las Vegas Sands’ Singapore icon Marina Bay Sands (MBS) continued its phenomenal run in 2025 with Adjusted Property EBITDA soaring to a new high of US$806 million, some 50.1% higher year-on-year and 8.5% higher than the September 2025 quarter.
The company also reported incremental improvement in Macau, although executives expressed disappointment over the rate of EBITDA growth.
MBS’s stunning fourth quarter included net revenues of US$1.60 billion – up 41.0% year-on-year – including a 52.0% increase in casino revenues to US$1.20 billion. This was also 12.1% higher than in 3Q25.
The company noted that it enjoyed a US$45 million EBITDA benefit on high hold on rolling play.
“In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance,” said LVS Chairman and CEO, Rob Goldstein.
“Our elevated suite and service offerings position us for additional growth as travel and tourism spending in Asia continues to expand.”
In the company’s 4Q25 earnings call, Goldstein described the result as “simply the greatest quarter in the history of casino hotels.”
In Macau, net revenues grew 16.2% year-on-year and 8.4% quarter-on-quarter to US$2.06 billion – aided by solid growth at The Venetian Macao and The Londoner Macao. Likewise, Macau Adjusted Property EBITDA of US$608 million was up 6.5% year-on-year and 1.2% quarter-on-quarter despite more subdued margin of 29.5% compared with 32.2% a year earlier. LVS said its Macau-wide Adjusted Property EBITDA benefited from high hold in rolling play to the tune of US$26 million.
By property, The Venetian Macao recorded a 10.3% year-on-year increase in net revenue to US$752 million, although Adjusted Property EBITDA fell 2.8% to US$243 million.
The Londoner Macao saw net revenues rise 34.9% to US$699 million with Adjusted Property EBITDA up 39.6% to US$201 million, while The Parisian Macao saw revenues grow by 2.2% to US$233 million. Adjusted Property EBITDA fell 20.3% to US$55 million.
At Four Seasons/Plaza, net revenues rose 18.4% to US$264 million with Adjusted Property EBITDA of US$99 million, however Sands Macao suffered an 11.6% decline in revenues to US$76 million with Adjusted Property EBITDA down 80% to US$4 million.
“In Macau, 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,” Goldstein said.
Group-wide, net revenue was up 25.9% year-on-year in 4Q25 to US$3.65 billion, with net income rising 14.3% to US$448 million, compared to $392 million in the fourth quarter of 2024.
Consolidated adjusted property EBITDA was US$1.41 billion, up from US$1.11 billion in the prior year quarter.
