Las Vegas Sands (NYSE:LVS) executives highlighted record performance at Marina Bay Sands and ongoing efforts to improve profitability in Macau during the company’s fourth quarter 2025 earnings call, while also outlining continued capital returns to shareholders and a leadership transition for Chairman and CEO Rob Goldstein.
Marina Bay Sands posts record quarter as demand remains broad-based
Goldstein said Marina Bay Sands delivered EBITDA of $806 million in the quarter, calling it “the greatest quarter in the history of casino hotels.” He added that the property exceeded $2.9 billion in EBITDA for the year. Mass gaming in Singapore exceeded $951 million during the quarter, which he said was up 118% from fourth quarter 2019 and up 27% from the prior year’s fourth quarter.
President and COO Patrick Dumont said Marina Bay Sands’ quarterly EBITDA margin was 50.3%. He noted that if the property had held as expected in its rolling program, EBITDA would have been lower by $45 million.
During the Q&A, management also addressed the impact of Singapore’s higher mass gaming tax rate. After an analyst asked about a sequential margin decline, Goldstein confirmed the property hit the higher tax rate in July, creating an approximately $44 million impact in the fourth quarter.
On capital projects in Singapore, executives said much of the investment program has been completed but additional work remains. Management said the gaming floor and rooms are done, while some public spaces—including parts of the mall, lobby, and SkyPark—still require work. When asked whether lobby work could cause disruption, management said no.
Goldstein pushed back on the idea of modeling Marina Bay Sands with traditional seasonality, stating the property “defies the seasonality of most markets” and is more driven by customer mix and events than by time of year. He also said the team has been “very bad at forecasting this,” noting that prior targets proved too conservative given subsequent performance.
Macau EBITDA rises, but margins pressured by mix, higher reinvestment, and costs
In Macau, Goldstein reported fourth quarter EBITDA of $608 million and said the company was not disappointed with that result, while emphasizing that the market remains highly competitive and premium-segment driven. He said the company will continue focusing on making assets “work harder” toward the goal of $700 million per quarter, and added that the team expects better results in 2026.
Dumont provided additional detail on Macau profitability. He said that if the company had held as expected in its rolling program, Macau EBITDA would have been lower by $26 million. Adjusting for higher-than-expected rolling hold, Dumont said the EBITDA margin for the Macau portfolio would have been 28.9%, down 390 basis points compared to the fourth quarter of 2024. He also cited property-level margins of 32.3% at The Venetian and 28.8% at The Londoner.
Management attributed margin pressure to several factors, including a shift in segment mix toward rolling play and the “super high end” of premium mass, higher reinvestment, and higher operating expenses. Grant Chum, CEO and President of Sands China and EVP of Asia Operations, said operating expenses increased due to higher event costs and higher payroll tied to expanded operating capacity and table hours. He also said the non-rolling hold percentage was lower by about 140 basis points versus the prior quarter and prior year, which weighed on results.
Promotional intensity remains elevated; company targets share gains and optimization
Executives repeatedly characterized Macau as more promotional, particularly in premium segments. Dumont said the company has been competitive and is seeing results from enhanced promotional positioning and service levels. Chum described the promotional environment as “intense,” though he said conditions appeared to stabilize over the course of the fourth quarter and that the company hopes to find “headroom” to optimize reinvestment into 2026.
Chum also addressed the company’s approach to segments it historically did not emphasize as heavily. He said the company is committed to growing “every single segment” available in Macau, and noted that market growth is currently driven by premium segments, including rolling and non-rolling. He said fourth quarter rolling volume was up 60% versus the prior year, reflecting adjustments to commercial programs, increased success attracting foreign play from other Asian markets, and improved performance in the super VIP rolling segment. Chum acknowledged rolling play is lower margin than other segments but called it profitable in absolute dollars and aligned with the company’s focus on EBITDA growth.
On base mass, Chum said spend per head in lower-end segments has been on a declining trend versus pre-COVID levels and that base mass revenue has remained stagnant even as premium mass grows. He added that visitation across Sands China was strong and said the company slightly exceeded 2019 levels in 2025, approaching 100 million visitations for the year, but the increased visitation has not translated into base mass gaming growth as expected.
To stimulate base and mid-tier demand, Chum said Sands China is leveraging its retail malls, entertainment calendar, and non-gaming attractions, and is also introducing non-gaming loyalty programs tied to the retail mall business. He said these initiatives have seen “good take-up,” even as base mass gaming remains slower than premium growth.
Side wagers expanding in Macau; NBA event raises costs but supports brand strategy
Management also discussed efforts to broaden gaming offerings in Macau. Chum said Sands China has been rolling out additional wager options on baccarat layouts, with participation rising but still below levels seen at Marina Bay Sands. He said the company will continue to innovate with additional side wager options in baccarat and other games.
On event-related spending, Chum said the NBA was the largest event the company has conducted in Macau, both during the quarter and in its history, and described it as “tremendously successful” for brand projection and stakeholder engagement. He said the event carried a cost impact but that Sands China is “absolutely delighted” and plans to continue it under a multi-year partnership, aiming to execute it “even better in 2026.”
Capital returns continue; Goldstein to transition to senior advisor role
Dumont said the company repurchased $500 million of Las Vegas Sands stock during the quarter and paid its recurring quarterly dividend of $0.25 per share. He also said the company purchased $66 million of Sands China (SCL) stock during the quarter, increasing ownership to 74.8% as of December 31, 2025. Dumont said management continues to see value in both equities.
In response to questions on capital allocation, Dumont said share repurchases have been a consistent element of the company’s approach in recent years, while also calling the dividend “fundamental” to the return-on-capital story. He indicated that at Sands China, the board may approve dividend increases over time as cash flows grow.
The call also included remarks about Goldstein’s transition. Dumont said Goldstein will serve in a new role as senior advisor to the company for the next two years. Goldstein closed by saying the company would “improve in Macau and continue to strive for better results,” adding, “Promise better margins in Macau. Stay the course.”
About Las Vegas Sands (NYSE:LVS)
Las Vegas Sands (NYSE: LVS) is a global developer and operator of integrated resorts, focused on large-scale properties that combine casino gaming with hotels, convention and exhibition facilities, retail, dining, and entertainment. The company’s operations center on developing and managing full-service resort complexes that serve both leisure and business travelers, with emphasis on convention and trade-show business in addition to gaming revenue streams.
The company’s portfolio has included prominent properties in North America and Asia, most notably The Venetian Resort in Las Vegas and Marina Bay Sands in Singapore, along with a significant presence in Macau through multiple integrated resorts.
