Marina Bay Sands Delivers Record Quarter as Macau Underperforms
Marina Bay Sands posted a record fourth quarter while Macau’s properties underperformed, Las Vegas Sands said.
LISTEN TO THIS ARTICLE:Las Vegas Sands told investors that Marina Bay Sands (MBS) in Singapore delivered an exceptional fourth quarter, producing $806 million in adjusted property EBITDA and helping drive a 2025 full-year result of $2.9 billion for the resort. The company said fourth-quarter EBITDA at MBS was 27% higher than the same quarter a year earlier, and margin at the property reached 50.3% in Q4 – an indicator of the high-yield mix of customers and tight cost control.
“We’re delighted with the results and look forward to more this year. 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.”
By contrast, Las Vegas Sands executives expressed disappointment with performance in Macau. The company reported $608 million in adjusted property EBITDA for Macau in Q4. Sands’ Macau operations are currently more dependent on premium gaming, a highly competitive segment, and management said the mass market recovery needed to lift returns has not yet materialized to the level they expected.
“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,” Goldstein said, reiterating a near-term target for Macau’s quarterly EBITDA as the company adjusts to prevailing market dynamics.
In Macau, margin performance was mixed across properties: the Venetian recorded a 32.3% margin in the quarter while the Londoner posted a slimmer 20.8%. Patrick Dumont, President and Chief Operating Officer, flagged the group’s plan to use scale, product differentiation and targeted incentives to expand revenue and improve EBITDA across segments.
“We see opportunity at every segment at every property in the portfolio”, Dumont said. He added that continued investment in product and service, rather than broad cost cuts, is the preferred route for sustaining long-term growth. “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. We’re where we need to be, and we’ll continue to improve as much as we can.”
Related: Singapore Drives Las Vegas Sands’ Q3 Surge as Marina Bay Sets Record EBITDA
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Operational Changes, Costs and The Path Forward
Management acknowledged that higher operating costs weighed on Macau results in the quarter. Grant Chum, CEO and president of Sands China, pointed to elevated marketing spend, broader event programming and increased payroll tied to adding table capacity and hours as drivers of the expense base.
“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”, Chum said, noting the Londoner ramp-up since May has contributed to momentum but also increased near-term operating outlays.
Dumont said the company has been adapting its service model and staffing to new customer behaviors in Macau. “We’re focused on growing revenue and EBITDA, so we’ve made some great progress this quarter”, he 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.”
For investors and market watchers, the quarter underscores a two-speed recovery across Sands’ global portfolio: a buoyant Singapore operation capitalizing on high-value tourism and experiences, and a Macau market still recalibrating its mix of premium and mass customers amid rising competition and elevated near-term operating investment.
Analysts' Take and Near-Term Risks
Industry analysts will be watching several variables closely in the months ahead: inbound travel volumes across Asia, the sustainability of high-value tourism in Singapore, the pace of mass-market recovery in Macau, and any regulatory or macroeconomic developments that could affect discretionary spend. How Sands translates the strong Singapore cash flow into strategic reinvestment – while stabilizing margins in Macau – will be central to the company’s 2026 message to shareholders.
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