Las Vegas Sands closed the fourth quarter of 2025 with sharp gains across its portfolio, led by an exceptional performance at Marina Bay Sands in Singapore. The integrated resort delivered results that lifted group-wide earnings and reinforced the company’s reliance on its strongest assets, even as growth in Macau continued at a slower pace than management had hoped.

For the three months ended December 31, Las Vegas Sands reported (pdf) net revenue of US$3.65 billion, up from US$2.90 billion in the same quarter a year earlier. Net income increased to US$448 million, compared with US$392 million in the fourth quarter of 2024, while operating income rose to US$707 million. Consolidated adjusted property EBITDA reached US$1.41 billion, improving from US$1.11 billion in the prior year period.

Singapore Delivers a Record-Setting Quarter

Marina Bay Sands stood out as the company’s top performer, recording adjusted property EBITDA of US$806 million during the quarter. That figure marked a 50.1% increase year-on-year and exceeded the previous quarter by 8.5%. Net revenue at the Singapore property reached US$1.60 billion, reflecting a 41.0% annual increase.

Casino operations played a major role in the result. Casino revenue climbed 52.0% from the prior year to US$1.20 billion and was also 12.1% higher than the September 2025 quarter. The company said favorable hold on rolling play added US$45 million to adjusted property EBITDA at Marina Bay Sands.

“In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance,” said LVS Chairman and CEO, Rob Goldstein, according to Inside Asian Gaming. He added that, “Our elevated suite and service offerings position us for additional growth as travel and tourism spending in Asia continues to expand.”

During the company’s fourth-quarter earnings call, Goldstein described the Singapore results as “simply the greatest quarter in the history of casino hotels.”

Macau Shows Gains With Uneven Property Results

Las Vegas Sands also reported higher revenue in Macau, though executives acknowledged that EBITDA growth did not accelerate as quickly as anticipated. Net revenue in Macau increased 16.2% year-on-year and 8.4% from the previous quarter to US$2.06 billion. Adjusted property EBITDA across the region totaled US$608 million, up 6.5% from a year earlier and 1.2% sequentially. The company noted that high hold on rolling play contributed US$26 million to Macau-wide EBITDA.

Margins in Macau declined, however, with adjusted property EBITDA margin falling to 29.5% from 32.2% in the fourth quarter of 2024.

Results varied widely by property. The Venetian Macao posted a 10.3% increase in net revenue to US$752 million, but adjusted property EBITDA slipped 2.8% to US$243 million. The Londoner Macao delivered stronger growth, with net revenue rising 34.9% to US$699 million and adjusted property EBITDA increasing 39.6% to US$201 million.

At The Parisian Macao, revenue edged up 2.2% to US$233 million, while adjusted property EBITDA declined 20.3% to US$55 million. Four Seasons Hotel Macao and Plaza Casino saw net revenue grow 18.4% to US$264 million, with adjusted property EBITDA of US$99 million. Sands Macao lagged behind its peers, reporting an 11.6% drop in revenue to US$76 million and an 80% decline in adjusted property EBITDA 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.

Capital Returns and Full-Year Results

Beyond operating performance, Las Vegas Sands continued to return capital to shareholders. During the quarter, the company repurchased US$500 million of common stock, buying about 8 million shares at a weighted average price of US$61.39. It also increased its stake in Sands China Ltd. to 74.80% through the purchase of 25 million shares for HKD 518 million, or about US$66 million.

The company paid a quarterly dividend of US$0.25 per share and announced a higher dividend of US$0.30 per share, scheduled for payment on February 18, 2026.

For the full year 2025, Las Vegas Sands reported operating income of US$2.82 billion, up from US$2.40 billion in 2024. Net income attributable to the company reached US$1.63 billion, or US$2.35 per diluted share, compared with US$1.45 billion, or US$1.96 per diluted share, the year before.