Las Vegas Sands Corp (LVS) closed the third quarter of 2025 on a excessive word, propelled by record-setting efficiency from its Singapore flagship, Marina Bay Sands (MBS), whereas taking steps to rebuild market power in Macau. Company executives, together with Chairman and CEO Rob Goldstein and President and COO Patrick Dumont, celebrated a “historic” quarter that underscored the agency’s dominance in Asia’s on line casino market however acknowledged that its Macau enterprise nonetheless has floor to recuperate.
Marina Bay Sands Delivers Industry-First Results
Singapore remained the centerpiece of LVS’s 2025 success story. MBS reported US$743 million in adjusted property EBITDA for the third quarter—up 83% from the identical interval final yr and pushed largely by mass gaming and slot income, which hit a report US$905 million. This determine represents 122% progress over 2019 ranges and a 35% improve year-on-year, making MBS one of many highest-earning on line casino properties globally.
“We had forecast that MBS could do US$2.5 billion annually,” mentioned Goldstein. “It turns out we were too conservative and we could easily extend that in 2025.” He famous that the property has already generated greater than US$2.1 billion in EBITDA this yr, with one quarter nonetheless remaining. “The operating performance of MBS is unprecedented in the history of our industry,” he added.
The power of Singapore’s mass-market section has been pivotal, supported by a surge in luxurious tourism and high-value guests. Dumont credited this to “high-quality investment in market-leading product and the growth in high-value tourism,” emphasizing that the advantages of MBS’s current redevelopment are solely starting to floor.
MBS’s success comes amid a broader transformation, as the corporate broke floor in July on Marina Bay Sands 2.0, a US$8 billion enlargement anticipated to open in January 2031. The new growth features a 55-story tower with 570 suites, expanded gaming areas, new retail and eating choices, and a 15,000-seat area designed to place MBS as a worldwide leisure vacation spot.
Macau Recovery Strategy and Market Adaptation
While Singapore’s momentum continues to exceed expectations, LVS’s Macau operations stay a piece in progress. The firm’s Macau portfolio produced US$601 million in EBITDA within the third quarter—an enchancment from the June quarter’s US$566 million, although beneath the degrees seen earlier than the pandemic. Revenue from Macau reached US$1.9 billion, up 7.5% year-on-year and 6.1% quarter-on-quarter, led by sturdy performances at The Londoner Macao, which noticed income rise almost 49% in comparison with the earlier yr.
Goldstein admitted that the corporate had beforehand “underperformed in the Macau market for the past few years,” acknowledging that counting on property upgrades alone was not sufficient. “We believed that our buildings would be enough to compete favorably. We were wrong,” he mentioned.
The firm has since restructured its Macau technique, with Dumont confirming changes to reinvestment charges and a renewed advertising method. These modifications have already paid off, with LVS’s mass-market income share growing to 25.4%, up from 23.6% earlier within the yr.
According to Asia Gaming Brief, Sands China CEO Grant Chum mentioned the group is now “outgrowing the market in mass Gross Gaming Revenue for the first time in a long time,” highlighting the success of the not too long ago accomplished Londoner grand rooms and suites. Goldstein recognized the Parisian Macao and Sands Macao as areas needing enchancment, whereas The Londoner continues to strengthen, transferring towards “one plus billion dollars of EBITDA.”
Despite the lingering results of Typhoon Ragasa in the course of the Golden Week holidays, which diminished earnings by roughly US$20 million, Goldstein expressed confidence in reaching LVS’s Macau EBITDA objective of US$2.7–US$2.8 billion. “You need market growth, which you’re experiencing, thankfully, in Macau… It’s critical to the market growth. That’s essential for all of us,” he mentioned.
Beyond property efficiency, LVS continues to prioritize shareholder worth. Dumont described the corporate as “a capital allocation story,” citing the 20% improve in quarterly dividends for the 2026 calendar yr—rising to US$0.30 per share, or US$1.20 yearly.
The agency additionally repurchased US$500 million of its personal inventory in the course of the quarter and an extra US$337 million of Sands China shares, lifting its stake within the subsidiary to 74.76%, simply shy of the regulatory possession ceiling.
Goldstein mentioned the corporate’s focus stays on leveraging the power of Singapore whereas making certain Macau regains momentum. “We remain enthusiastic about our growth opportunities in both Macau and Singapore as we realize the benefits of our recently completed capital investment programs,” he said.
