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Las Vegas Sands Corp. reported fourth-quarter 2025 financial results showing continued revenue and earnings growth across its integrated resort portfolio, with Marina Bay Sands in Singapore delivering record performance while Macau operations posted moderate gains amid competitive market conditions.
Q4 and Full-Year Financial Performance
Group-wide net revenue reached $3.65 billion in Q4 2025, compared to $2.9 billion in the same quarter of 2024. Operating income increased to $707 million from $590 million year-over-year, while net income rose to $448 million versus $392 million in the prior-year period. Consolidated adjusted property EBITDA totaled $1.41 billion, up from $1.11 billion in Q4 2024.
For the full year 2025, operating income reached $2.82 billion, compared to $2.40 billion in 2024. Net income attributable to Las Vegas Sands stood at $1.63 billion, or $2.35 per diluted share, versus $1.45 billion or $1.96 per diluted share in the previous year.
Marina Bay Sands Achieves Record Results
Marina Bay Sands reported adjusted property EBITDA of $806 million in the fourth quarter, despite a high hold on rolling play reducing the figure by $45 million. The Singapore property achieved a fourth-quarter margin of 50.3%, supported by what management characterized as quality investment and sustained high-value tourism.
“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 we can go in the next two years. There has never been a building, to my knowledge, that has delivered these types of results,” said Chairman and CEO Robert Goldstein, calling it “the greatest quarter in the history of casino-hotels.”
Macau Operations Show Mixed Results
Macau operations reported adjusted property EBITDA of $608 million in the fourth quarter, with results impacted by $26 million from high hold on rolling play. While acknowledging disappointment with Macau’s performance relative to Singapore, Goldstein emphasized the company’s focus on strengthening its position in the premium gaming segment.
“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 stated.
Sands China Ltd. posted Q4 2025 GAAP net revenue of $2.05 billion, representing a 16.4% year-over-year increase. However, net income declined to $213 million from $237 million in Q4 2024. For the full year, Sands China’s net revenue increased 5.1% to $7.44 billion, while net income fell to $901 million from $1.05 billion in 2024.
Property-level margins in Macau showed variation, with the Venetian posting a 32.3% margin while the Londoner recorded 20.8%. President and COO Patrick Dumont noted opportunities across the portfolio: “We see opportunity at every segment at every property in the portfolio. Future growth would rely on leveraging scale, enhancing product advantages, and deploying targeted incentives.”
Capital Allocation and Balance Sheet
During the quarter, Las Vegas Sands repurchased 8 million shares of its common stock for $500 million at an average price of $61.39 per share. Since late 2023, the company has repurchased approximately 96 million shares for $4.5 billion. The operator also increased its ownership stake in Sands China to 74.8% by acquiring 25 million shares for approximately $66 million.
Interest expenses totaled $191 million for the quarter, up from $180 million in the prior year. The weighted average debt balance rose to $15.9 billion from $14 billion, though the average borrowing cost decreased to 4.6% from 5.0%. Unrestricted cash stood at $3.84 billion as of year-end, with total debt excluding finance leases at $15.63 billion.
Capital expenditures in Q4 amounted to $274 million, including $149 million at Marina Bay Sands and $121 million across Macau properties. The company paid a quarterly dividend of $0.25 per share and announced an increase to $0.30 per share, payable February 18 to shareholders of record as of February 9.
Investment Programs and Future Outlook
Dumont addressed ongoing investment in Singapore operations:
“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.”
Regarding Macau, Dumont stated:
“We’re focused on growing revenue and EBITDA, so we’ve made some great progress this quarter. 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.”
Goldstein emphasized the company’s long-term positioning:
“Our financial strength and industry-leading cash flow continue to support our investment programs in both Singapore and Macau, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders. We remain enthusiastic about our opportunities to deliver growth in both Singapore and Macau, as we realize the benefits of our market-leading capital investment programs.”
Source: Las Vegas Sands Corp.
