Las Vegas Sands Marks Historic EBITDA Quarter on Asia Momentum
Marina Bay Sands delivered an unprecedented quarter, reporting adjusted property EBITDA of US$806 million for Q4 2025 as Las Vegas Sands posted consolidated strength.
Key Takeaways:
- Marina Bay Sands reports record-breaking Q4 EBITDA of US$806 million
- Surge driven by high-value tourism initiatives; Macau supports rebound
- Company plans continued investment to sustain premium demand and growth in Asia
As reported by Inside Asian Gaming, CEO Rob Goldstein called the performance “simply the greatest quarter in the history of casino hotels” and added on the earnings call, “There has never been a building, to my knowledge, that delivered these types of results.”
Industry data shows the surge was broad-based, with mass-market wins and VIP play both climbing sharply.
VIP Volume Powers EBITDA Surge as Macau Rebounds
The upswing reflected a 66% year-on-year rise in rolling VIP volume to US$13.4 billion and record mass-market wins near US$951 million, lifting the property’s adjusted EBITDA margin to about 50.3%, per The Straits Times.
Sands credits recent capital investments, upgraded guest products and targeted high-value tourism initiatives for boosting spending per visitor, according to AGBrief.
Macau also contributed to the quarter, supporting Sands China’s rebound even as some Las Vegas operations showed mixed results.
Asia-focused Strategy Fuels Growth Outlook
The results underline the payoff from the company’s long-term pivot toward Asia that began under previous leadership and have prompted executives to ask how much further growth is achievable over the next two years.
Company commentary signals continued investment in product and technology to sustain premium demand while monitoring hold and mix across markets. The quarter coincides with Sands’ launch of a major Marina Bay Sands expansion, underlining its continued focus on premium-led growth in Asia.
