MBS Q3 earnings reach nearly S$1 billion following hotel renovation completion
Parent company LVS is optimistic about growth, citing its expansion project and Singapore’s attractiveness as a destination
[SINGAPORE] Integrated resort and casino operator Marina Bay Sands (MBS) notched yet another record set of results, with profits just a whisker shy of S$1 billion in the third quarter.
It marked an 83 per cent surge in its adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) to US$743 million (S$965.4 million) for the three months ended Sep 30. This is compared with US$406 million in the year-ago period.
Its revenue jumped 56.3 per cent year on year to US$1.44 billion, from US$919 million previously.
This follows the completion of its suite renovation and refurbishment programme in Q2, MBS’ parent company Las Vegas Sands (LVS) said on Wednesday (Oct 22).
The resort now features 1,844 keys, including 775 suites, it added. Before the renovation, the hotel had about 2,560 keys, of which 180 were for suites.
In an earnings call, LVS president, chief operating officer and director Patrick Dumont said that the resort’s success stems from years of strategic planning and investment, and that “people are just getting to know the new MBS”.
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The quality of tourists in Singapore “is continuing to elevate”, he added, noting that there are more people “engaging in commerce out of” the city-state.
MBS is looking at both the leisure and business tourism segments to bring in high-value visitors, he said, adding that “at some point, we’re going to run out of capacity”. That is where the resort’s ongoing US$8 billion expansion project, expected to be completed in 2030, will come in.
“That, to me, is the biggest signal that we’re very serious about long-term investment and the success of Singapore,” he said.
When asked about the effect of the Formula 1 night race in Singapore falling later in the year in 2025 – in October rather than September, as in other years – Dumont said that the event increases the Republic’s prestige and drives high-value visitation. “(Wherever) it falls in the calendar is okay.”
LVS chairman and chief executive Robert Goldstein said Singapore is “the most favourable location for a lot of people (with) high net worth”, and the destination itself is ultimately a driver, no matter the timing of high-level events.
“It’s become the place to go to in Asia for people who want to gamble at a certain level,” he added. “I think… the real driver is the unique asset we’ve built.”
Revenue growth
In Q3, MBS’ Ebitda margin rose 7.5 percentage points to 51.7 per cent, from 44.2 per cent the year before.
The casino was the main contributor to its revenue, pulling in US$1.08 billion – 79.5 per cent higher than the level in Q3 2024. For the gaming segment, rolling chip volume was US$9.07 billion, up 38.3 per cent from US$6.56 billion in the year-ago period.
As for its rooms, revenue was US$154 million, up 23.2 per cent year on year from US$125 million. Occupancy stood at 95.5 per cent in Q3, 0.8 percentage point higher than the 94.7 per cent in the year before.
The average daily room rate and revenue per available room also posted growth on a yearly basis at US$982 and US$937, respectively.
The Shoppes at MBS, meanwhile, recorded an occupancy of 95.9 per cent at the end of the quarter. Revenue for the retail segment reached US$69 million.
Goldstein said the group remains enthusiastic about its growth opportunities in Singapore as well as Macau, as it “realises the benefits of (its) recently completed capital investment programmes”.
“In Singapore, MBS once again delivered outstanding financial and operating performance,” he noted. “Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.”
Group strength
LVS’ financial strength and cash flow continue to support its investment and capital expenditure programmes in Singapore and Macau, he added. The latter market was also a key driver of the group’s performance for the quarter.
LVS announced a dividend of US$0.25 a share for the period, which will be paid out on Nov 12. For 2026, it will increase its annual dividend to US$1.20 per share (or US$0.30 per quarter), marking an increase of US$0.20 per share for the full year.
At the group level, LVS recorded a net income of US$491 million for Q3 2025, a 39.1 per cent expansion from US$353 million in the corresponding period last year. Its revenue gained 24.2 per cent to US$3.33 billion, from US$2.68 billion the previous year.
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