MBS Q4 earnings surpass S$1 billion to set new record

[SINGAPORE] Marina Bay Sands (MBS) delivered “simply the greatest quarter in the history of casino hotels”, said Las Vegas Sands (LVS) chairman and chief executive officer Rob Goldstein in a Wednesday (Jan 28) earnings call, after profits came in above S$1 billion.

MBS’ adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) soared 50.1 per cent to a new high of US$806 million – or S$1.02 billion – for the three months ended Dec 31, 2025. This is compared with US$537 million in the year-ago period.

The latest figure is also 8.5 per cent higher on a quarter-on-quarter basis. Year on year, it brought the integrated resort and casino’s adjusted property Ebitda margin up 3.1 percentage points to 50.3 per cent.

MBS’ fourth-quarter revenue rose 41 per cent to US$1.6 billion from US$1.1 billion in the corresponding year-ago period. This includes a 52 per cent jump in casino revenue to US$1.2 billion, from US$792 million previously.

Goldstein noted that mass gaming in Singapore exceeded US$951 million in the latest quarter, marking a 27 per cent year-on-year rise.

The high hold on rolling play had a positive impact of US$45 million on MBS’ adjusted property Ebitda. Rolling chip volume was up 66.1 per cent at US$13.4 billion, from US$8.1 billion the year before.

More people are showing up with “lots of money to gamble, lots of appetite”, said Goldstein.

Like the casino segment, MBS’ other revenue components posted growth.

The rooms segment recorded US$152 million in revenue, up 21.6 per cent year on year from US$125 million.

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For the hotel, occupancy was 0.7 percentage point higher year on year, at 95 per cent. The average daily room rate was up 5.5 per cent at US$978; the revenue per available room was up 6.3 per cent at US$929.

Food and beverage revenue rose 20 per cent to US$114 million; mall revenue climbed 6.1 per cent to US$87 million; and convention, retail and other revenue gained 7 per cent to US$46 million.

LVS president and chief operating officer Patrick Dumont said the results “reflect the impact of high-quality investment in market-leading products, world-class service and the growth in high-value tourism”.

Addressing the operational expenditures (opex) needed to sustain this performance, he said: “There’s really nothing that we have to do from an opex side, except to continue to improve our service models and our programmes there.”

For the full year, MBS’ revenue grew 32.2 per cent to US$5.6 billion, from US$4.2 billion. Adjusted Ebitda was up 52.4 per cent year on year at US$2.9 billion, from US$2.1 billion.

LVS is continuing to invest in Singapore, Dumont said, highlighting ongoing renovations. While the suites are done and the casino area mostly so, the group will continue to adjust MBS’ amenities and improve them where they can.

“This is an extraordinary market,” said Goldstein. “We have built the product to maximise the opportunity. The question is: How much further can we go in the next two years?

“There has never been a building, to my knowledge, that delivered these types of results.”

Recalling that LVS previously announced a full-year Ebitda goal of US$2.5 billion for MBS, he admitted that LVS has proved itself “to be very bad” at forecasting the integrated resort’s performance.

He pointed to a “plethora of facts” working in its favour, including its locale as a “great” destination, a supportive government and an upgraded product.

“I think we’ve now passed the point of disbelief,” he said, adding that the property “has real potential to keep growing if the economy stays strong and we continue to deliver a great quality product”.

Outside Singapore

At the group level, LVS recorded a net income of US$448 million for Q4 2025, a 14.3 per cent expansion from US$392 million in the same period the year before.

Net revenue increased 26 per cent to US$3.7 billion, from US$2.9 billion the previous year. It reported a consolidated adjusted property Ebitda of US$1.4 billion.

LVS announced a dividend of US$0.30 a share for the period, which will be paid out on Feb 18, for stockholders of record on Feb 9.

For the group’s Macau operations, net revenue was up 16.2 per cent at US$2.1 billion, from US$1.8 billion previously. Adjusted property Ebitda continued to recover, coming in at US$608 million, up 6.5 per cent year on year from US$571 million.

These include five casino properties: The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao.

However, unlike that of MBS, the Macau operations’ adjusted property Ebitda margin slid 2.7 percentage points to 29.5 per cent.

The compressed margin, said Sands China CEO and president Grant Chum, was due to higher reinvestment, as well as higher opex, with more investments into event costs and higher payroll.

The market’s growth is mainly driven by the premium segments, both rolling and non-rolling, he said.

Dumont noted that VIP play is a lower-margin business. “If the base mass comes back in some way, like it existed pre-pandemic, that’s a very high-margin business, and our margin structure can change positively,” he added.