Marina Bay Sands Posts 50.1% EBITDA Growth in Q4 2025

Marina Bay Sands reported a sharp improvement in financial performance during the final quarter of 2025, supported by strong casino activity and higher visitor spending. The results were disclosed by Las Vegas Sands Corp in its latest earnings release.

Good to Know

• Fourth quarter adjusted property EBITDA reached US$806 million
• Casino revenue exceeded US$1.2 billion for the quarter
• An US$8 billion expansion project remains on schedule

Las Vegas Sands Corp reported that adjusted property EBITDA at Marina Bay Sands climbed 50.1 percent year on year during the fourth quarter, reaching US$806 million. The integrated resort in Singapore operates under Marina Bay Sands Pte Ltd, a subsidiary of the US based group.

One factor behind the earnings lift came from rolling play performance. The company said higher hold levels during the quarter added US$45 million to adjusted property EBITDA at the Singapore property.

Net revenue for the three months ended December 31 reached just over US$1.60 billion, marking a 41.0 percent increase compared with the same period a year earlier. Casino revenue accounted for a large share of that growth, rising 52.0 percent year on year to US$1.20 billion.

Robert Goldstein, chairman and chief executive of Las Vegas Sands, pointed to continued strength in the property operations. He said:

“Marina Bay Sands once again delivered outstanding financial and operating performance.”

Goldstein also tied the results to broader regional travel trends and ongoing investment in premium offerings, saying:

“Our elevated suite and service offerings position us for additional growth as travel and tourism spending in Asia continues to expand.”

Looking beyond the quarter, Marina Bay Sands delivered strong results across the full 2025 calendar year. Adjusted property EBITDA reached US$2.92 billion, representing a 42.4 percent increase from the prior year. Revenue for the year rose 32.2 percent year on year to US$5.59 billion.

Alongside operational performance, Las Vegas Sands continues to invest heavily in the Singapore asset. The company broke ground in July on an US$8 billion expansion project known as MBS 2.0.

Corporate disclosures state that construction of the new development phase is scheduled for completion by June 2030. The expanded facilities are expected to open to the public in January 2031.

The expansion forms part of a longer term strategy to strengthen Marina Bay Sands position within the Asia Pacific tourism and gaming market, while adding new non gaming attractions and premium accommodation.

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