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Adam Roarty is a journalist covering sports betting, regulation, and industry innovation for CasinoBeats. His coverage includes tax increases in the UK, covering breaking stories in the ever-evolving landscape of US betting such as the...
Read Full BioLas Vegas Sands reported its Q4 results for the period ending December 31 on Wednesday. The company said Marina Bay Sands in Singapore had “the greatest quarter in the history of casino hotels.” Meanwhile, management admitted “disappointment” in their Macau properties.
Las Vegas Sands CEO Robert Goldstein opened the company’s earnings call, declaring, “Marina Bay Sands delivered EBITDA of $806 million, simply the greatest quarter in the history of casino hotels.”
That marks a 27% increase from Q4 2024, and Goldstein noted that it is a 118% increase from 2019 as the landmark casino hotel continues to thrive. The property contributed $2.9 billion of EBITDA for 2025.
Goldstein said the company is excited about the coming years, adding, “The question is how much further can we go in the next 2 years. There has never been a building, to my knowledge, to deliver these types of results.”
Overall, net revenue was $3.65 billion, compared to $2.90 billion in Q4 2024, while operating income was $707 million, compared to $590 million. Net income in the fourth quarter of 2025 was $448 million, compared to $392 million in the fourth quarter of 2024.
Full year 2025 operating income was $2.82 billion, compared to $2.40 billion in 2024.
Disappointing Macau Drives Stock Price Down
Despite success in Singapore, Goldstein said he was “disappointed” with EBITDA of $608 million in Macau. Margin at the Venetian was 32.3%, while margin at the Londoner was 28.8%, considerably lower than the 50.3% at Marina Bay.
The company aims to “work harder to achieve $700 million per quarter.” The inability to reach that figure this quarter contributed to a steep drop in LVS’ stock price. After rising over $62 on Wednesday, the price fell to $54.97 in premarket trading on Thursday.
Sands China CEO & Executive Director Grant Chum said that margins were affected by higher operating costs, including increased staffing and event-related expenses. He stated, “We invested more on event costs and we had higher payroll as we looked primarily as a result of us increasing our operating table hour capacity.”
In response to challenges and a “competitive” market, he said the company will consider expanding wagering options, including side bets on baccarat and other games, to increase revenue.
He added, “We’ll continue to innovate in terms of offering more fun and interesting side wager options in the traditional game of baccarat, and also other games as well, in terms of additional wager options.”
Texas Project Remains Future Hope
The company now purely operates in Asia. It shut down Sands Digital Services (SDS), the in-house digital arm, last year. However, adverse weather and a crackdown on high-rollers leaving China could mean Macau’s struggles continue in the future.
As an alternative, Sands remains hopeful of reentering the U.S. market with a casino resort in Texas. The company reiterated its commitment to the Texas project last year and has reportedly set aside more than $16 million in cash for renewed lobbying efforts this year.
Andy Abboud, Senior Vice President of Las Vegas Sands, said the company is willing to wait as long as it takes to bring legal casinos to Texas. In the meantime, it will hope for a better performance in Macau and more of the same in Singapore.
