"Las Vegas Sands closed 2025 on a high note, with Q4 2025 revenue of $3.649 billion, beating estimates by 9.88%, and adjusted EPS of $0.85 topping the consensus by 10.39%. Marina Bay Sands posted $806 million in EBITDA at a 50.3% margin, driven by rolling chip volume that nearly doubled year over year to $13.4 billion."
"Macao delivered $608 million of EBITDA for the quarter, disappointing management. The Macao EBITDA margin came in at 28.9%, down 390 basis points versus Q4 2024, pressured by higher promotional spending and a heavier mix of rolling play."
"Management set a target of $700 million per quarter in Macao EBITDA, framing the current margin range as a 'low 30s margin business' given the current customer mix, highlighting the gap between current performance and management's expectations."
Las Vegas Sands closed 2025 with strong Q4 results, reporting $3.649 billion in revenue and an adjusted EPS of $0.85. Marina Bay Sands excelled with $806 million in EBITDA at a 50.3% margin. However, Macao's performance was disappointing, delivering $608 million in EBITDA with a 28.9% margin. Management aims for $700 million in quarterly Macao EBITDA, citing higher promotional spending and a shift in customer mix. The year-over-year comparison is favorable, as Q1 2025 revenue fell to $2.862 billion, missing estimates.
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