Las Vegas Sands Corp. (LVS) disclosed robust results driven by its Marina Bay Sands (MBS) property in Singapore for the third quarter of 2025, alongside modest growth in its Macau operations, company officials said Wednesday.
The company posted adjusted earnings of $743 million from its Singapore resort, an 83% increase from $406 million a year earlier, reported by CDC Gaming.
Key Takeaways:
- Las Vegas Sands reports an 83% increase in Singapore earnings, surpassing full-year forecasts
- Macau experiences mixed results with a slight growth, driven by VIP and mass-market gaming
- Company exceeds earnings estimates, announces dividend increase and stock buyback expansion
CEO Rob Goldstein said the strong performance means the company will exceed its earlier forecast of $2.5 billion in adjusted earnings from Singapore for the full year, with over $2.1 billion already achieved through the first three quarters. The gain was fueled by record mass market gaming and slot win revenues totaling $905 million, up 122% since the third quarter of 2019.
Marina Bay Sands Fuels Record Quarter for Las Vegas Sands
“Singapore remains a highly desirable destination,” Goldstein said during the earnings call, adding that MBS’s operating results are “unprecedented in our history.” Shares of LVS rose nearly $3 in after-hours trading, extending a six-month gain of about $16 per share.
By contrast, Macau generated $601 million in adjusted earnings for the quarter, a 2.7% increase from the same period a year earlier. Goldstein described the region’s performance as mixed, citing underperformance at some properties, including Sands and The Parisian resorts.
Mass-market gaming revenue in Macau grew 25.4%. However, assets such as The Londoner nearly reached $1 billion in earnings before interest, taxes, depreciation and amortization (EBITDA), indicating segments of resilience. Goldstein noted the company’s improved competitiveness is partly due to strategic changes implemented early in 2025.
Macau Growth Rebounds as Sands China Refines Strategy
Data from Sands China CEO Grant Chum highlighted reinvestment efforts and revised marketing strategies that have helped LVS outpace mass gaming market growth in Macau for the first time in years. He also pointed to a recent upswing in VIP gaming activity, driven by high-end players and increased liquidity in the market.
LVS surpassed Wall Street’s expectations for the quarter, per Reuters, reporting adjusted earnings per share of 78 cents compared with analysts’ estimates of 60 cents. Total revenue for the quarter came in at $3.33 billion, beating projections. Following the results, the company announced an increased annual dividend and an expanded stock repurchase program.
Las Vegas Sands continues to focus on optimizing its integrated resort portfolio across Asia. The company is balancing strong growth momentum in Singapore with cautious recovery efforts in Macau, leveraging strategic initiatives to maintain competitiveness in both markets.
