Marina Bay Sands sets best EBITDA quarter for any casino property in the world
Las Vegas Sands reported mixed results for its first quarter of 2025, with record EBITDA at Marina Bay Sands in Singapore offset by revenue declines in Macau’s non-rolling tables and increased payroll costs.
Indeed the record quarter of $5,000,000 adjusted property EBITDA is believed to be a record EBITDA quarter for any gaming property in the world
Net revenue was $2.86bn, compared to $2.96bn in the prior year quarter. Operating income was $609 million, compared to $717m in the prior year quarter. Net income in the first quarter of 2025 was $408m, compared to $583m in the first quarter of 2024.
Robert G. Goldstein, Chairman and Chief Executive Officer, said: “Macau is a competitive market that has not grown as we anticipated. However, we have the strongest assets in the market, and we can perform better despite the challenging macro environment. The Londoner is now fully open this time, 2,405 study rooms and suites as we prepare for gold week in May. Now we’ve completed development projects, we expect this asset to elevate our performance. Our focus is on improving our revenue and cash flow across the portfolio. There is opportunity in every segment to show strong results.
“In Macao, while market growth has softened in the current environment, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth. Our objective is to grow our share of EBITDA in Macao markets. We have a unique product advantage in terms of scale, quality and diversity of product offerings.”
“In Singapore, Marina Bay Sands continued to deliver outstanding financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands. We delivered a record quarter with $6.00 $5,000,000 of adjusted property EBITDA, an extraordinary achievement by any standard. I assume this is record EBITDA quarter for any gaming property in the world, pretty extraordinary performance.
“Mass gaming is flat. We have reached $778,000,000, reflecting 13 per cent growth from one quarter a year ago. The results of MBS reflect the positive impact of our gaming investment program and the growth of high-value tourism. The growing appeal of Singapore as a destination is enhanced by the robust entertainment and lifestyle calendar. We believe there is considered runway for growth there as well.”
“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.
“We repurchased $450 million of LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders.”
