Sands delivers best ever results at ‘unprecedented’ Marina Bay Sands
Marina Bay Sands had a historic quarter EBITDA of $768m with high hold on rolling play positively impacting EBITDA by $107m, helping to set a new personal best for the Singapore casino.
With Macau accelerating as well, Las Vegas Sands was able to generate revenue of $3.18bn, compared to $2.76bn in the prior year quarter. Operating income was $783m, compared to $591m in the prior year quarter. Net income in the second quarter of 2025 was $519m, compared to $424m in the second quarter of 2024.
Las Vegas Sands’ Chairman and CEO Robert Goldstein said: “We had forecasted that MBS could do $2.5 billion annually, and that may just happen this year. All the pieces are in place for this property to continue to perform. Mass gaming and slot win did $843m, reflecting 97 per cent growth in Q2 of 2019 and 40 per cent higher than same quarter last year.
“We are in the right place at the right time. Singapore is a very desirable destination, and our product is as good as it gets. It’s difficult to find superlatives that describe the magnitude of this result. It is unprecedented for a single building to perform like this. Macau did $566m of EBITDA for the quarter. We have underperformed in this market. We were not aggressive enough as it relates to customer reinvestment. We believed our buildings would be enough. We were wrong. And so in the middle of the quarter, we changed our approach to enable us to increase market share and EBITDA.
“We will, however, be market sensitive. Our assets remain the strongest in the world. The Londoner is open and moving towards our goal of $1bn of annualized EBITDA. This new approach will create a higher market share and EBITDA. At the same time, Macau’s GGR accelerated this quarter, a very positive sign. Our goal is to lead in Macau and our strong assets will enable us to deliver improved results in the future.”
Sands’ President Patrick Dumont said of Macau: “If we had held as expected in our rolling program, our EBITDA would have been lower by $7m. When adjusted for higher-than-expected hold in the rolling segment, our EBITDA margin for the Macau portfolio of properties would have been 31.3 per cent, down 80 basis points compared to the second quarter of 2024. All 2,450 rooms and suites at the Londoner Grand were available for the last two months of the quarter.
“We are focused on delivering revenue and cash flow growth at the Londoner across the portfolio. Margin at the Venetian was 35.6 per cent, while margin at the Plaza and Four Seasons was 34 per cent and margin at the Londoner was 31.9 per cent. We expect growth in EBITDA as revenues grow and as we use our scale and product advantages, together with targeted reinvestment to better address every market segment.
“The record financial results of Marina Bay Sands reflect the impact of high-quality investment in market-leading products and the growth in high-value tourism,” he added. “We believe we are still in the initial stages of realizing the benefits of our investments in Marina Bay Sands.”
Kwan Lock Chum, Executive VP of Asia Operations & Senior VP of Global Gaming Strategy, said: “Around late April, we started to implement a more aggressive customer reinvestment program [in Macau.] I think we’re seeing some encouraging initial results from those increased levels of reinvestment. As we got into May and June, the performance did improve. And I think we will be continuing to adjust to the market conditions as and when necessary. We’re also looking at opportunities for us to perform better at our smaller properties at Parisian and Sands.
The reception to the Londoner has been phenomenal. We’re getting exceptional feedback from customers, and that’s obviously growing nicely. But this quarter is still just the start. All of the rooms were available from late April, and we intend to continue to yield better at Londoner and Macau. We’ll continue to see improvements in our results as we have done since May and June already. We have a sequential improvement in our mass GGR market share, up eight per cent for the quarter, and we intend to drive better improvements and also hopefully recapture that market share in the coming quarters.”
