Las Vegas Sands Corp. (LVS) reported significant results for the third quarter of 2025, with Marina Bay Sands (MBS) in Singapore achieving a record adjusted property EBITDA of $743 million, an 83% increase year-over-year, and mass gaming revenue reaching $905 million. Macau's EBITDA stood at $601 million, below pre-pandemic levels but showing sequential improvement, with revenue from The Londoner Hotel up 49%. Executives described Singapore's performance as "unprecedented" and announced strategic adjustments in Macau, increasing marketing and reinvestment, and raising shareholder dividends by 20% to $0.30 per share. LVS is advancing an $8 billion expansion project in Singapore, expected to open in 2031, and continues to optimize performance in the Macau market.
Singapore Performance and Expansion Plans
Marina Bay Sands (MBS) in Singapore reported an adjusted property EBITDA of $743 million for the third quarter, an 83% increase year-over-year, with mass gaming and slot machine revenue totaling $905 million, a 122% increase from 2019. Executives stated that the performance exceeded expectations, with annual EBITDA surpassing $2.1 billion. MBS is undergoing an $8 billion expansion, including a new 55-story tower, 570 suites, and a 15,000-seat arena, expected to open in January 2031, aiming to become a global entertainment destination. The performance boost is attributed to the recovery of high-end tourism and property investments.
Macau Business Recovery and Strategic Adjustments
Macau's business EBITDA for the third quarter was $601 million, showing growth from the previous quarter but not yet returning to pre-pandemic levels; total revenue was $1.9 billion, up 7.5% year-over-year. The Londoner Hotel performed strongly, with revenue up 49%, though improvements are needed at The Parisian and Sands hotels. The company acknowledged previous strategic shortcomings in Macau and is now adjusting its reinvestment rate and marketing strategies, increasing its mass market share from 23.6% to 25.4%. Despite a typhoon causing approximately $20 million in losses, the company remains confident in achieving its annual EBITDA target of $2.7-2.8 billion.
Corporate Strategy and Shareholder Returns
LVS considers Singapore and Macau as core growth markets, focusing on capital allocation and shareholder value. The quarterly dividend for 2026 has been increased by 20% to $0.30 per share, with an annual dividend of $1.20. This quarter, the company repurchased $500 million of its own stock and $337 million of Sands China stock, increasing its ownership stake to 74.76%. The company emphasizes continuous improvement in competitiveness through property investments and market strategy optimization, and remains optimistic about long-term growth opportunities in both markets.
