Las Vegas Sands Corp. (LVS) won analysts' upgraded performance expectations for 2026 due to the impressive results of Marina Bay Sands (MBS) in Singapore in the fourth quarter of 2025. Despite the flat performance in the Macau market, the strong EBITDA of MBS fully compensated for this gap. The management is confident about improving Macau's business through optimization this year and is optimistic about the continuous efforts in the Singapore market. Additionally, Australia's The Star returned to EBITDA profitability in the last quarter of 2025, but its sustainability remains questionable; registration for the 2026 ASEAN Gaming Summit is now open, with the new dates set for May 6 - 8 in Manila. Related industry performance analysis and summit participation references can be found on the PASA official website.
Core Focus: LVS Performance Expectations Upgraded, MBS as Growth Engine
LVS's performance adjustment mainly revolves around the divergent performances in the Singapore and Macau markets:
Analyst adjustment expectations: Institutions such as Deutsche Bank have raised LVS's performance estimates, with the core driving force being the better-than-expected EBITDA performance of MBS, which fully covers the weakness in the Macau market;
Management confidence statement: LVS management team believes that the 2026 performance will benefit from two aspects — the continuous efforts of Singapore's MBS (if the economy remains robust, the growth potential is unlimited) and the improvement of Macau's business through optimization strategies;
Macau recovery key: Management looks forward to the return of the base mass market in Macau, creating space for local business reinvestment and stable development.
Regional Dynamics: The Star's Profit Return, Sustainability to be Observed
Australian gaming operator The Star shows a "profit warming but concerns remain" situation:
Recent performance highlights: In the last quarter of 2025, The Star achieved EBITDA profitability again, ending the previous profit trough;
Potential risks remain: Due to ongoing litigation and transaction issues, the market is skeptical about its ability to maintain profitability, and close attention is needed for subsequent developments.
Industry Hotspots: ASEAN Summit Registration Opens, Multi-Regional Dynamics Worth Attention
Beyond core corporate performance, the Asia-Pacific gaming industry has several key dynamics:
ASEAN Gaming Summit Makes a Major Return
Key information: The new dates for the summit are confirmed as May 6 - 8, 2026, still to be held in Manila, and registration is now officially open;
Industry value: As an important regional gaming event, this summit will gather global industry professionals, serving as a crucial platform for resource networking and trend insights, "not to be missed".
Other Regional Dynamics
Konami: From April to December, its gaming and systems business profits plummeted by 61%;
Macau Finance: As of the end of November, Macau's financial reserves reached $82.9 billion, with gaming taxes becoming a significant support;
Cross-border governance: Cambodian Prime Minister Hun Sen declares zero tolerance for telecom fraud, China executes 11 members of a North Myanmar telecom fraud gang;
Tourism and Projects: Visa-free policies enhance Cebu's attractiveness to Chinese tourists, Philippines Hann Reserve's first golf course starts soft opening.
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