Sands China Ltd. posted a 7.5% increase in total net revenue to USD1.90 billion (MOP15.2 billion) for the third quarter of 2025 compared with the same period last year. Net income rose slightly to $272 million, while adjusted property EBITDA climbed to $601 million.
Meanwhile, Las Vegas Sands Corp. (LVS), the parent company that owns a controlling 74.76% stake in Sands China, reported a 24.3% year-on-year increase in net revenue to $3.33 billion (MOP26.7 billion) for Q3 2025. This performance was buoyed primarily by strong results at its flagship Marina Bay Sands (MBS) resort in Singapore and improved performance in Macau.
This quarter, consolidated adjusted property EBITDA rose 35.6% to $1.34 billion, surpassing both current and prior quarter figures.
Marina Bay Sands (MBS) was the standout property, generating net revenue of $1.44 billion for the quarter, up from $919 million in Q3 2024 and $1.39 billion in the previous quarter. Casino revenue alone reached $1.07 billion.
Adjusted property EBITDA at MBS was $743 million, a slight decline from $768 million in Q2 but still a record-setting performance, underscored by a favorable $43 million hold on rolling baccarat play despite the company’s recent adjustment to expected hold percentages.
Chairman and CEO Rob Goldstein described Singapore’s operation as “unprecedented in our industry,” noting that initial 2025 EBITDA forecasts of $2.5 billion were too conservative. “MBS is currently at over $2.1 billion in EBITDA this year with a quarter to go,” Goldstein said during the recent earnings call.
He highlighted record mass gaming and slot wins, reaching $905 million in Q3, representing significant growth from both three years ago and last year’s quarter.
In Macau, Sands China showed positive momentum after adopting a more aggressive customer reinvestment strategy earlier this year. Net revenue for the quarter increased 7.6% year-on-year and 6.1% quarter-on-quarter to $1.90 billion. Adjusted EBITDA grew to $601 million from $566 million in Q2, while net income improved slightly to $272 million.
The company’s improved performance was driven largely by The Londoner Macao, where net revenue jumped 49.1% year-on-year to $686 million and adjusted EBITDA climbed to $219 million. Meanwhile, The Venetian Macao held steady with net revenue of $692 million, flat year-on-year but up 4.4% from the previous quarter.
Goldstein expressed confidence in the growth trajectory for both regions during the call, stating, “We remain enthusiastic about our growth opportunities in both Macau and Singapore as we realize the benefits of our recently completed capital investment programs.”
Macau’s adjusted EBITDA margin at the property level was 31.5%, down 160 basis points year-on-year after adjusting for a higher-than-expected hold in rolling play, as explained by Patrick Dumont, President and COO of LVS.
On the call, Dumont provided further financial details, highlighting EBITDA margins of 35% at The Venetian and 31.9% at The Londoner, signaling the group’s focused efforts to use scale advantages and targeted incentives to drive revenue and cash flow growth across all market segments.
While Goldstein emphasized the critical role that market growth plays in reaching The Londoner Macao’s EBITDA target, he also stressed that expanding the market remains essential to achieving these goals. At the same time, he acknowledged that the company has proactively adapted to changing market conditions by launching new marketing programs designed to accelerate growth.
“You’re seeing that we’ve come off the bottom here. We’re growing; we’re getting better. Probably $620 million is the right number if you take out the typhoon. It’s a respectable quarter, but it’s not our goal. Our goal is to get to $2.7 to $2.8 billion. We’re not there yet.”
Addressing the path to the target, Goldstein acknowledged challenges ahead. He said, “You can’t do it without the market. You need market growth, which we’re thankfully experiencing in the Macau market.” Goldstein explained that over the past several months, the company made necessary adjustments, stating, “We had to make changes. We’ve been making those changes over the last four or five months and adapting to the market, which we did not participate in before. We are now participating properly.”
Goldstein also expressed optimism that the Macau market could reach $33 to $34 billion next year, creating even greater conditions for Sands China’s assets to perform better. “The team has to stay in sync with the market to deliver those results,” he added.
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