Las Vegas Sands Trumpets ‘Greatest Quarter in History of Casino Hotels’, But Market Reacts Negatively to Macau Performance
Momentum at the Marina Bay Sands resort in Singapore helped offset a disappointing Q4 at Las Vegas Sands' Macau properties.
During its quarterly earnings call on Wednesday, the company reported net revenue of $3.65 billion, up from $3.33 billion in the previous quarter and $2.90 billion in Q4 of 2024. Net income reached $448 million, compared with $491 million in Q3.
The group posted $1.41 billion in consolidated adjusted property EBITDA for Q4, fueled by standout performance at Marina Bay Sands.
Las Vegas Sands Chairman and CEO Robert G. Goldstein pointed to the company’s long-term investment strategy in Asia.
“We remain enthusiastic about our opportunities to deliver growth in both Singapore and Macao, as we realize the benefits of our market-leading capital investment programs,” Goldstein said in a prepared statement. “In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance. In Macao, 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.”
Marina Bay Sands Delivers Record Numbers
Marina Bay Sands was once again the driver for Las Vegas Sands. It produced a record $806 million in EBITDA for the quarter, representing an 8.5 percent increase over the $743 million reported in Q3, as well as a 50% increase in year-over-year (YoY).
“(It’s) simply the greatest quarter in the history of casino hotels,” Goldstein said on the earnings call. “We exceeded $2.9 billion in EBITDA this year. Mass gaming in Singapore exceeded $951 million this quarter, which is up 118% from Q4 in 2019 (and) up 27% from Q4 last year. Of course, we are delighted with the results and look forward to more this year. This is an extraordinary market.”
Executives on the earnings call pointed to Marina Bay Sands appealing to customers across all of Asia as one of the main reasons for its success. The company has added nearly 600 luxury suites, renovated existing rooms and the casino floor, and refined its service and amenities.
On the gaming side, Sands has incorporated new wager options on the baccarat layouts and added smart tables to enhance the player experience.
“More and more people are coming to that property, want to experience it, and are coming away very happy,” Goldstein said. “And the volumes, across the board, are extraordinary. (It’s) the greatest building in the history of casino hotels, maybe of any operating building.”
Sands ‘Disappointed’ with Macao Results
While Singapore was the star of the quarter in the Las Vegas Sands portfolio, the company reported $608 million in EBITDA across its Macao five properties in Q4, a slight increase from $601 million in Q3.
“We are disappointed with that EBITDA number,” Goldstein said on the call.
Las Vegas Sands stock dipped as far as 10.3% to $54.97 in premarket trading Thursday but is bouncing back as of this 8 a.m. ET post.
Sands China CEO and Executive Director Grant Chum said Macau’s growth is coming mainly from premium segments, both in rolling and non-rolling play. Chum added that margins were affected by higher operating costs, including increased staffing and event-related expenses.
“I think we’ve made some great progress this quarter,” President and Chief Operating Officer Patrick Dumont said. “If you look at some of our top-line numbers, we’ve definitely grown, and we’ve had success in both rolling and non-rolling at slots as well, when you look at year-over-year comps. I think for us, we’re sort of working through some of the changes that we’ve made, and I think the trajectory is heading in the right direction.”
Goldstein, Chum, and Dumonth described the Macao market as extremely competitive, which prompted Sands to introduce targeted promotions and incentives to attract high-value players. The company has been expanding wagering options, including side bets on baccarat and other games, to increase revenue.
“The level of participation in the side wagers is not as high as Singapore, but it is on an increasing trend,” Chum said. “We’ll continue to innovate in terms of offering more fun and interesting side wager options in the traditional game of baccarat, and also other games as well, in terms of additional wager options.”
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