Content Writer: Janice Chew • Tuesday, 26/02/2026 - 18:25:26 - PM
Marina Bay Sands has delivered a landmark performance in the final quarter of FY2025, recording what is being described as the greatest quarterly result in the history of casino-hotels, with adjusted EBITDA soaring to US$806 million. The result, disclosed by parent company Las Vegas Sands, underscores the extraordinary earnings power of Marina Bay Sands, which continues to stand apart as one of the most profitable single-asset integrated resorts anywhere in the world.
The standout quarter was driven primarily by the casino’s premium mass segment, which remains the cornerstone of Marina Bay Sands’ business model. Unlike markets that depend heavily on VIP junket play, Singapore’s flagship IR benefits from a high-quality customer base that delivers stronger margins, lower volatility and more predictable cash flows. Industry observers note that this premium mass-led strategy has proven especially resilient amid shifting regional gaming dynamics and heightened promotional pressure elsewhere in Asia.
Beyond gaming, non-casino segments also played a critical role in pushing earnings to record levels. The hotel business demonstrated exceptional pricing power, supported by strong international travel demand and limited supply of comparable ultra-luxury inventory in Singapore. At the same time, the Sands Expo and Convention Centre enjoyed a robust quarter as global MICE activity continued its post-pandemic recovery, reinforcing Marina Bay Sands’ ability to monetise large-scale events and business tourism at premium rates.
In a broader Asian context, Marina Bay Sands’ performance highlights a widening gap between Singapore and other regional gaming markets. While Macau operators are still contending with margin pressure and competitive intensity, and emerging markets such as Japan remain years away from opening integrated resorts, Marina Bay Sands is operating as a fully optimised, mature asset with diversified revenue streams firing on all cylinders.
From a strategic and investor perspective, the 4Q25 result reinforces the long-term strengths of the Marina Bay Sands model: regulatory certainty, a balanced mix of gaming and non-gaming revenues, and a focus on high-value customers rather than pure volume. As Las Vegas Sands continues to invest in enhancements and premium offerings at the property, analysts widely believe Marina Bay Sands is well positioned to sustain its position as a global EBITDA leader among integrated resorts for years to come.