Las Vegas Sands’ Q4 Was Underpinned by Strong Performance in Asia

International casino and hospitality giant Las Vegas Sands (LVS) has published its financial results for the fourth quarter of 2025 (Q4), reporting a significant increase in revenue. According to the release, the strong results were underpinned by the company’s continued favorable performance in Singapore.

Q4 Was a Strong Quarter for the Business

In its quarterly report, LVS outlined net revenue of $3.65 billion, marking a notable increase from $2.9 billion in the prior year period. In the meantime, the company’s operating income reached $707 million, up from $590 million in the prior year quarter. Q4 net income, on the other hand, increased to $448 million from $392 million in Q4 2024.

Additional metrics further echoed this favorable performance as the company’s adjusted property EBITDA jumped to $1.41 billion from $1.11 billion in the prior year period.

Marina Bay Sands, LVS’s iconic property in Singapore, was a key EBITDA driver, contributing $806 million to the total adjusted property EBITDA figure. LVS attributed this to high hold on rolling play at the venue.

The operator’s business in Macau, on the other hand, yielded adjusted property EBITDA of $608 million (an improvement of $26 million), also due to high hold on rolling play.

In terms of LVS’s annual results, the company reported FY 2025 operating income of $2.82 billion, up from $2.4 billion in 2024. Net income attributable to Las Vegas Sands reached $1.63 billion, which was equivalent to $2.35 per diluted share, showing yet another year-over-year improvement.

The company’s Sands China (SCL) division, meanwhile, saw its revenue reach $2.05 billion, up 16.4% year-on-year. The division’s net income, however, experienced a slight drop to $213 million ($237 million in Q4 2024). SCL’s total revenues for the year were $7.44 billion, up 5.1% year-on-year and the annual net income was $901 million.

Tax Changes in Singapore Impacted the Company

Factors that affected Las Vegas Sands’ business included its debt balance of $15.9 billion, as well as its income tax rate, which had increased from 15% in Q4 2024 to 18.7% in Q4 2025 due to the recent tax changes in Singapore.

Capital expenditures for Q4 reached $274 million due to additional construction and maintenance activities in Macau and Singapore.

In the meantime, the company reported ending December 31 with $3.84 billion in unrestricted cash.

Additionally, LVS repurchased $500 million of its common stock in Q4, which equated to 8 million shares at an average price of $61.39. As of December 31, the company’s share buyback program allowed it to repurchase up to $1.56 billion of its shares. The company also repurchased 25 million shares of SCL common stock for $66 million.

LVS also paid a quarterly dividend of $0.25 per common share to its shareholders. The next dividend of $0.30 per common share is set to be paid on February 18, 2026.

LVS Was Pleased with Its Performance

Robert G. Goldstein, Las Vegas Sands’ chair and CEO, was pleased with the company’s progress and said that his team is looking forward to delivering further growth in Asia. He was pleased with how the company performed in both Singapore and Macau, attributing the favorable results to his team’s continued investments in the region.

Our financial strength and industry-leading cash flow continue to support our investment programs in both Singapore and Macao, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.

Robert G. Goldstein, chair & CEO, LVS

Goldstein concluded that his team is looking forward to continuing its share buyback program and delivering additional value to stockholders.