Content Writer: Janice Chew • Monday, 25/10/2025 - 23:41:30 - PM
Las Vegas Sands (LVS) has posted a standout third-quarter 2025 performance, driven by an exceptional showing in Singapore and signs of recovery in Macau, according to market analysts.
In Singapore, LVS’s flagship resort Marina Bay Sands (MBS) delivered a blockbuster quarter: net revenue of US $1.44 billion and adjusted property EBITDA of US $743 million—representing an 83 % year-on-year rise in EBITDA. Analysts at Seaport Research Partners forecast MBS will generate more than US $2.8 billion in annual EBITDA in 2025, up from earlier estimates of US $2.7 billion.
Meanwhile, in Macau, LVS’s business is showing a clearer recovery trajectory. Revenue in Macau hit US $1.9 billion (+7.6 % year-on-year), with adjusted property EBITDA of US $601 million. The brokerage noted that LVS gained roughly 100 basis points of market share quarter-on-quarter in Macau, thanks in part to its premium-positioned asset The Londoner Macao and smarter marketing efforts.
Analysts emphasise that while the Singapore business is firing on all cylinders, the Macau recovery remains medium-term in nature. Some older Macau assets still need operational improvement and reinvestment, but LVS’s scale, diversified inventory and premium strategy are seen as structural advantages. As one analyst put it: “Macau continues to be a turnaround story in the coming quarters” even as Singapore “remains the engine of outperformance.”
Given the strong momentum, investor sentiment has improved significantly. The results point to LVS not only regaining strength in its traditional stronghold of Macau, but also commanding leadership in Singapore’s integrated-resort market. As the Asian gaming recovery matures, LVS appears well-positioned to capitalise.