Las Vegas Sands has reported its financial results for the fourth quarter of 2025 and full-year, as revenue during the quarterly period totaled just over $3.6bn, representing an increase of 26%. Casino operations accounted for the vast majority of Las Vegas Sands’ revenue for Q4 2025, having increased 30.3% for a total of $2.7bn.
"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," Las Vegas Sands Chairman and CEO Robert Goldstein said.
"We repurchased $500m of LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders."
How did Las Vegas Sands fare during Q4?
The operator’s room and food & beverage sectors also managed to increase revenue from the prior year period, rising 19.6% and 21.7% for Q4 2025 totals of $379m and $191m. Las Vegas Sands’ mall operations accounted for $229m of the total revenue for Q4 2025 and increased 5%, while the convention, retail and other sector reported growth of 9% to $109m.
Net income for Q4 2025 was $395m, equating to an increase of 21.9% year-over-year. Las Vegas Sands’ adjusted property EBITDA grew 27.6% to $1.4bn during Q4 2025, primarily generated by The Venetian Macao with $243m, despite the property’s adjusted EBITDA falling 2.8%.
The Parisian Macao also reported a 20.3% decrease in adjusted property EBITDA to $55m for Q4 2025, while The Londoner Macao and The Plaza Macao’s adjusted property EBITDAs increased 39.6% and 19.3%, respectively, for totals of $201m and $99m.
The operator’s Marina Bay Sands location increased adjusted property EBITDA by 50.1% to account for $806m, while Sands Macao witnessed a loss of 80% to $4m during Q4 2025.
Operating income during Q4 2025 also grew for Las Vegas Sands, having increased 19.8% to $707m despite operating expenses for the company also rising by 27.6% to just over $2.9bn. Marina Bay Sands and The Venetian Macao generated Q4 2025 net revenues of $3.6bn and $752m, respectively, equating to growth of 26% and 10.3%.
The Londoner Macao accounted for $699m of the operator’s total revenue during Q4 2026 and increased 34.9%, while The Parisian Macao produced $233m of net revenue for the quarterly period and rose 2.2%.
The Plaza and Four Seasons Macao reported a Q4 2025 net revenue of $264m, representing an increase of 18.4%. Sands Macao was the only sector to witness a decrease in net revenue from the prior year period, falling 11.6% to $76m.
Las Vegas Sands results for FY2025
During the full-year period in 2025, Las Vegas Sands generated a 15.2% increase in net revenue for a total of just over $13bn. Net income for FY2025 grew 12.5% to $1.6bn, while adjusted property EBITDA rose 19.5% to $5.2bn.
Marina Bay Sands accounted for $5.6bn of the operator’s total net revenue for FY2025, representing growth of 32.2%. The Venetian Macao produced a FY2025 revenue of $2.7bn and decreased 3% year-over-year, whereas The Londoner Macao increased revenue by 28.8% to nearly $2.6bn.
The Parisian Macao reported a net revenue fall of 10.4% to $872m for FY2025, while revenue from The Plaza and Four Seasons Macao remained stagnant at $872m as well. Sands Macao reported a FY2025 net revenue of $294, equating to a decrease of 8.7%.
The Londoner Macao and Marina Bay Sands were the only sectors to report increases in adjusted property EBITDA during FY2025, rising 43.3% and 42.4%, respectively, for totals of $778m and $2.9bn.
Casino operations accounted for nearly $9.8bn of Las Vegas Sands’ net revenue for FY2025, equating to an increase of 17.9%. The operator’s room businesses also eclipsed the $1bn mark, producing $1.4bn of revenue for FY2025 and growing 11.6%.
Food & beverage and mall operations also managed to increase revenue from the prior year period, with both rising by 6.1% for FY2025 totals of $644m and $801m. Convention, retail and other businesses accounted for $361m of revenue during the period, increasing by approximately $2m for FY2024.
What is the future direction of Las Vegas Sands?
According to a Form 8-K filing with the US Securities and Exchange Commission, Goldstein sold 300,000 shares of Las Vegas Sands common stock on October 27, 2025, part of a broader plan to sell some or all of his holdings through March 1 when he is set to step down as CEO.
The operator stated Goldstein's belief in Las Vegas Sands' long-term prospects "remains strong" and that the transactions are intended solely for financial diversification purposes. Goldstein succeeded Las Vegas Sands Founder Sheldon Adelson in 2021 and has since overseen the operator's expansion efforts in Macau and Singapore.
He is expected to transition to a Senior Advisor role in March, where he is set to assist management with its government relations activities, efforts to pursue new physical development opportunities and the company’s gaming strategies.
At the time of writing, Las Vegas Sands’ Board of Directors plans to name Patrick Dumont, current President and COO, as the new Chairman and CEO upon Goldstein’s transition.
Las Vegas Sands closed its digital gaming initiative, Sands Digital Services, on October 9, resulting in the loss of 300-400 jobs, including around 150 positions in the Las Vegas area
