Struggling Performance in Macau: Las Vegas Sands Addressing Issues
In a recent financial update, Las Vegas Sands reported mixed results from its properties in Macau and Singapore. While the company's Macau revenue increased by 2.5% to $1.8 billion in the second quarter of 2025, net income declined by 13.0% to $214 million. Adjusted property EBITDA remained steady with a slight increase of 0.9% to $566 million. In contrast, the Marina Bay Sands in Singapore posted a significant increase in revenue by 40% to $1.4 billion, with EBITDA rising by 50% to $768 million.
To regain market share in Macau, Las Vegas Sands is adopting a more aggressive approach to customer reinvestment. Patrick Dumont, President and Chief Operating Officer, stated that margins in Singapore hit 55.3%, while the margin at the Venetian and Plaza was 35.6%, at the Four Seasons it was 34%, and at the Londoner it was 31.9%. Dumont believes there is potential for growth in EBITDA from the investments in Marina Bay Sands.
This strategy follows the realization that previous investments in infrastructure alone were insufficient to attract more customers. Sands China aims to increase its annualized EBITDA run-rate from approximately $2.2 billion to $2.7 billion. Grant Chum, CEO of Sands China, started an aggressive customer reinvestment program in April. Chum expects improvements in the results of the Londoner Macau property in the coming months, describing the reception at the Londoner as phenomenal and receiving exceptional feedback from customers.
In Singapore, the company is capitalizing on the growth of Southeast Asia's wealth creation and has begun work on a new $8 billion luxury resort, which includes expanded amenities and improvements to enhance the guest experience. Sands executives expect Marina Bay Sands earnings to reach $2.5 billion for the full year.
Rob Goldstein, Chairman and CEO of Las Vegas Sands, expressed confidence in delivering improved results in Macau in the future. He mentioned that the company has changed its approach to increase market share and EBITDA in Macau. Goldstein also stated that the company's Macau properties underperformed, and they are focused on improving their approach to be more competitive in Macau.
Despite the underperformance in Macau, Patrick Dumont stated that Macau's EBITDA would have been $7 million lower but for a higher-than-expected hold. In Singapore, EBITDA would have been $107 million lower if the hold went as expected. The performance of Sands China properties improved from May to June, and all 2,450 suites and rooms at the Marina Bay Sands were available in the last two months of the second quarter.
Overall, Las Vegas Sands is making strategic moves to improve its performance in Macau and build on its success in Singapore. The company's aggressive customer reinvestment strategy in Macau, combined with its continued investment in service levels and experience in Singapore, positions it well for future growth.
- Las Vegas Sands is planning to boost its market share in Macau by adopting a more aggressive strategy for customer reinvestment, as indicated by Patrick Dumont, the President and Chief Operating Officer.
- The company is also investing in a new $8 billion luxury resort in Singapore, aiming to capitalize on the growth of Southeast Asia's wealth creation and enhance the guest experience at Marina Bay Sands.
- Rob Goldstein, Chairman and CEO of Las Vegas Sands, expressed optimism about improving results in Macau, stating that the company has changed its approach to increase market share and EBITDA in the region, while also focusing on improvement to be more competitive.
