Does foreign ownership matter? Marina Bay Sands’ success benefits Singapore greatly
It’s Safe Singapore’s time to shine in drawing premium visitors, as tourism mega hits drive economic growth and create jobs
SINGAPORE’S Marina Bay Sands (MBS) has hit the jackpot. The integrated resort delivered “simply the greatest quarter in the history of casino hotels”, said Las Vegas Sands (LVS) then chairman and chief executive officer Rob Goldstein in an earnings call on LVS’ Q4 2025 results. Goldstein has since been succeeded in the two roles by Patrick Dumont.
LVS-owned MBS’ adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) soared 50.1 per cent year-on-year to a new high of US$806 million in Q4 2025. Adjusted property Ebitda margin was 50.3 per cent in the latest quarter.
In Q4 2025, MBS easily outperformed LVS’ Macao operations which posted adjusted property Ebitda of US$608 million and adjusted property Ebitda margin of 29.5 per cent. LVS’ Macao operations include The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, and Sands Macao.
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