Overview
- Q4 2025 results came in at $3.65 billion in revenue and $448 million in net income, with consolidated adjusted property EBITDA reported at about $1.4 billion.
- Marina Bay Sands delivered adjusted property EBITDA of US$806 million (US$1.02 billion reported), as casino revenue rose to US$1.2 billion and mass gaming exceeded US$951 million.
- Sands China reported Q4 net revenue of roughly US$2.05 billion and adjusted property EBITDA of US$608 million, yet net income declined to US$213 million from US$237 million a year earlier.
- Shares fell about 14% on Thursday to $52.71 as investors reacted to Macau margin pressure and regulatory headwinds.
- Rob Goldstein will shift to a senior adviser role on March 1, 2026, with Patrick Dumont becoming chairman and CEO, as the company prioritizes further investment in Marina Bay Sands and keeps selective expansion options, including Japan, under review.