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Las Vegas Sands Is Reinventing Baccarat With High-Impact Side Wagers—Can Macao Catch Up?

Las Vegas Sands Corporation recently held its earnings call for the fourth quarter of 2025, providing insights into its financial and operational performance. The quarter revealed a mixed set of results, underscored by the company’s significant achievements at its Singapore and Macao properties while also reflecting some challenges. Marina Bay Sands (MBS) in Singapore reported exceptional performance, generating an EBITDA of $806 million, marking the greatest quarter in the history of casino hotels according to the company’s CEO, Robert Goldstein. The EBITDA margin stood at 50.3%, although it would have been lower by $45 million if projections for the rolling program had held true. The results at MBS were bolstered by high-quality investment in market-leading products and increased high-value tourism, evidencing the property’s strong appeal to Asia’s premium segments.