Las Vegas Sands saw an uptick in its Q4 financial report, but Sands China declined

Blue sky at night, with the Marina Bay Sands hotel in the background. Las Vegas Sands saw an uptick in its Q4 financial report, but Sands China declined

Las Vegas Sands, which owns properties around the world, posts a strong Q4 and full year, but Sands China saw a dip.

The company’s net income was $3.65 billion, compared to $2.90 billion in the year-ago quarter. Operating income was $707 million, compared to $590 million in the prior year quarter. In the fourth quarter of 2025, net income reached $448 million, which grew to $392 million in the fourth quarter of 2024.

Full-year operating income was $2.82 billion (up from $2.40 billion last year).

The company is majority owned Macao property and Singapore, including The Venetian Macao, Sands Macao, The Londoner Macao, The Plaza Macao & Four Seasons Hotel Macao, The Parisian Macao, and the Marina Bay Sands.

Las Vegas Sands there used to be the aptly named ‘Sands Hotel and Casino’ based on the Las Vegas Strip, which was redeveloped as The Venetian. In February 2022, the company sold The Venetian Resort.

Analysis of Las Vegas Sands Q4

Las Vegas Sands delivered strong quarter and full-year performance, with much of the momentum coming from Singapore, where Marina Bay Sands continued to outperform. That strength has helped increase revenue, earnings, and shareholder returns. However, the results in Macao were more mixed. Sands China saw lower net income despite higher revenue, pointing to margin pressure and uneven recovery, which could limit higher growth if it continues.

Sands China’s net income saw a decline in the Las Vegas Sands Q4 report

While there were many positives in other parts of the company, the financial results of Sands China Ltd (SCL) showed a decline. Although total net income for SCL, on a GAAP basis, increased by 16.4% to $2.05 billion, compared to the fourth quarter of 2024, the net income was $213 million, which is lower than the $237 million seen in Q4 of 2024.

Commenting on the figures, chairman and CEO Robert G. Goldstein said: “In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance. Our superior suite and service offerings position us for further growth as travel and tourism spending in Asia continues to expand.

“In Macao, our decades-long commitment to making investments that will enhance Macao’s business and leisure tourism and support its development as a business and leisure tourism center positions us well for future growth.”

“Our financial strength and industry-leading cash flow continue to support our investment programs in Singapore and Macao, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”

Featured Image: Credit to ‘ToNameOrNotToName’ at Wikimedia Commons

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