LVS Asia Operations Strong as Macau Costs Rise in 4Q25

Las Vegas Sands Corp continues to benefit from strong performance at its Singapore operations, even as Macau-based operators face rising costs in the fourth quarter of 2025. Seaport Research Partners senior analyst Vitaly Umansky highlighted in a Wednesday earnings preview that Sands China is supported by Macau’s revenue growth, while Marina Bay Sands maintains dominance in Singapore’s duopoly market. Umansky flagged LVS as well-positioned for long-term gains through diversification across Asia-Pacific.

Marina Bay Sands Leads in Singapore
Marina Bay Sands has consistently outperformed expectations and 4Q25E results are projected to remain solid. Its premium market position provides a notable advantage over Resorts World Sentosa, with Singapore’s stability contrasting with the operational pressures seen in Macau, where rising costs offset revenue gains.

Umansky also noted that LVS chairman and CEO Robert Goldstein will transition to an advisory role in March 2026. While Goldstein’s extensive 45-plus-year experience represents a major loss, the company’s deep management bench mitigates risks. Seaport expects LVS to continue supporting shareholder returns through stock buybacks and dividend growth, with potential for increased payouts from Sands China as business conditions improve.

Sands China Recovers Market Share
After losing share at the end of 2024 and early 2025, Sands China has regained momentum over the past two quarters. Management has restructured teams, adjusted player reinvestment strategies and revamped marketing, all of which are expected to support margin expansion and capitalize on Macau’s recovery.

Galaxy Entertainment Positioned for Macau Growth
Galaxy Entertainment Group stands out as a long-term structural winner. Galaxy Macau’s Phase 3 expansion, including the ultra-luxury Capella hotel, is ramping up, with Phase 4 development planned for 2027 to increase capacity further. Galaxy gained market share throughout 2025, and Seaport expects growth to accelerate following Phase 4 completion. The company’s strong cash position allows for potential shareholder returns via buybacks or higher dividends, with a 2026 dividend increase likely.

Melco Faces Short-Term Challenges
Melco Resorts, framed as a 2025 turnaround story by Seaport, has implemented changes in marketing and operations at City of Dreams and Studio City under new senior leadership. While short-term headwinds in 4Q25 have affected results, the brokerage views these as temporary setbacks.

MGM and SJM Confront Market Pressures
MGM China has increased market share by roughly 600 basis points compared with 2019, driven by premium mass play and early adoption of smart table technology. Competitors are now challenging these gains through property expansions and digital innovations, creating headwinds.

Meanwhile, SJM Holdings is losing ground. Satellite casino closures completed by year-end contributed to SJM’s position as the largest share loser in 4Q25, with slow ramp-up at Grand Lisboa Palace and debt concerns limiting near-term dividend capacity despite bond refinancing.

Diversification Mitigates Macau Volatility
LVS’s strong Singapore operations help offset Macau’s rising costs and company-specific pressures. Galaxy’s ongoing expansions suggest continued growth, Melco’s initiatives show promise despite temporary challenges and MGM and Wynn face competitive tests, while SJM remains structurally disadvantaged. Seaport’s outlook underscores how geographic diversity and strategic property positioning determine resilience across Asia’s gaming markets.