MBS adjusted property Ebitda falls 20.6% in Q3 with fewer high-roller visits, weaker hold

[SINGAPORE] Integrated resort and casino operator Marina Bay Sands (MBS) posted a weaker third quarter ended Sep 30, which parent company Las Vegas Sands on Wednesday (Oct 22) attributed to reduced visitation from high-value patrons and volatile hold.

It recorded a 20.6 per cent fall in its adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) to US$590 million for the quarter. Its adjusted property Ebitda was US$743 million a year earlier.

Net revenue was down 9.9 per cent year on year at US$1.29 billion, from US$1.44 billion.

In an earnings call, LVS chairman and CEO Patrick Dumont said that patrons at the “highest levels” did not show up in the most recent quarter, though the reasons for this are unclear.

“We just know that we had a lot of very high-end patrons who just weren’t visiting as frequently”, he said, noting that this was true of both Singapore and Macau. “I will tell you that this quarter, in our view, does not represent the true earnings power of our properties in both.”

But he believes that this weaker visitation was particular to the quarter, and sees strength coming out of it.

Hold also affected the results at the Singapore casino, affecting margins and earnings. In gaming, hold is the amount of money that a casino retains as revenue, relative to the amount of money put into play.

If MBS had held as expected in its rolling play, Ebitda would have been US$4 million higher, or US$594 million, Dumont said.

Asked about the mass hold rate at MBS, he said there was “some negative luck factor within the non-rolling drop”.

“I think what happened in Marina Bay Sands is we just didn’t hold well during the quarter,” he added, noting that this was “very different from a year ago”.

“But the good news is, the door swings both ways, right?” he continued, adding that there were times like Q3 2025, where it held “really strongly”.

Non-gaming steps up

MBS’ casino revenue for Q3 fell 14.9 per cent to US$916 million.

But non-gaming segments marked some improvement.

Room revenue increased 5.2 per cent to US$162 million, with revenue per available room reaching US$994 million, 6.1 per cent higher than a year earlier.

F&B revenue grew 9.5 per cent to US$104 million; the mall brought in US$70 million, 1.4 per cent more than a year earlier; and the convention, retail and other segment’s contribution was up 2.4 per cent at US$42 million.

At the group level, LVS reported a net income of US$352 million, down 28.3 per cent from the corresponding quarter in 2025.

Its consolidated adjusted property Ebitda slid 16.7 per cent to US$1.12 billion. Net revenue contracted 3.5 per cent year on year to US$3.22 billion.

LVS announced a dividend of US$0.30 a share for Q3; this will be paid out on Nov 10.