The Las Vegas Sands resort in Singapore delivered “simply the best quarter in the history of casino hotels” in the fourth quarter of 2025, the company’s outgoing CEO said on Wednesday.
Marina Bay Sands, the iconic resort that is one of two casino hotels operating in Singapore, was responsible for $806 million in cash flow as the company posted a net profit of $448 million, 58 cents a share, on revenue of $3.65 billion for the quarter ended Dec. 31. Revenue was up 26 percent from the same period a year ago, when the company reported net income of $452 million on a share of $452 million. of 2.9 billion dollars.
“This is an extraordinary market,” Chairman and CEO Rob Goldstein said in a conference call with investors. “We’ve built the product to maximize the opportunity. The question is how much further can we go in the next two years? There’s never been a build, to my knowledge, that has delivered this kind of result.”
It was a fitting send-off for Goldstein, who on March 1 will transition into a senior advisor role with the company for two years.
At the end of the conference call, CEO and Chief Operating Officer Patrick Dumont paid tribute to Goldstein, who will end a 30-year career as head of the company.
“Rob has held many important leadership roles for LVS,” said Dumont, who will succeed Goldstein as chairman and CEO.
“He has also been a strong and vocal advocate for the gaming industry as a whole. There are not many individuals who have done more in this industry than he has. Rob has hired, led and mentored many people over the years. Many of these people are serving in leadership roles in the industry elsewhere because Rob Goldstein took the time to invest in them and their careers.
“Finally, I want to acknowledge and thank Rob for his unwavering commitment to the Adelson family. Rob and Sheldon (Adelson) had a wonderful friendship and accomplished so much together.”
Adelson built a solid base of hotel-casinos in Macau in the early 2000s and grew the company into a market leader there. In the late 2000s, the company successfully built Marina Bay Sands in Singapore and through a series of economic ups and downs they have become some of Asia’s most successful integrated resorts.
When Sands sold The Venetian in Las Vegas for $6.25 billion to Apollo Global Management and Vici Properties in 2022, the company positioned itself to make investments in the Asian properties that have made them best-in-class in both markets.
Since the Venetian sale, Sands has been selective in how it invests. It was a contender for a downstate New York casino license, but withdrew its plans to develop a resort on Long Island and it is continuing efforts to develop integrated resorts in Texas.
In Wednesday’s call, Dumont said the company has not completely closed the door on the possibility of developing in Japan, where MGM Resorts International is building the country’s first casino resort in Osaka. The 2,500-room resort there, being built at a cost of $8.5 billion, is not expected to open until 2030.
“I think we’re constantly looking at new development opportunities in markets where we think we can do what we do well,” Dumont said. “And so, if Japan ever presented an investment opportunity that worked for us, we would consider it. But right now, we’re really focused on investing in our existing properties.”
The Review-Journal is owned by the Adelson family, including Drs. Miriam Adelson, majority owner of Las Vegas Sands Corp., and Las Vegas Sands president and COO Patrick Dumont.
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