Marina Bay Sands Posts 'Greatest Quarter in the History of Casino Hotels' on a 66% Baccarat Surge
Las Vegas Sands reported adjusted property EBITDA of $806 million at Marina Bay Sands in Q4 2025, driven by VIP baccarat rolling volume up 66% to US$13.4 billion.
At a Glance
- Marina Bay Sands adjusted property EBITDA: $806 million in Q4 2025
- VIP rolling volume: up 66% year-on-year to US$13.4 billion
- Mass tables and slots win: property-record $951 million ($656 million tables)
- Group adjusted property EBITDA: $1.41 billion, up 27.6%; Macau $608 million, up 6.5%
Las Vegas Sands told investors that Marina Bay Sands in Singapore produced adjusted property EBITDA of $806 million in the fourth quarter of 2025 — a result chairman and chief executive Rob Goldstein called "simply the greatest quarter in the history of casino hotels" (Las Vegas Sands earnings call, January 28, 2026).
The driver was baccarat. VIP rolling volume — the turnover of high-limit players' chips through the salons — soared 66% year-on-year to US$13.4 billion. Mass non-rolling tables and slots delivered a property-record $951 million in win, of which $656 million came from tables and $295 million from slots (Las Vegas Sands Q4 2025 presentation, January 2026).
A Company-Wide Record Quarter
Group-wide, Las Vegas Sands' adjusted property EBITDA rose 27.6% to $1.41 billion. Singapore was up 50.1%; the company's Macau operations contributed $608 million, up 6.5%. The company noted that a higher Singapore mass gaming-tax rate reduced fourth-quarter results by roughly $44 million (Las Vegas Sands, January 2026).
How Marina Bay Sands Measures Baccarat Now
The quarter also capped a quiet change in how the industry accounts for baccarat. In October 2025, Marina Bay Sands abandoned the standard expected-hold calculation on rolling baccarat after its theoretical hold rate rose to 4.2% in the third quarter of 2025, from 3.5% a year earlier. The new method relies on Angel Group smart tables that combine RFID chip tracking with AI cameras to record every wager as it is placed (Inside Asian Gaming, October 23, 2025).
Rolling volume is turnover, not win: a player who churns $1 million through the salon contributes $1 million of rolling volume regardless of how the session ends. That is why the 66% figure describes demand for high-limit baccarat, and why it is the number to watch.
Why It Matters for Baccarat Players
Marina Bay Sands is one of the world's most important VIP baccarat rooms. A 66% jump in rolling volume says premium baccarat demand in Asia is not recovering — it is reaching new peaks, even as Macau's own VIP segment rebuilds. The smart-table hold data, meanwhile, is reshaping how casinos measure the game.
Where to Play
LiveCasino.io's Japanese Salon Privé Baccarat (Evolution) and Live88 high-limit tables are the online formats closest to a VIP salon, with published minimums from 1,000 USDT. Links are affiliate links; see our full casino comparison for US-player status and terms.
Sources
- Las Vegas Sands Q4 2025 earnings presentation (PDF)
- Las Vegas Sands Q4 2025 earnings call transcript (January 28, 2026)
- Inside Asian Gaming: Marina Bay Sands abandons standard hold calculations on rolling baccarat (October 23, 2025)
Editor's note: The 4.2% figure is a theoretical (expected) hold rate, not actual win. Quarterly figures are point-in-time and will be superseded by later results.