Published on: January 29, 2026, 11:04h.
Updated on: January 29, 2026, 11:04h.
- Casino shares are falling on Thursday
- Sands China’s Q4 performance fell short of expectations
- Singapore showed strong results
The stock of Las Vegas Sands (NYSE: LVS) is plummeting today following the release of its disappointing fourth-quarter results from Macau.
During midday trading, the stock has dropped by 14%, with trading volume surpassing daily averages after the company released lackluster results for the final quarter of 2025. The operator’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margins in Macau decreased by 300 basis points compared to the previous year, indicating a more competitive promotional landscape within the Chinese gaming sector.
“Without any definitive indicators of recovery from the base mass market, we wouldn’t be surprised if investors reassess their expectations related to the Macau market as consensus margin assumptions are reset to the low-30s range,” remarked Stifel analyst Steven Wieczynski in a communication to clients.
The analyst maintains a “buy” rating on Sands with a price target of $72, suggesting that while Sands China may eventually reach a quarterly EBITDA run rate of $700 million, this is not anticipated in the near future. This may test the resolve of investors, keeping Macau casino stocks in a discounted state.
Sands in Singapore: A Silver Lining, Yet Overlooked
Compounding the disappointing numbers from Macau is the overshadowed performance of Marina Bay Sands (MBS) in Singapore, which enjoyed another exceptional quarter.
Despite MBS being recognized as the most profitable casino globally and achieving one of the most impressive three-month spans in gaming history, Wieczynski observed that investors are largely indifferent, concentrating more on the unclear Macau market. This lack of acknowledgment is frustrating, as MBS rightly deserves more recognition.
“It appears that MBS continuously sets new records each quarter (with all due understanding of a slight positive hold this period), and a $2.5 billion EBITDA run rate now feels outdated, making a $3 billion target appear more achievable,” the analyst points out. “MBS is delivering such exceptional results that even the LVS management team seems reluctant to discuss the EBITDA potential of this asset.”
He adds that market participants may need to reevaluate their assessments of the Singapore casino resort, potentially raising those evaluations from mid-teens to the high-teens.
Sands Stock: A Focus on Capital Returns
Lost amidst the concerns over weak Macau numbers, it’s significant to note that Sands stock is increasingly considered a robust story for shareholder rewards. The gaming company repurchased $500 million in stock during the fourth quarter, and a previously announced dividend increase is set to take effect next month.
Sands possesses the liquidity necessary to continue rewarding shareholders while also investing in its five Macau properties and MBS.
“Moreover, we believe that the company’s strong liquidity position (approximately $8 billion in available liquidity), adequately leveraged balance sheet, and options for asset sales provide substantial resources to support its ambitious capital deployment plans,” concludes Wieczynski from Stifel.