Publication date: February 10, 2026, 12:57h.
Updated on: February 10, 2026, 12:57h.
- Fitch elevates Sands to a higher investment-grade rating
- Ratings agency maintains a “stable” outlook
- Highlights robust performance at Marina Bay Sands
Las Vegas Sands (NYSE: LVS), recognized as the leading casino operator based on market capitalization, has received a credit rating upgrade from Fitch Ratings.
Fitch upgraded the rating for the Venetian Macau operator from BBB- to BBB, indicating a “stable” outlook. This marks an advancement into investment-grade status, following its return to this status about two years ago.
The upgraded rating reflects enhanced financial metrics, solid performance in Singapore, and a gradual yet consistent recovery in the Macau market,” states Fitch. “LVS gains from its substantial presence in Macau, competitive positioning in Macau and Singapore, and strong free cash flow generation. These factors are moderated by a significant capital expenditure plan and potential weaknesses in the Chinese economy.”
Fitch’s “stable” outlook for Sands indicates the strong performance in Singapore and anticipates a moderate rebound in the Macau market.
Singapore Fuels Las Vegas Sands’ Credit Rating Improvement
When Sands declared its fourth-quarter performance in late January, the stock took a hit due to lower-than-expected results from Macau, overshadowing a record-setting quarter at Marina Bay Sands (MBS) in Singapore.
Notably, the Singapore division’s performance during the December quarter was so impressive that it is regarded as the best three-month period in the casino sector’s history. Analysts now predict MBS may achieve an EBITDA run rate exceeding $2.5 billion, potentially reaching $3 billion.
Fitch acknowledges these successes, specifically citing MBS as a key factor in enhancing Las Vegas Sands’ credit rating.
“Singapore is consistently generating substantial EBITDA due to its high-quality assets, ongoing investments in improvement, and a premium customer base,” noted the ratings agency. “Property EBITDA surged by 42% in 2025, although Fitch foresees a more tempered growth rate moving forward. The sector benefits from Singapore’s robust economy, a rise in tourist arrivals from non-Chinese countries, and the anticipated completion of the current property enhancement initiatives.”
Significance of Las Vegas Sands’ Credit Rating Upgrade
Higher credit ratings are crucial for companies across industries, as improved ratings typically lead to lower borrowing costs. This is particularly significant in the capital-intensive casino industry, where operators like Sands require economical access to capital for both upgrading existing facilities and launching new projects.
Furthermore, credit ratings serve as a comparative measure among competing companies. In this regard, Sands surpasses competitors such as MGM Resorts International (NYSE: MGM) and Wynn Resorts (NASDAQ: WYNN), both of which are categorized as junk by Fitch.
“Wynn has higher leverage, although both companies maintain strong liquidity. Similar to LVS, Wynn has ambitious capital construction and development plans for the coming years,” highlighted Fitch.