Las Vegas Sands Wins Credit Upgrade on Singapore Performance
Posted on: February 10, 2026, 12:57h.
Last updated on: February 10, 2026, 12:57h.
- Fitch takes Sands one notch further into investment-grade territory
- Ratings agency says outlook is “stable”
- Cites strong performance at Marina Bay Sands
Las Vegas Sands (NYSE: LVS), the largest casino operator as measured by market capitalization, landed a credit rating upgrade from Fitch Ratings.
The research firm boosted its grade on the Venetian Macau operator to BBB from BBB- with a “stable” outlook. That’s one notch further into investment-grade territory and the upgrade arrived about two years after Fitch lifted the gaming company back into investment-grade status.
The rating reflects improved credit metrics, strong performance in Singapore, and a continued but slightly weaker-than-expected rebound in the Macau market,” observes Fitch. “LVS benefits from its scale in Macau, competitive market positions in Macau and Singapore, and robust FCF generation. This is offset by a relatively heavy capital program and potential weakness in the Chinese economy.”
Fitch says the “stable” outlook applied to Sands is reflective of strength in Singapore and expectations that the Macau market will continue rebounding, albeit at a gradual pace.
Singapore Drives Las Vegas Sands Credit Upgrade
When Sands reported fourth-quarter results in late January, the stock plunged on weaker-than-expected Macau results, overshadowing a banner period at Marina Bay Sands (MBS) in Singapore.
In fact, Sands’ Singapore results for the December quarter were so strong that the period is considered the best three-month notched in the history of the casino industry. Some analysts believe it’s now likely MBS will notch an earnings before interest, taxes, depreciation, and amortization (EBITDA) run rate north of $2.5 billion on the way to $3 billion.
Those factors aren’t lost on Fitch, which overtly mentioned MBS as one of the catalysts behind its credit rating upgrade of Las Vegas Sands.
“Singapore continues to generate a high level of EBITDA due to its high-quality asset, consistent reinvestment in the product, and high-valued customer base,” said the ratings agency. “Property EBITDA increased 42% in 2025, although Fitch expects a more modest rate of growth in the forecast. The market continues to benefit from the strength of the Singapore economy, growth in tourist arrivals from other non-Chinese countries, and the eventual completion of the current property refresh program.”
Why Las Vegas Sands Credit Upgrade Matters
Regardless of industry, higher credit ratings are important to companies because the higher those marks are, the lower borrowers’ financing costs are. That’s material in the capital-intensive casino space where operators like Sands need cost-efficient access to capital to enhance existing venues and develop new ones.
There’s the element of comparison, meaning credit ratings are measured against each other among competing companies. On that front, Sands bests rivals MGM Resorts International (NYSE: MGM) and Wynn Resorts (NASDAQ: WYNN), both of which Fitch rates as junk.
“Leverage is higher at Wynn, while both have robust liquidity. Like LVS, Wynn has an aggressive capital spending and development program over the next few years,” notes Fitch.
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