Sands Earnings Could Be Lifted by Singapore Casino Expansion
Posted on: October 9, 2025, 11:55h.
Last updated on: October 9, 2025, 12:19h.
- Marina Bay Sands’ $8 billion expansion could be accretive to operator’s earnings
- That would allow Las Vegas Sands to reduce leverage, says Moody’s
Las Vegas Sands (NYSE: LVS) recently commenced an $8 billion expansion of its Marina Bay Sands casino resort in Singapore — one of the most expensive projects in gaming industry history — and the finished product could produce positive results for investors.
In a new report, Moody’s Investors Service said expansion of Marina Bay Sands could drive a significant uptick in visitation to the integrated resort, thus boosting the operator’s earnings per share (EPS) while providing a pathway for the company to reduce leverage.
We believe that, once constructed, this property will result in a considerable amount of additional visitation at MBS, and in turn, considerable earnings and ability to reduce leverage,” according to the ratings agency.
Moody’s rates Sands “Baa3”, or one notch above junk territory, with a “stable” outlook. That outlook is derived from Sands’ strong liquidity position and the possibility that EPS and free cash flow will improve enough for the operator to materially reduce debt. Sands has spent about $2.2 billion this year and has $5.88 billion remaining on a delayed draw term loan specific to Singapore, according to Moody’s.
Why Singapore Casino Expansion is Important for Sands
An $8 billion expansion at an existing gaming venue is pricier than all of the newest from-the-ground-up casinos in the US. At that price point, Sands could likely build two new integrated resorts on the Las Vegas Strip, but the expenditures in Singapore could pay dividends.
Already one of the most profitable casino hotels in the world, Marina Bay Sands has momentum. It’s part of a duopoly with Genting’s Resorts World Sentosa, but recent data indicate the Sands venue is widening its market share lead over its rival.
Marina Bay Sands’ second-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) was so strong that the figure could outpace the full-year results from Resorts World Sentosa.
As Moody’s points out, MBS’s 2024 EBITDA beat the high of $2.05 billion set in 2019 – the year before the onset of the coronavirus crisis.
“Singapore’s strong performance has continued in 2025,” adds the research firm.
Singapore Casino Expansion Details
As Casino.org’s Devin O’Connor reported in July, the Marina Bay Sands expansion is striking in scale, including a fourth hotel tower measured at 55 stories. That will result in the addition of 570 suites as well as more pools, restaurants, and public and private spaces.
The additions also include a 15K-seat entertainment arena and 200K square feet of meeting, incentive, convention, and exhibition (MICE) space, along with luxury retail stores and spas. Nongaming amenities like those are looked upon favorably by Singapore’s government, which wants the two casino operators wooing visitors with much more than wagering.
On the betting side of the business, Sands is in two of the world’s hot spots — Macau and Singapore — and it’s “supported by the high quality, popularity, and favorable reputation of its casino properties,” said Moody’s.
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