Sands Stock Tumbles as Weak Macau Hold Overshadows Singapore Strength

• The casino stock is sliding Thursday
• Sands China’s Q4 results disappointed
• Singapore was a source of strength

Las Vegas Sands (NYSE: LVS) stock is careening lower on Thursday after the casino giant reported disappointing fourth-quarter Macau results.

In midday trading, the stock is down 14% on volume that’s already exceeded the daily average after the company delivered middling Macau results for the final three months of 2025. The operator’s hold-adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margins in Macau slid 300 basis points year over year, signaling to analysts and investors that the promotional environment in the Chinese gaming enclave is intensifying.

With no real tangible signs that help is on the way from the base mass business, we wouldn’t be surprised to see investors rethink their multiple assumptions tied to the Macau market as consensus margin assumptions get reset more into the low-30s range,” said Stifel analyst Steven Wieczynski in a note to clients.

Wieczynski rates Sands a “buy” with a $72 price target and notes it’s possible Sands China reaches a quarterly run rate of $700 million in EBITDA, but that won’t happen over the near term. That could try investors’ patience, potentially keeping Macau casino stocks in discounted territory.

No Singapore Help for Sands Stock, but Maybe There Should Be

Compounding Sands’ tepid Macau data is the fact that it overshadows what was another stellar quarter at Marina Bay Sands (MBS) in Singapore.

“Every quarter it seems like MBS sets new records (yes, we understand there was a slight positive hold this quarter), with a $2.5 billion EBITDA run rate now looking grossly stale, and a $3 billion target seemingly more realistic,” notes the analyst. “MBS continues to post such strong results that even the management team at LVS is now hesitant to talk about the EBITDA potential of this asset.”

Wieczynski adds that market participants likely need to reevaluate multiple assessments on the Singapore casino resort, potentially boosting those evaluations to the high-teens from mid-teens.

Sands Stock a Capital Return Story

Arguably lost in the commotion of the weak Macau numbers is the point that Sands stock is an increasingly durable shareholder rewards story. The gaming company repurchased $500 million worth of its equity during the fourth quarter, and a previously announced dividend increase takes hold next month.

Sands has the liquidity to support ongoing shareholder rewards while simultaneously investing in its five Macau properties and MBS.

“Furthermore, we believe the company’s strong liquidity position (~$8 billion of available liquidity), reasonably levered balance sheet and asset sale optionality provide ample dry powder to support its meaningful capital deployment ambitions,” concludes Wieczynski.