Marina Bay Sands, Las Vegas Sands' integrated resort in Singapore, said adjusted property EBITDA fell 20.6% to $590 million in the third quarter from $743 million a year earlier, as a sharp drop in the win rate on mass-market tables outweighed higher play and rising hotel rates.

The result, published by parent Las Vegas Sands on Oct. 21, matters to investors in Asia because Marina Bay Sands generated more than half of the group's adjusted property EBITDA in the quarter, $590 million of $1.12 billion. Net revenue at the property fell 9.9% to $1.294 billion from $1.436 billion, according to the company's earnings release. The EBITDA margin narrowed to 45.6% from 51.7%.

Marina Bay Sands' casino: more play, less luck

The gaming numbers show a resort that is busy but less fortunate at the tables. Non-rolling chip drop, the measure of cash and chips that mass-market players bring to the tables, rose about 12.6% to $2.874 billion from $2.552 billion. But the property kept only 18.7% of it, against 24.5% a year earlier.

Rolling chip volume, the VIP business, fell 7.1% to $8.429 billion from $9.069 billion, Focus Gaming News reported, and the rolling chip win rate eased to 4.53% from 4.84%. Las Vegas Sands estimates what results would have been had VIP win matched its expected rate, 4.6% this year and 4.2% a year earlier. On that basis, below-expected VIP luck shaved about $4 million from EBITDA in the quarter, while above-expected luck had added $43 million a year earlier, the release showed. That swing alone accounts for close to a third of the $153 million decline in EBITDA.

Slot play held up. Slot handle rose to $6.539 billion from $6.406 billion with hold unchanged at 4.4%, and slot win per machine per day climbed to $1,069 from $1,027. Table games win per unit per day fell to $17,920 from $21,380.

Casino revenue at the property fell 14.9% to $916 million, according to Focus Gaming News.

Win rates move with chance from quarter to quarter, and a 24.5% mass-market hold in the 2025 period was a high comparison. The higher drop suggests demand from visiting gamblers did not weaken, even if the reported profit did.

Hotel rates above $1,000 a night

The non-gaming side kept rising. Hotel occupancy was 95.8%, up from 95.5%, and the average daily room rate climbed to $1,038 from $982, the release showed. Revenue per available room rose to $994 from $937.

Room revenue increased to $162 million from $154 million, and food and beverage revenue rose to $104 million from $95 million, Focus Gaming News reported. The Shoppes at Marina Bay Sands brought in $70 million of mall revenue, up from $69 million, with occupancy at 99.5% and trailing twelve-month tenant sales of $3,318 per square foot.

Those figures fit with traffic at Singapore's main gateway. Changi Airport handled 17.4 million passengers in the third quarter, up 0.4% from a year earlier, a flat backdrop that makes the resort's pricing power more telling than any surge in arrivals.

Over the first nine months of 2026, Marina Bay Sands revenue rose to $4.16 billion from $3.99 billion, while adjusted property EBITDA slipped to $2.07 billion from $2.12 billion, according to Focus Gaming News. The nine-month margin was 49.7%, against 53.1% a year earlier.

Las Vegas Sands leans on the Singapore expansion

Chairman and Chief Executive Patrick Dumont said in the release that Marina Bay Sands "delivered solid financial performance." He said the company remains enthusiastic about the resort's prospects once its expansion project is finished, which will add suite capacity and entertainment offerings including an arena.

Spending on that project continues. Marina Bay Sands capital expenditure was $121 million in the third quarter, and the company has a $4.57 billion delayed draw term loan facility available to fund expansion costs, the release said.

Across the group, Las Vegas Sands reported net revenue of $3.22 billion, down from $3.33 billion. Its Macao operations posted net revenue of $1.94 billion, up from $1.91 billion, while adjusted property EBITDA there fell to $529 million from $601 million, according to Gambling.com. The Londoner Macao also reported a lower mass-market win rate, 18.6% against 23.4% a year earlier.

The company kept returning cash. It repurchased $950 million of its own stock in the quarter, about 21 million shares at a weighted average price of $45.31, and had $5.06 billion left under its buyback authorization at Sept. 30. Las Vegas Sands also bought 62 million Sands China shares for HK$793 million, about $101 million, lifting its stake in the Hong Kong-listed unit to 75.56%.

For Singapore, the next gauge is the fourth-quarter report. Investors will be watching whether the mass-market hold returns toward the 2025 level, and how much more of the $4.57 billion loan facility the expansion draws as construction proceeds.