LVS Stock Forecast & Price Target

Las Vegas Sands reported significant growth in mass win, reaching $951 million, which reflects a 27% increase from the previous year and indicates robust operational performance, particularly in its Asian markets. The company's capital investment programs, completed recently, are contributing to growth in both the Macao and Singapore markets, where Macao's gross gaming revenue rose by 12% and Singapore's VIP volumes increased by an impressive 66% year-over-year. The positive financial trajectory is further evidenced by substantial EBITDA generation of $743 million in Singapore, showcasing the strong demand from a diverse customer base and the potential for sustainable growth moving forward.

Las Vegas Sands's stock outlook is negatively impacted by a significant decline in EBITDA margins in Macau, which fell 390 basis points year-over-year on a hold-adjusted basis in 4Q25 due to increased operational costs, heightened payroll expenses, and higher player reinvestment. Additionally, the weak performance in the base mass gaming segment, where gross gaming revenue (GGR) remained stagnant, contrasts sharply with the growth observed in premium mass GGR, further eroding profitability as the company is heavily reliant on the lower-margin base mass operations. Furthermore, despite revenue growth of approximately 12% at Marina Bay Sands, EBITDA margins declined due to increased tax rates linked to GGR generation, compounding the company's issues as it missed consensus EBITDA estimates by about 6% while revealing ongoing weaknesses in quality and price momentum.