Las Vegas Sands Corp. (LVS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen, and welcome to the SANS fourth quarter 2025 earnings call. At this time, all participants have been placed on listen-only modes, but we will open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at SANS. Sir, the floor is yours. Thank you. Joining the call today are Rob Goldstein, our Chairman and CEO, Patrick Dumont, our President and Chief Operating Officer, Dr. Wilford Wong, Executive Vice Chairman of SANS China, and Grant Chung, CEO and President of SANS China and EVP of Asia Operations. Today's conference call will contain forward-looking statements. We will be making those statements under the safe harbor provision of federal security laws. The language on forward-looking statements included in our press release also applies to our comments made on the call. The company's actual results may differ materially from the results reflected in those forward-looking statements. In addition, we'll discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measure are included in our press release. We have posted an earnings presentation on our website. We will refer to that presentation during the call. Finally, for the Q&A session, we ask those with interest to please post one question and one follow-up, so we might allow everyone with interest the opportunity to participate. This presentation is being recorded. I'll now turn the call over to Rob. Thank you, Dan, and good afternoon. Thank you for joining us. Marina Bay Sand is delivering EBITDA of $806 million, simply the greatest quarter in the history of casino hotels. We exceeded $2.9 billion of EBITDA this year. Mass gaming and sto...