Singapore’s Marina Bay Sands (MBS) is expected to report a modest decline in second-quarter earnings despite continued revenue growth, according to a new forecast from JP Morgan Securities LLC.
The investment bank estimates that Marina Bay Sands’ property-level earnings before interest, taxation, depreciation and amortisation (EBITDA) will reach approximately $727 million in the second quarter of 2026, representing a 5 per cent year-on-year decline. The forecast, as cited by GGRAsia, places Marina Bay Sands broadly in line with market expectations of around $725 million in EBITDA.
Marina Bay Sands is one of Singapore’s two licensed casino resorts and is operated by Las Vegas Sands Corp, one of the world’s largest integrated resort operators.
Revenue growth expected to offset softer EBITDA
JP Morgan expects Marina Bay Sands to deliver continued top-line growth althought EBITDA is forecast to decline. Analysts Daniel Politzer, Samuel Nielsen and Michael Hirsh project second-quarter revenue of $1.42 billion, up 3 per cent year on year, reflecting sustained demand across the integrated resort’s gaming, hospitality, entertainment and tourism operations.
The analysts said the property continues to benefit from structural improvements in demand following Las Vegas Sands’ extensive investment programme aimed at repositioning the resort towards higher-value customers.
According to JP Morgan, Marina Bay Sands is experiencing a “step-change in sustainable demand” driven by the group’s approximately US$1 billion premiumisation strategy and rising wealth levels in Singapore.
Premiumisation strategy supports long-term growth
The forecast reinforces investor confidence in Marina Bay Sands’ strategy of targeting premium leisure, business and VIP customers. Over recent years, the resort has completed significant hotel and suite upgrades while expanding luxury offerings designed to increase spending per visitor rather than relying solely on higher visitor volumes.
The approach has helped strengthen profitability and supports Las Vegas Sands’ long-term ambition to position Marina Bay Sands as Asia’s leading integrated resort destination.
In the first quarter of 2026, Marina Bay Sands reported net revenue of nearly $1.49 billion, compared with $1.16 billion a year earlier. Adjusted property EBITDA reached $788 million, an increase of 30.3 per cent from the corresponding period in 2025.
MBS 2.0 expansion remains central to future growth
Las Vegas Sands is currently working on its landmark $8 billion MBS 2.0 expansion project, one of the largest tourism investments currently underway in Asia. The project will include a new 55-storey luxury hotel tower, around 570 premium suites, expanded entertainment offerings, and a 15,000-seat indoor arena. Construction is scheduled to be completed by 2030, with the development expected to open to the public in 2031.
Earlier this month, the company appointed Angelita Teo as Vice President of Attractions, placing a veteran cultural executive in charge of attractions including the ArtScience Museum, SkyPark Observation Deck, teamLab Digital Light Canvas and the Sampan Ride.
The resort has also continued investing in operational efficiency, deploying autonomous mobile robots across its hotel and convention facilities while expanding automation initiatives that have already streamlined more than 200 work processes.
Despite strong operational performance, Marina Bay Sands has faced increased regulatory scrutiny over the past two years. In 2025, Singapore’s Gambling Regulatory Authority fined the operator SG$100,000 ($77,600) for conducting casino promotions without prior approval. The resort was also fined SG$240,000 ($186,000) following a data protection investigation linked to a 2023 customer data breach affecting more than 665,000 individuals.
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