Las Vegas Sands’ Singapore resort delivered “simply the greatest quarter in the history of casino hotels” in the fourth quarter of 2025, the company’s outgoing CEO said Wednesday.

Marina Bay Sands, the iconic resort that is one of two casino hotels operating in Singapore, was responsible for $806 million in cash flow as the company reported net income of $448 million, 58 cents a share, on revenue of $3.65 billion for the quarter that ended Dec. 31. Revenue was up 26 percent from the same period a year ago, when the company reported net income of $392 million, 45 cents a share, on revenue of $2.9 billion.

“This is an extraordinary market,” Chairman and CEO Rob Goldstein said in a conference call with investors. “We have built the product to maximize the opportunity. The question is, how much further can we go in the next two years? There’s never been a building, to my knowledge, that delivered these types of results.”

It was a fitting sendoff for Goldstein, who on March 1 will transition to a senior adviser role to the company for two years.

At the end of the conference call, President and Chief Operating Officer Patrick Dumont paid tribute to Goldstein, who will end a 30-year career as an executive with the company.

“Rob served in many important leadership roles for LVS,” said Dumont, who will succeed Goldstein as chairman and CEO.

“He’s also been a strong and vocal advocate for the gaming industry as a whole. There are not many individuals who have done more in this industry than he has. Rob has hired, led and mentored numerous people over the years. Many of these people serve in leadership roles in the industry elsewhere because Rob Goldstein took the time to invest in them and their careers.

“Finally, I want to recognize and thank Rob for his steadfast commitment to the Adelson family. Rob and Sheldon (Adelson) had a wonderful friendship and achieved so much together.”

Adelson built a solid base of hotel-casinos in Macao in the early 2000s and grew the company into the market leader there. In the late 2000s, the company successfully built Marina Bay Sands in Singapore and, through a series of economic ups and downs, they have become some of Asia’s most successful integrated resorts.

When Sands sold The Venetian in Las Vegas for $6.25 billion to Apollo Global Management and Vici Properties in 2022, the company positioned itself to make investments in the Asian properties that have made them best in class in both markets.

Since The Venetian sale, Sands has been selective about how it invests. It was a contender for a downstate casino license in New York, but withdrew its plans to develop a resort on Long Island and it continues efforts to develop integrated resorts in Texas.

In Wednesday’s call, Dumont said the company hasn’t completely shut the door on the prospect of developing in Japan, where MGM Resorts International is building that nation’s first casino resort in Osaka. The 2,500-room resort there, being built for $8.5 billion, isn’t expected to open until 2030.

“I think we’re constantly looking at new development opportunities in markets where we think we can do what we do well,” Dumont said. “And so, if Japan were ever to present an investment opportunity that worked for us, we’d consider it. But as of right now, we’re really focused on investing on our existing properties.”

The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.

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