Singapore's Gambling Regulatory Authority (GRA) renewed Marina Bay Sands' casino licence for three years from 26 April 2025. The regulator said it assessed the casino business against requirements in the Casino Control Act before renewing the licence.
The renewal allows Marina Bay Sands to continue casino operations in Singapore for three more years.
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MGM Resorts International executives said their Osaka casino resort, now under construction in Japan, could become a major competitor to Marina Bay Sands in Singapore. CFO Jonathan Halkyard said it could be the largest and most successful integrated resort globally since Marina Bay Sands; CEO Bill Hornbuckle said the project could generate cash flow of up to $2 billion.
Las Vegas Sands reported fourth-quarter 2025 net revenue of $3.65bn, up from $2.9bn a year earlier. Net income rose to $448m from $392m, while consolidated adjusted property EBITDA reached $1.41bn, compared with $1.11bn. Marina Bay Sands recorded adjusted property EBITDA of $806m, reduced by $45m because of high hold on rolling play, the company said.
Analysts maintained Buy ratings on Las Vegas Sands after its first-quarter Macau results fell below expectations, while praising Marina Bay Sands’ performance in Singapore. CBRE’s John DeCree cited $605 million in Singapore EBITDA against a $530 million consensus estimate; Las Vegas Sands reported $535 million in Macau EBITDA, below a $608 million consensus. DeCree retained a $45 price target.
Hokkaido is reportedly weighing a bid for a casino resort in Sapporo and may seek interest from international casino companies and banks. Japan’s government is expected to reopen applications for two remaining integrated resort licences in 2027; the report said only MGM Osaka had been approved so far.
Genting is refreshing Resorts World Sentosa’s assets and expanding its entertainment calendar as Singapore assesses the casino’s licence renewal conditions this year. The resort’s chief executive said the strategy would target longer-staying visitors and repeat customers; the source gives no renewal outcome or assessment date.