Zhi Tong Cai Jing·2026-01-30 01:56Core Viewpoint - UBS reports that Las Vegas Sands (LVS) announced an adjusted EBITDA of $608 million for Q4 2025 in Macau, reflecting a year-on-year growth of approximately 6%, but falling short of market consensus expectations of $628 million [1] Group 1: Financial Performance - The adjusted EBITDA of $608 million for Q4 2025 represents a 6% increase year-on-year [1] - If the VIP room betting rate is adjusted, the EBITDA would be $582 million, which is below market consensus [1] - The profit margin for the quarter was lower than expected, primarily due to increased costs and a revenue structure leaning towards lower-margin high-end segments [1] Group 2: Management Insights - Management reiterated its goal of achieving an annual EBITDA of $2.7 billion for Macau properties, which is expected to be supported by improved asset utilization [1] - Improvements in marketing plans and the introduction of new facilities since Q2 have driven growth in gaming revenue, with a focus on optimizing promotional efficiency in 2026 [1] - Management noted that per capita spending in the mass market segment has remained stagnant, and the shift towards high-end segments may impact the profit margin structure [1]