10 Most Profitable Casinos in the World in 2026

Last Updated on August 6, 2026 by author

The world’s leading casinos are no longer simply gambling halls filled with tables and slot machines. Today’s most profitable properties are enormous integrated resorts that combine gaming with luxury hotels, restaurants, convention centres, entertainment venues, shopping malls and premium hospitality.

Determining which casino is the most profitable, however, is more complicated than comparing gaming revenue. Most operators do not publish a standalone net-profit figure for every resort. Interest expenses, depreciation, taxes, corporate costs and lease structures also vary significantly between companies.

For that reason, this 2026 ranking primarily uses adjusted property EBITDA or EBITDAR, the closest widely reported measure of a casino resort’s operating profitability. The figures are based on full-year 2025 results—the latest complete and broadly comparable financial year available when this article was prepared.

Based on publicly disclosed results, Marina Bay Sands in Singapore was the world’s most profitable casino resort, generating approximately US$2.92 billion in adjusted property EBITDA during 2025. Galaxy Macau ranked second, with the equivalent of roughly US$1.72 billion.

Most Profitable Casinos in the World: 2026 Ranking

*Operating earnings refer mainly to adjusted property EBITDA or EBITDAR rather than accounting net profit. Galaxy Macau and Resorts World Sentosa were converted into US dollars using the Federal Reserve’s 2025 average exchange rates of HK$7.7956 and S$1.3065 per US dollar.

How We Ranked the Most Profitable Casinos

This ranking considers casino resorts for which credible property-level or closely related operating results are publicly available. The principal measurement is adjusted property EBITDA, meaning earnings before interest, taxation, depreciation and amortisation, with additional company-specific adjustments.

EBITDA is useful because it focuses on the performance of the resort itself before financing structures and non-cash accounting charges. Nevertheless, it is not the same as net profit or free cash flow. Wynn Resorts, for example, explains that its adjusted property EBITDAR excludes depreciation, interest, corporate expenses and several property-specific charges. It also warns that calculations may differ between operators, limiting perfect comparability.

Several major casino groups—including MGM Resorts and Caesars Entertainment—often report results across combined regional or Las Vegas segments instead of publishing comparable profit figures for every individual resort. Privately owned casinos may release no detailed financial information at all. This list should therefore be viewed as a ranking of the most profitable major casino resorts with sufficiently transparent public disclosures, rather than an audited census of every casino worldwide.

Marina Bay Sands – Singapore

2025 adjusted property EBITDA: US$2.922 billion

Marina Bay Sands stands comfortably at the top of the 2026 ranking. The Singapore integrated resort generated US$5.59 billion in net revenue and US$2.922 billion in adjusted property EBITDA during 2025. Its EBITDA increased dramatically from US$2.052 billion in 2024.

Even more impressive was its 52.3% adjusted property EBITDA margin, meaning that more than half of its reported net revenue translated into property-level EBITDA. Las Vegas Sands described the result as a record for any property in the company’s history.

Marina Bay Sands benefits from an unusually powerful combination of gaming, luxury accommodation, premium customers, convention activity, dining, shopping and entertainment. Singapore’s tightly controlled casino market also limits direct domestic competition to two integrated resorts.

The broader tourism environment strengthened its position. Singapore received 16.9 million international visitors and recorded S$32.8 billion in tourism receipts during 2025, according to the Singapore Tourism Board.

Its performance shows why the modern integrated-resort model can be more profitable than a conventional casino. Visitors do not need to gamble for the property to earn money; hotel stays, events, retail, food and entertainment contribute additional revenue throughout the trip.

Galaxy Macau – Macau

2025 adjusted EBITDA: HK$13.429 billion, approximately US$1.723 billion

Galaxy Macau was the second-most profitable publicly reporting casino resort in the world during 2025. The property generated HK$41.014 billion in net revenue and HK$13.429 billion in adjusted EBITDA, up from HK$10.794 billion a year earlier. Its reported EBITDA margin improved from 31% to 33%.

The figure converts to approximately US$1.72 billion using the Federal Reserve’s average 2025 exchange rate.

Galaxy Macau’s scale gives it a major competitive advantage. It operates as a broad resort destination rather than relying entirely on high-stakes VIP gambling. Its hotels, restaurants, retail areas and entertainment offerings allow it to attract premium-mass customers, families, leisure travellers and traditional casino visitors.

Management disclosed that favourable gaming results added approximately HK$1.5 billion to Galaxy Entertainment Group’s reported EBITDA during 2025. This demonstrates an important limitation of annual casino rankings: short-term gambling luck can materially raise or lower a resort’s reported earnings.

Even after accounting for that volatility, Galaxy Macau remains one of the industry’s most powerful cash-generating properties.

The Venetian Macao – Macau

2025 adjusted property EBITDA: US$946 million

The Venetian Macao generated US$2.745 billion in net revenue and US$946 million in adjusted property EBITDA in 2025. Its property EBITDA margin was 34.5%. Although earnings declined from US$1.093 billion in 2024, the resort remained one of the world’s three most profitable casino properties.

The property’s large room inventory, extensive gaming floor, restaurants, retail space and convention facilities make it one of the central anchors of the Cotai Strip. Its ability to accommodate major events and large visitor volumes creates revenue streams beyond the casino.

The reduction in EBITDA does not necessarily indicate that the resort has lost its long-term strength. Macau operators were managing construction disruption, changing visitor behaviour and the continued transition from VIP-junket gambling toward premium-mass and mainstream tourism.

The Venetian’s diversified format makes it better equipped for that transition than a property dependent primarily on private gaming rooms.

Wynn Las Vegas and Encore – United States

2025 adjusted property EBITDAR: US$902 million

Wynn Resorts’ Las Vegas operations—which include the connected Wynn Las Vegas and Encore resort complex—generated US$902.4 million in adjusted property EBITDAR during 2025. That was down from US$946.8 million in 2024 but still high enough to place the complex fourth globally in this ranking.

Wynn and Encore represent a different profitability model from the giant Asian integrated resorts. The Las Vegas campus concentrates on luxury rooms, premium gaming, high-end dining, nightlife, retail and convention business.

Its position is particularly notable because Las Vegas has far more casino competition than Singapore or Macau. Guests can choose from dozens of major resorts within a relatively small geographical area. Maintaining close to US$1 billion in property EBITDAR in that environment reflects strong pricing power and the value of attracting affluent customers.

The result is reported for Wynn’s combined Las Vegas operations rather than for Wynn and Encore separately. They have therefore been treated as one connected resort complex for this ranking.

City of Dreams Macau – Macau

Calculated 2025 adjusted EBITDA: approximately US$822 million

City of Dreams Macau generated approximately US$822.1 million in adjusted EBITDA during 2025, calculated by adding its four publicly reported quarterly results.

The resort recorded US$195.9 million in the first quarter, US$225.6 million in the second, US$206.9 million in the third and US$193.7 million in the fourth quarter.

Its strongest quarter was Q2, when City of Dreams produced US$225.6 million in adjusted EBITDA and US$710.5 million in operating revenue. Melco attributed the improvement to stronger performance across gaming operations.

City of Dreams benefits from its positioning in the premium segment of Macau’s market. It combines casinos with luxury hotels, restaurants, entertainment and other non-gaming attractions.

Melco’s quarterly reports also show the importance of mass-market table play. While VIP turnover can produce spectacular short-term results, mass gaming generally offers operators more predictable margins and avoids some of the credit and commission costs traditionally associated with junket business.

The Londoner Macao – Macau

2025 adjusted property EBITDA: US$778 million

The Londoner Macao recorded US$2.556 billion in net revenue and US$778 million in adjusted property EBITDA during 2025. EBITDA rose substantially from US$543 million in 2024, while its property EBITDA margin increased from 27.4% to 30.4%.

That US$235 million year-over-year increase was one of the most significant improvements among the properties on this list.

The resort was undergoing an extensive repositioning and investment programme intended to strengthen its accommodation, dining, retail and premium-customer offering. Las Vegas Sands said it completed major investment work at The Londoner during 2025, positioning the property for future growth.

The Londoner’s results demonstrate how renovation work can temporarily disrupt operations before creating stronger earnings. Once new rooms and amenities become fully available, a refreshed resort can attract higher-value customers, improve room rates and increase spending across gaming and non-gaming areas.

Wynn Palace – Macau

2025 adjusted property EBITDAR: US$682.9 million

Wynn Palace generated US$2.307 billion in operating revenue and US$682.9 million in adjusted property EBITDAR during 2025. Revenue increased by 4%, although EBITDAR declined by 6.9% from US$733.7 million in 2024.

The contrasting movement between revenue and earnings illustrates why revenue alone is not enough to judge casino profitability. A resort can produce more sales while experiencing higher labour, promotional, marketing or operating costs. Gaming hold can also influence the final result.

Wynn Palace maintained exceptionally high hotel utilisation, reporting 98.6% occupancy across 2025. Its casino revenue reached approximately US$1.94 billion, while food, rooms, retail and entertainment supplied additional income.

Despite the earnings decline, Wynn Palace remained one of Macau’s largest generators of property-level operating profit and one of the most profitable luxury casino resorts worldwide.

Resorts World Sentosa – Singapore

2025 adjusted EBITDA: S$815.8 million, approximately US$624 million

Genting Singapore reported S$2.452 billion in revenue and S$815.8 million in adjusted EBITDA for 2025, equivalent to approximately US$624 million using the Federal Reserve’s average exchange rate for the year.

Because Resorts World Sentosa is Genting Singapore’s principal operating resort, the group result provides a reasonable indication of its operating performance. However, it is not as clean a property-level disclosure as the figures reported by Las Vegas Sands, Wynn or Melco.

Adjusted EBITDA declined 15% year over year. Genting attributed the decline to launch-related costs, temporary closures, infrastructure improvements, technology upgrades and ongoing asset-enhancement work. Gaming revenue was also affected by a lower win rate.

The resort is progressing through the multiyear RWS 2.0 redevelopment programme. Genting says the S$6.8 billion project will expand the resort’s gross floor area by about 50% and introduce new attractions, hotels and lifestyle facilities through 2030.

Its 2025 earnings were therefore achieved during a substantial transition period rather than under fully normal operating conditions.

Wynn Macau – Macau

2025 adjusted property EBITDAR: US$402.1 million

Wynn Macau generated US$1.411 billion in operating revenue and US$402.1 million in adjusted property EBITDAR during 2025. Both figures were below their 2024 levels, when the property produced US$1.465 billion in revenue and US$441.9 million in EBITDAR.

The original Wynn Macau property operates in Macau’s established peninsula casino district rather than on Cotai. It is smaller than Wynn Palace but continues to attract premium gaming and luxury-hospitality customers.

Its 2025 casino revenue was approximately US$1.195 billion. Rooms, food and beverage, retail and entertainment contributed the remainder of the property’s revenue.

Although its scale is lower than that of newer Cotai resorts, generating more than US$400 million in annual property EBITDAR still places Wynn Macau among the world’s most financially productive casino properties.

Studio City Macau – Macau

Calculated 2025 adjusted EBITDA: approximately US$394 million

Studio City generated approximately US$393.8 million in adjusted EBITDA during 2025, based on the sum of Melco’s four quarterly disclosures.

The property reported adjusted EBITDA of US$97.3 million in Q1, US$105.2 million in Q2, US$104.7 million in Q3 and US$86.6 million in Q4.

Its calculated full-year operating revenue was approximately US$1.48 billion. Studio City’s focus increasingly shifted toward mass-market and premium-mass customers after VIP rolling-chip operations were transferred to City of Dreams in late 2024.

The property’s entertainment-led design provides an important point of difference. In a market where casino operators are expected to invest more heavily in non-gaming tourism, resorts capable of attracting visitors through entertainment and family-oriented facilities may have greater long-term flexibility.

Why Macau and Singapore Dominate the Ranking

Eight of the ten entries are located in Macau or Singapore. That concentration is not accidental.

Macau generated approximately MOP240.2 billion in gross gaming revenue during 2025, while visitor arrivals reached 40.1 million, surpassing the 2019 total cited in Galaxy Entertainment’s annual results.

Singapore offers a different advantage: limited casino supply within a wealthy, highly connected tourism and business destination. Only Marina Bay Sands and Resorts World Sentosa compete in the regulated domestic integrated-resort market.

The strongest Asian properties also operate at enormous scale. Instead of earning money solely from slots and table games, they monetise hotel rooms, luxury shopping, conventions, concerts, restaurants and entertainment. This allows the resort to capture a greater share of each visitor’s total travel budget.

What Makes a Casino Highly Profitable?

The most profitable casino resorts generally share several characteristics.

First, they have sufficient scale to spread administrative and marketing expenses across thousands of rooms, multiple entertainment venues and very large gaming operations.

Second, they attract premium-mass customers. These visitors may wager substantial amounts but do not always require the costly commissions, credit arrangements and incentives historically offered to VIP junket players.

Third, the properties earn meaningful non-gaming revenue. A customer who never enters the casino can still purchase a hotel room, attend a conference, visit an attraction or dine at a restaurant.

Finally, profitable resorts maintain pricing power. Luxury positioning, limited market competition, high occupancy and distinctive entertainment can support stronger room rates and customer spending.

Are These Figures the Same as Net Profit?

No. Adjusted property EBITDA and EBITDAR are operating-performance measurements, not final accounting profit.

They generally exclude interest, taxes, depreciation and amortisation. Depending on the operator, they may also exclude corporate expenses, rent, share-based compensation, pre-opening costs or unusual property charges.

A resort with US$900 million in property EBITDA does not necessarily provide US$900 million in distributable cash to its owner. The operator may still need to pay interest, taxes, capital expenditure and debt principal.

The measure remains valuable because it offers one of the clearest available comparisons of how efficiently major casino resorts generate earnings from their operations.

FAQs

What is the most profitable casino in the world in 2026?

Marina Bay Sands is the most profitable major casino resort based on the latest publicly available full-year property results. It generated US$2.922 billion in adjusted property EBITDA during 2025.

Is Marina Bay Sands more profitable than Las Vegas casinos?

Based on disclosed property-level operating earnings, yes. Marina Bay Sands’ US$2.922 billion in adjusted property EBITDA was more than three times the US$902.4 million reported by Wynn’s combined Las Vegas operations in 2025.

Which country has the most profitable casinos?

Macau has the greatest number of properties in this ranking, accounting for seven of the top ten. Singapore holds the number-one position through Marina Bay Sands and also appears with Resorts World Sentosa.

Why are Bellagio and other famous Las Vegas casinos not included?

Some large operators report results for groups of resorts rather than publishing directly comparable EBITDA or net-profit figures for each individual casino. A famous or high-revenue casino should not be assigned an estimated ranking without sufficiently transparent property-level data.

Final Verdict

The 2026 ranking of the most profitable casinos in the world highlights the financial strength of large integrated resorts, particularly in Singapore and Macau.

Marina Bay Sands was the clear leader, producing a record US$2.922 billion in adjusted property EBITDA. Galaxy Macau followed with the equivalent of approximately US$1.72 billion, while The Venetian Macao remained above the US$900 million mark.

The central lesson is that modern casino profitability extends far beyond gambling. The world’s leading operators increasingly depend on a balanced combination of gaming, accommodation, dining, conventions, retail and entertainment.

Because companies use different accounting definitions—and many casinos do not disclose standalone results—the exact positions should be interpreted with care. Nevertheless, the available public filings provide compelling evidence that Marina Bay Sands, Galaxy Macau and the major Cotai integrated resorts are currently among the most powerful profit-generating casino properties anywhere in the world.