Just caught something interesting about LVS that caught my eye. Their Singapore property absolutely crushed it in 2025 - pulled in $806 million of EBITDA just in Q4, with full year hitting around $2.9 billion. That's their cash flow engine firing on all cylinders.

What's wild is how efficiently they're converting revenue into actual earnings. As volumes picked up through 2025, they didn't need to proportionally ramp up costs. Premium gaming demand stayed strong, room rates held up, and the non-gaming side kept performing. All of this flowed through to better EBITDA margins. Feels like Singapore's operating model is just way more efficient than what they're dealing with in other markets.

Meanwhile, the stock is trading at 17.54x forward P/E - which is a discount to the gaming industry average of 24.28. Wynn's at 20.83x, Boyd Gaming at 10.79x, MGM at 15.65x. So LVS is cheap relative to peers despite showing solid EBITDA flow-through.

The thing is, 2026 EPS estimates got revised down recently, and they're only expecting 4% growth year-over-year. Compare that to Wynn potentially hitting 24.8% growth and Boyd at 10.7%, and you can see why the market's being cautious. But if Marina Bay Sands keeps delivering that efficient EBITDA conversion, could be a setup worth watching. Stock's rated Hold right now, but the Singapore operation's margin profile is genuinely impressive.