Las Vegas Sands Q3 2026: earnings fall and board raises 2027 dividend

Las Vegas Sands Corp recorded attributable net income of US$304 million in the third quarter, a 27.4% year‑on‑year decline from US$419 million, according to a filing made on Wednesday in the United States. The same day the board of directors announced a 20% increase in the recurring dividend for calendar year 2027, raising the annual dividend to US$1.44 per share (US$0.36 per share per quarter).

Consolidated third‑quarter results

The group’s net revenue fell 3.5% versus the same quarter a year earlier, to just under US$3.22 billion. Consolidated adjusted EBITDA was almost US$1.12 billion, down 16.7% year‑on‑year. The group’s operating income declined 14.0%, to US$618 million.

Group casino revenue declined 5.4% year‑on‑year in the three months ended 30 September, to US$2.37 billion.

Breakdown by market: Macau and Singapore

Net revenue from Macau operations rose 1.8% year‑on‑year, to US$1.94 billion, compared with just under US$1.91 billion in Q3 2025. Las Vegas Sands’ mass market share in Macau was 26.1% for the quarter, “the highest result since the fourth quarter of 2023,” the company said.

Adjusted EBITDA in Macau fell 12.0% year‑on‑year, to US$529 million. The company also said that higher hold on rolling play in Macau “positively impacted adjusted property EBITDA by US$11 million.”

In Macau, The Londoner Macao and The Venetian Macao performed differently: net revenue at The Venetian Macao fell 6.2% to US$649 million, while The Londoner Macao was flat at US$685 million.

Singapore operations, managed by the Marina Bay Sands Pte Ltd subsidiary, reported third‑quarter net revenue just above US$1.29 billion, a 9.9% year‑on‑year decline. Adjusted EBITDA in Singapore was US$590 million, down 12.0% from the prior year. The company noted in its results presentation that “The high end of the premium gaming segment was softer during the quarter.” It also said that “Lower hold on rolling play negatively impacted adjusted property EBITDA by US$4 million” at Marina Bay Sands.

Liquidity, debt and share repurchases

As of 30 September, the group’s unrestricted cash balances were US$2.86 billion. Total debt outstanding, net of deferred financing costs and original issue discounts and excluding finance leases, was US$15.30 billion.

During the quarter the company repurchased shares for US$950 million through the group common stock buyback. The parent purchased 62 million shares of Sands China common stock for HKD793 million, approximately US$101 million at the exchange rates at the time, increasing Las Vegas Sands’ stake in Sands China to 75.56% as of 30 September.

The company paid a quarterly dividend of US$0.30 per share during the quarter; the next quarterly dividend of US$0.30 per share is scheduled for 10 November, with shareholders of record on 2 November.

Investment and Marina Bay Sands expansion project

Capital expenditures in the third quarter totaled US$281 million, including US$154 million for construction, development and maintenance in Macau, US$121 million at Marina Bay Sands and US$6 million for corporate and other.

On the Marina Bay Sands expansion project, the results presentation states: “While the company is contractually obligated to complete the project by July 2029, the current estimate is that construction will be complete in June 2030 with an anticipated opening date in January 2031. Any extension of the completion date beyond July 2029 is subject to the approval of the Singapore government.”

"We remain confident in our long‑term strategy in both Singapore and Macau and will continue to invest in future growth," said Patrick Dumont, chairman and chief executive.

"We are fortunate to have the balance sheet and cash flow strength to support our meaningful capital investment programmes, positioning our portfolio of properties to capitalise on the growing demand for premium travel and world‑class entertainment experiences in the region," Patrick Dumont added.

Signed, Emilio Navarro, Technology Correspondent for the sector.