Las Vegas Sands Q3 net income falls 27.4%, board lifts 2027 dividend 20%

Las Vegas Sands Corp reported third-quarter net income attributable to the group of US$304 million, a 27.4 percent decline from US$419 million in the year-ago quarter, in a company filing dated Wednesday. Net revenues for the three months to September 30 slipped 3.5 percent year-on-year to just under US$3.22 billion, and the board announced a 20 percent increase in the recurring common stock dividend for the 2027 calendar year to US$1.44 per share (US$0.36 per share per quarter).

Group financials and headline metrics

Group-wide third-quarter adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) were just under US$1.12 billion, down 16.7 percent year-on-year. Group-wide operating income fell 14.0 percent from the prior-year quarter to US$618 million. Group-wide casino revenue for the quarter was US$2.37 billion, a decline of 5.4 percent versus the third quarter of 2025.

Macau net revenues rose, but EBITDA fell

Net revenues from Macau operations increased 1.8 percent year-on-year to US$1.94 billion, up from just under US$1.91 billion in third quarter 2025. Macau quarterly adjusted property EBITDA slipped 12.0 percent year-on-year to US$529 million. The company noted that higher hold on rolling play in Macau “positively impacted adjusted property EBITDA by US$11 million.” The parent also reported that its Macau mass-segment gross gaming revenue market share was 26.1 percent for the three months, which it described as "the highest result since fourth quarter 2023." Third-quarter net revenues from The Londoner Macao were US$685 million (flat year-on-year), while The Venetian Macao’s net revenues fell 6.2 percent to US$649 million.

Singapore performance and premium segment

Marina Bay Sands Pte Ltd generated third-quarter net revenues just over US$1.29 billion, down 9.9 percent year-on-year. Singapore quarterly adjusted property EBITDA was US$590 million, a 12.0 percent decline from a year earlier. The company said "the high end of the premium gaming segment was softer during the quarter" in Singapore and added that "lower hold on rolling play negatively impacted adjusted property EBITDA by US$4 million." The parent identified the Marina Bay Sands expansion project and included a construction timetable in its earnings deck: while 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, and any extension beyond July 2029 is subject to the approval of the Singapore government.

Capital allocation, cash and share moves

Las Vegas Sands reported unrestricted cash balances of US$2.86 billion as of September 30. The company repurchased US$950 million of its common stock during the quarter. During Q3 the parent purchased 62 million shares of Sands China common stock for HKD793 million (approximately US$101 million at exchange rates in effect at the time), increasing Las Vegas Sands’ ownership of Sands China Ltd to 75.56 percent as of September 30.

Dividend timetable and debt

The parent paid a quarterly dividend of US$0.30 per common share during the quarter and set the next quarterly dividend at US$0.30 per common share payable on 11 November 2026 to stockholders of record as of 2 November 2026. Total debt outstanding, net of deferred offering costs and original issue discounts and excluding finance leases, was US$15.30 billion as of September 30.

Capital expenditure and project spend

Third-quarter capital expenditure totalled US$281 million, including US$154 million on construction, development and maintenance in Macau, US$121 million at Marina Bay Sands, and US$6 million on corporate and other costs.

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

"We are fortunate to have the balance sheet and cash flow strength to support our meaningful capital investment programmes," Mr Dumont added, noting the repurchase of US$950 million of common stock during the quarter.

The company operates casinos in Macau via Sands China Ltd and runs Marina Bay Sands in Singapore through the parent’s subsidiary Marina Bay Sands Pte Ltd. For more on the group's casino operations see the casino section.