Las Vegas Sands reports 16.7% drop in quarterly EBITDA in Q3 2026

Las Vegas Sands (LVS) reported third-quarter results with net revenue of $3.22 billion and adjusted consolidated EBITDA of $1.12 billion, a 16.7% decline for the quarter; the company said high-value gaming was weaker in Singapore and Macau. The results cover the quarter ended 30 September and were filed by the company on 21 October 2026.

Operational summary and key figures

The parent reported net revenue of $3.22 billion, down 3.5% versus the prior quarter, and net income of $352 million, a decrease of 28.3%; diluted earnings per share fell 21.3% to $0.48. Marina Bay Sands (MBS) was the single largest drag: the property's adjusted EBITDA fell 20.6% to $590 million from $743 million, with a margin of 45.6% versus 51.7% a year earlier.

In Macau, the segment EBITDA fell 12.0% to $529 million, although it rose from $430 million in the second quarter. Net revenue in Macau increased 8.4% quarter-on-quarter to $1.94 billion; the company attributes part of the movement to hold variation and higher volumes.

Market breakdown: Singapore

Marina Bay Sands recorded net revenue of $1.29 billion, versus $1.44 billion in the comparable period, while rolling volume fell 7% to $8.4 billion and mass table revenue decreased 9% to $826 million. By product:

• MBS rolling win was $382 million, down 13%, with a hold of 4.53%, marginally below the 4.6% the company calculates from its smart-table data; the hold difference represented an unlucky loss of $4 million versus the prior year, when hold added $43 million.

• Non-rolling table win fell 14% to $537 million.

• Slot win rose 3% to $289 million.

The company's presentation notes that Singapore's tiered casino tax increased the proportion of premium gaming at MBS from 8% to 12% in June 2026, one month earlier than in 2025. Management said the high-end segment was weaker in both markets and that this weighed on reported results.

Market breakdown: Macau

In Macau, rolling volume rose 31% to approximately $5.7 billion and rolling win grew 41% to $209 million, with a hold of 3.64% versus the 3.3% the company expects; with the expected hold, EBITDA would have been $518 million. Other movements:

• Non-rolling drop increased 11%, but non-rolling win fell 2% to $1.47 billion.

• Slot win rose 18% to $223 million.

• Sands China reached a 26.1% share of Macau mass revenues, its highest level since Q4 2023, while the company estimates the mass market declined 3%.

Properties recorded several effects: The Londoner Macao had flat revenue at $685 million but EBITDA fell 18.7% to $178 million; The Venetian Macao, under renovation since March with roughly 500 rooms out of service until Q4 2027, saw EBITDA decline 15.3% to $205 million.

Share buyback, dividend and stake in Sands China

LVS repurchased $950 million of its shares and paid $193 million in dividends at $0.30 per share, with an additional payment scheduled for 10 November. The board raised the recurring dividend for 2027 to $0.36 per quarter (up 20%). The company bought 62 million shares of Sands China for HK$793 million (approximately $101 million), taking its stake in Sands China to 75.56% as of 30 September. LVS had repurchased 20.97 million shares at an average price of $45.31; $5.06 billion of buyback authority remained.

At quarter end LVS had 627.0 million shares outstanding versus 677.3 million a year earlier.

Capital spending, MBS project timeline and leverage

Capital expenditure for the quarter was $281 million: $154 million in Macau, $121 million at MBS and $6 million at other sites. The Marina Bay Sands expansion project retains an estimated cost of $8.0 billion, which includes $2.0 billion in land premiums, and contemplates up to 570 suites and an arena of 15,000 seats.

LVS is contractually required to complete parts of the project before July 2029, but now estimates completion in June 2030 and opening in January 2031, subject to Singapore government approval. The company maintains a deferred draw loan of $4.57 billion for the Singapore build. Net debt stood at $12.44 billion.

Management comments and operating context

The quarter shows sequential recovery in Macau by volume, but the company explains that hold adjustments change the appearance of the bounce. LVS notes that a 1.35% hold in the second quarter cost $147 million of revenue and $87 million of EBITDA; after adjusting both quarters for expected hold, revenue would have moved from $1.94 billion to $1.92 billion and EBITDA would have been effectively flat at $517–518 million.

The company reiterated a quarterly EBITDA target of $700 million, a figure the presentation says is 35% above the level the company operates at under normal luck. Management also explained that winning mass-market share in a contracting market has required more table hours, staff and service, costs the company will continue to fund.

"The high end was weaker in both markets and this weighed on the reported results," management said in the Sands China presentation filed on the Hong Kong Exchange.

Sources cited in the company's documentation include the third-quarter press release and results presentation package, as well as the Sands China disclosure filed with HKEX on 22 October 2026.