Marina Bay Sands Q3 2026 EBITDA Falls to $590m as Hold Weakens

Marina Bay Sands reported adjusted property EBITDA of $590 million for the third quarter of 2026, a 20.6% decline from $743 million in Q3 2025. The property recorded net revenue of $1.29 billion, down 9.9% year‑on‑year from $1.44 billion, as casino revenue fell 14.9% to $916 million. Las Vegas Sands filed the figures in its October 21 earnings disclosure attributing the earnings drop mainly to a lower non‑rolling chip win percentage.

Gaming performance and the impact of lower hold

Operational detail shows non‑rolling chip drop increased by 12.6% to $2.87 billion, but the non‑rolling chip win percentage fell to 18.7% from 24.5% a year earlier. That fall in win percentage, rather than a reduction in mass betting volume, was central to weaker casino results. Slot handle rose 2.1% to $6.54 billion, with slot hold unchanged at 4.4%. Premium rolling chip volume contracted 7.1% to $8.43 billion, and the rolling chip win rate dipped to 4.53% from 4.84%.

Las Vegas Sands stated that adjusted property EBITDA for Marina Bay Sands would have been $594 million—$4 million higher—if rolling chip hold had matched its theoretical value of 4.6%; in the prior year the variance had been a positive $43 million. Table games wins per unit per day fell from $21,380 to $17,920.

Non‑gaming revenue and hotel metrics

Non‑gaming operations provided the principal offset to gaming weakness. Total room revenues increased to $162 million from $154 million, supported by a room occupancy rate of 95.8% and an average daily rate between $982 and $1,038, producing revenue per available room of $994. Food and beverage revenues rose to $104 million, mall revenues held at $70 million, and convention, retail and other revenues increased 2.4% to $42 million.

For the first nine months of 2026 Marina Bay Sands delivered net revenues of $4.16 billion, up 4.4%, while adjusted property EBITDA for the period declined 2.3% to $2.07 billion.

Group results, shareholder returns and financing

At the group level, parent company Las Vegas Sands reported net revenue of $3.22 billion and consolidated adjusted property EBITDA of $1.12 billion, down from $1.34 billion in the prior period. Macao operations contributed $529 million in the quarter amid a 3.8% decline in gross gaming revenue across that market. During the quarter Las Vegas Sands repurchased $950 million of its stock and increased its recurring dividend by 20% for 2027 to $1.44 per share annually.

Capital expenditure at Marina Bay Sands was $121 million in Q3 2026. The property has $4.57 billion available through a delayed draw term loan facility earmarked for its major expansion project.

Chairman and Chief Executive Officer Patrick Dumont described the Singapore performance as solid despite the earnings decline, and he said the expansion will add suite capacity and a new arena intended as a regional entertainment venue.

Rating agencies and liquidity context

Ratings agencies have pointed to Marina Bay Sands' strong cash generation as support for the wider Las Vegas Sands group. Moody's has maintained a stable outlook for Las Vegas Sands while the company proceeds with substantial development commitments.