Marina Bay Sands records adjusted property EBITDA decline in Q3 2026

Marina Bay Sands (MBS) recorded an adjusted property EBITDA of $590 million in the third quarter of 2026, a 20.6% decline versus $743 million in the same period of 2025. The company attributes the contraction mainly to a lower win percentage on non-rolling chips that reduced casino revenues, according to the Las Vegas Sands parent company’s October 21, 2026 results presentation.

Key financial results

Net revenue at the integrated resort in Singapore fell 9.9% year-on-year to $1.29 billion, from $1.44 billion. The casino segment dropped 14.9% to $916 million, narrowing the property EBITDA margin by 6.1 percentage points to 45.6%.

For the year-to-date through the first nine months of 2026, MBS reached net revenues of $4.16 billion, up 4.4%, while adjusted property EBITDA declined 2.3% to $2.07 billion.

Operational breakdown: lower table hold

Table activity showed higher volume but lower retention. Non-rolling chip drop increased 12.6% to $2.87 billion, but the win percentage fell to 18.7% from 24.5% a year earlier. The figures place the loss of profitability in the smaller share of funds retained at tables, not in a drop in high-stakes wagering volume.

Rolling chip volume decreased 7.1% to $8.43 billion and its win rate fell from 4.84% to 4.53%. Las Vegas Sands estimated EBITDA would have been $4 million higher, at $594 million, had rolling chip hold matched its theoretical 4.6%, versus a positive $43 million variance the prior year. In addition, win per unit per day on table games fell from $21,380 to $17,920.

Slot handle rose 2.1% to $6.54 billion, with hold stable at 4.4%.

Strength in hotel business and non-gaming

Room revenues increased to $162 million from $154 million, supported by 95.8% occupancy and an average daily rate between $982 and $1,038, which drove revenue per available room to $994. Food and beverage reached $104 million, mall revenue held at $70 million, and convention, retail and other rose 2.4% to $42 million.

Group performance and expansion funding

At the group level, Las Vegas Sands reported net revenue of $3.22 billion and consolidated adjusted property EBITDA of $1.12 billion, below $1.34 billion in the comparative period. Macau operations contributed $529 million in a quarter when gross gaming revenue in that market declined 3.8%.

During the quarter, Las Vegas Sands repurchased $950 million in shares and announced a 20% increase in the recurring dividend for 2027, setting it at $1.44 per share annually. Capex at Marina Bay Sands reached $121 million in the quarter, and the company has $4.57 billion available under a delayed draw term loan facility intended for the resort’s major expansion project.

Patrick Dumont, chairman and CEO of Las Vegas Sands, described the Singapore performance as solid despite the earnings decline and emphasized that the expansion will add suite capacity and a state-of-the-art arena intended as a regional entertainment hub.

Agencies' outlook and context

Rating agencies have highlighted the resort’s cash generation as support for the group; Moody's maintains a stable outlook for Las Vegas Sands despite ongoing development commitments.